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Canadian Solar Inc.

Canadian Solar Inc.

NASDAQ•CSIQ
CEO: Dr. Xiaohua Qu Ph.D.
Sector: Energy
Industry: Solar
Listing Date: 2006-11-09
Canadian Solar Inc., together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products. It offers standard solar modules and battery storage solutions; solar system kits, such as inverters, racking systems, and other accessories; power electronic products; and engineering, procurement, and construction (EPC) services, as well as operates battery energy storage projects. The Recurrent Energy segment engages in the development, construction, maintenance, and sale of solar power and battery storage projects; and operation of solar power plants; and sale of electricity. This segment provides operation and maintenance (O&M) services, including monitoring, inspections, repair, and replacement of plant equipment; and site management and administrative support services for solar projects, as well as asset management services. It has a fleet of solar and battery energy storage plants in operation with an aggregate capacity of approximately 1,005 MWp and 600 MWh. It serves distributors, system integrators, project developers, and installers/EPC companies, as well as utility companies or grid operators, public utilities, licensed suppliers, corporate offtakers, and commercial, industrial or government end users. It sells its products primarily under its Canadian Solar brand name. Canadian Solar Inc. was incorporated in 2001 and is based in Guelph, Canada.
Contact Information
545 Speedvale Avenue West, Guelph, ON, N1K 1E6, Canada
519-837-1881
www.canadiansolar.com
Market Cap
$1.50B
P/E (TTM)
94.1
16.4
Dividend Yield
--
52W High
$34.59
52W Low
$6.57
52W Range
57%
Rank48Top 64.4%
3.3
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.3 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$1.49B-1.34%
4-Quarter Trend

EPS

$0.13-161.91%
4-Quarter Trend

FCF

-$406.51M-43.19%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Battery Storage Revenue Surge Battery energy storage revenue reached $814.6M in 2024, reflecting shipment volume growth exceeding 500% year-over-year.
CSI Solar Profit Improvement CSI Solar segment gross profit grew to $1.19B in 2024, driven by manufacturing cost reductions despite overall revenue decline.
Total Revenue Decline Total net revenues were $5.99B in 2024, a decrease of 21.3% from $7.61B reported in 2023.
IPP Transition Investment Secured $500.0M investment for Recurrent Energy, advancing transition to long-term asset ownership model.

Risk Factors

PRC Regulatory Oversight Risks Uncertainty remains regarding PRC government control over overseas offerings and evolving data security compliance requirements.
Module Pricing Pressure Oversupply caused solar module ASP to drop to $0.16 per watt in 2024, intensifying competition and compressing margins.
Negative Operating Cash Flow Net cash used in operating activities totaled $(885.3M) in 2024, reflecting higher working capital needs for manufacturing expansion.
US Trade Action Exposure Ongoing AD/CVD investigations (Solar 3, Active Anode Materials) and new IEEPA tariffs threaten U.S. export competitiveness.

Outlook

Shift to Recurring Revenue Continuing transition to long-term owner/operator model, aiming to increase recurring revenues from operating portfolio assets.
Manufacturing Capacity Expansion Targeting solar module capacity adjustment to 61.0 GW by end of 2025, expanding BESS capacity to 30.0 GWh.
Technology Innovation Focus R&D efforts concentrated on high-efficiency N-type TOPCon, HJT, and IBC cell technologies for competitive advantage.
Recurrent Energy Pipeline Recurrent Energy maintains a 24.9 GWp solar development pipeline across global markets as of December 31, 2024.

Peer Comparison

Revenue (TTM)

Canadian Solar Inc.CSIQ
$5.90B
-4.5%
RPC, Inc.RES
$1.54B
+4.2%
Bristow Group Inc.VTOL
$1.47B
+4.8%

Gross Margin (Latest Quarter)

Dorian LPG Ltd.LPG
70.6%
+28.3pp
Navigator Holdings Ltd.NVGS
54.7%
+24.1pp
Bristow Group Inc.VTOL
28.2%
+1.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NESR$2.06B29.27.5%19.7%
ARRY$1.61B-48.2-9.7%42.3%
TTI$1.51B12.343.8%32.8%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.7%
Flat Growth
4Q Net Income CAGR
-35.8%
Declining Profitability
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 24, 2026
|
EPS:-$1.10
|
Revenue:-
Reports
All Years
  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 30, 2025|
    Revenue: $5.99B-21.3%
    |
    EPS: $0.54-87.4%
    Beat
  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 26, 2024|
    Revenue: $7.61B+1.9%
    |
    EPS: $4.27+14.5%
    Beat
  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 18, 2023|
    Revenue: $7.47B+41.5%
    |
    EPS: $3.73+140.6%
    Beat
  • Form 20-F/A - FY 2021

    Period End: Dec 31, 2021|Filed: Oct 18, 2022|
    Revenue: $5.28B+51.8%
    |
    EPS: $1.55-37.0%
    Beat
  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 28, 2022|Refer to amended data
  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 19, 2021|
    Revenue: $3.48B+8.6%
    |
    EPS: $2.46-14.6%
    Beat