Canadian Solar Inc (CSIQ)
NASDAQ:CSIQ
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Canadian Solar
(NASDAQ:CSIQ)
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Rating:40Underperform
Price Target:
$17.00
▲(28.79% Upside)
Action:DowngradedDate:04/01/26
The score is primarily dragged down by weakened financial performance (losses, rising leverage, and significant cash burn). Technicals also point to a sustained downtrend with negative momentum. Offsetting factors are limited to a cautiously constructive earnings-call outlook (backlog, storage growth, and U.S. manufacturing progress), while valuation support is constrained by negative earnings and no dividend.
Positive Factors
Scale & U.S. Deliveries
Sustained large-scale manufacturing and outsized U.S. deliveries provide durable operational scale and customer reach. High shipment volume supports bargaining power with suppliers, fixed-cost absorption across plants, and credibility with utility customers, enabling the company to compete on large EPC and project deals over the medium term.
Negative Factors
Weak Profitability
The swing from prior profitability to net losses and negative operating income reflects structural margin pressure and weaker demand mix. Persistent unprofitability undermines retained earnings, increases reliance on external capital, and forces management to prioritize margins or restructure operations to restore sustainable earnings power.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & U.S. Deliveries
Sustained large-scale manufacturing and outsized U.S. deliveries provide durable operational scale and customer reach. High shipment volume supports bargaining power with suppliers, fixed-cost absorption across plants, and credibility with utility customers, enabling the company to compete on large EPC and project deals over the medium term.
Read all positive factors
Canadian Solar (CSIQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.20B
Dividend YieldN/A
Average Volume (3M)2.50M
Price to Earnings (P/E)―
Beta (1Y)1.68
Revenue Growth-6.65%
EPS Growth-385.03%
CountryUS
Employees17,113
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.73
Shares Outstanding67,816,730
10 Day Avg. Volume2,559,726
30 Day Avg. Volume2,501,548
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.57
Price to Sales (P/S)0.29
P/FCF Ratio-0.97
Enterprise Value/Market Cap5.94
Enterprise Value/Revenue1.27
Enterprise Value/Gross Profit6.95
Enterprise Value/Ebitda25.24
Forecast
1Y Price Target
$13.71Price Target Upside3.90% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.04
Revenue Forecast (FY)$6.78B
Canadian Solar Business Overview & Revenue Model
Company Description
Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The compan...
How the Company Makes Money
Canadian Solar primarily makes money through (1) selling solar PV products and (2) delivering larger-scale solar and storage solutions and related services. A major revenue stream is the sale of PV modules (and related balance-of-system components...
Canadian Solar Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic focus or improvement.
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic focus or improvement.
Data provided by:
The Fly
The FlyCanadian Solar Earnings Call Summary
Earnings Call Date:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The call presented a balanced mix of positive strategic progress and material near-term challenges. Positively, Canadian Solar reported record U.S. deliveries, robust storage growth (+19% YoY, tripled over 3 years), a strong $3.6B storage backlog, tangible progress on U.S. domestic manufacturing (Mesquite and Jeffersonville HJT cell plans), and margin improvement of 160 basis points for the year. Offsetting these positives were significant near-term financial and operational headwinds: full-year and Q4 net losses, Q4 revenue and volume shortfalls, impairments and operating loss in Recurrent Energy, tariff/policy-driven shipment delays, FX and interest-cost pressures, elevated gross debt, and ongoing legal/IP risks. Management’s strategic pivot to higher-value U.S. markets, HJT cell ramp and storage focus is constructive for medium-term profitability, but the company faces meaningful short-term execution, cash-flow and regulatory risks.Positive Updates
Full-Year Shipments and Scale
Delivered 24.3 GW of solar modules in 2025 (4.3 GW in Q4) and a record 8.1 GW to the U.S.; ramped Mesquite, Texas module factory to >5 GW annual run-rate and plans to expand to 10 GW by end of 2026 (workforce to ~1,700).
Negative Updates
Net Losses and Q4 Results
Recorded a full-year net loss attributable to Canadian Solar of $104 million (or $2.5 per diluted share). Q4 results included a total net loss of $131 million and net loss attributable to shareholders of $86 million ($1.66 per diluted share).
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Shipments and Scale
Delivered 24.3 GW of solar modules in 2025 (4.3 GW in Q4) and a record 8.1 GW to the U.S.; ramped Mesquite, Texas module factory to >5 GW annual run-rate and plans to expand to 10 GW by end of 2026 (workforce to ~1,700).
Read all positive updates
Company Guidance
Canadian Solar guided Q1 2026 manufacturing shipments of 2.2–2.4 GW of solar modules and 1.7–1.9 GWh of energy storage, with total Q1 revenue of $900M–$1.1B and expected gross margin of 13%–15% (noting margins to remain soft across Manufacturing and Recurrent Energy); for full-year 2026 the company issued U.S.-focused targets of 6.5–7.0 GW of module shipments and 4.5–5.5 GWh of storage to the U.S., said U.S. module volumes will be slightly lower than 2025’s 8.1 GW U.S. deliveries, expects battery/storage shipments to be weighted to H2 (with first-half constraints from limited non‑PFE OBBBA‑compliant cells), reiterated ~ $1.2B CapEx for 2026, and flagged that U.S. cell/module capacity will expand (Mesquite modules to 10 GWp, Jeffersonville HJT cell Phase 1 at 2.1 GWp and Phase 2 adding 4.2 GWp to 6.3 GWp total) to alleviate mid‑year constraints.Canadian Solar Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
35
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.60B | 5.99B | 7.61B | 7.47B | 5.28B |
| Gross Profit | 1.03B | 999.32M | 1.28B | 1.26B | 909.31M |
| EBITDA | -28.86M | 556.61M | 829.66M | 675.15M | 479.39M |
| Net Income | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
Balance Sheet | |||||
| Total Assets | 15.17B | 13.51B | 11.90B | 9.04B | 7.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.91B | 2.25B | 1.96B | 981.43M | 869.83M |
| Total Debt | 7.68B | 5.91B | 4.48B | 4.04B | 3.26B |
| Total Liabilities | 10.90B | 9.36B | 8.19B | 6.73B | 5.26B |
| Stockholders Equity | 2.81B | 2.82B | 2.56B | 1.94B | 1.80B |
Cash Flow | |||||
| Free Cash Flow | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M |
| Operating Cash Flow | -252.74M | -885.32M | 684.62M | 916.63M | -408.25M |
| Investing Cash Flow | -1.50B | -1.96B | -1.67B | -630.49M | -429.57M |
| Financing Cash Flow | 1.35B | 2.32B | 2.05B | 428.64M | 614.07M |
Canadian Solar Technical Analysis
Negative
13.20
Price Trends
16.50
Negative
19.76
Negative
17.33
Negative
Market Momentum
-1.00
Negative
42.28
Neutral
60.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSIQ, the sentiment is Negative. The current price of 13.2 is below the 20-day moving average (MA) of 13.21, below the 50-day MA of 16.50, and below the 200-day MA of 17.33, indicating a bearish trend. The MACD of -1.00 indicates Negative momentum. The RSI at 42.28 is Neutral, neither overbought nor oversold. The STOCH value of 60.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CSIQ.
Canadian Solar Risk Analysis
Canadian Solar disclosed 63 risk factors in its most recent earnings report. Canadian Solar reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Canadian Solar Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $23.06B | 15.27 | 18.01% | ― | 27.30% | 31.37% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $2.35B | ― | -79.58% | ― | 35.40% | ― | |
54 Neutral | $4.67B | -167.63 | 13.28% | ― | -1.64% | -6.91% | |
53 Neutral | $1.26B | 138.44 | -20.64% | ― | 13.19% | 54.98% | |
49 Neutral | $1.17B | -1.24 | -21.64% | 10.19% | -22.00% | -92.74% | |
40 Underperform | $1.20B | -4.66 | -3.69% | ― | -6.65% | -385.03% |
* Technology Sector Average
CSIQ
Canadian Solar
17.68
7.89
80.59%
ENPH
Enphase Energy
35.47
-15.31
-30.15%
FSLR
First Solar
214.57
73.89
52.52%
JKS
JinkoSolar
23.33
5.61
31.64%
SEDG
SolarEdge Technologies
38.61
18.77
94.61%
ARRY
Array Technologies
8.20
2.25
37.82%
Canadian Solar Corporate Events
Canadian Solar’s CSI Solar Unit Posts Profit Surge on U.S. Tariff Refund in Q1 2026
Apr 27, 2026
Canadian Solar said on April 27, 2026 that its 64%-owned unit CSI Solar has filed its first-quarter 2026 financial report in Shanghai, showing a sharp rebound in profitability despite softer sales. CSI Solar’s operating revenue for the quart...
Canadian Solar Posts Q4 Loss but Ramps Up U.S. Manufacturing and Energy Storage Backlog
Mar 19, 2026
Canadian Solar reported fourth-quarter and full-year 2025 results on March 19, 2026, highlighting 24.3 GW of solar module shipments and a record 7.8 GWh of energy storage shipments for the year, including strong U.S. volumes. Despite these operati...
Canadian Solar’s CSI Solar Flags 2025 Profit Slump on Weak Module Shipments, Tariff Pressure
Feb 27, 2026
Canadian Solar’s subsidiary CSI Solar has released unaudited preliminary 2025 results, showing that in 2025 operating revenue fell 12.8% year on year to RMB 40.26 billion and net profit attributable to shareholders dropped 54.6% to RMB 1.02 ...
Canadian Solar’s CSI Solar Unit Reshapes U.S. and Thai Operations With Long-Term Related-Party Leases
Feb 10, 2026
On November 28 and December 16, 2025, CSI Solar’s board and shareholders approved adjustments to its U.S. business model and related party transactions to comply with the U.S. One, Big, Beautiful Bill Act and preserve access to key advanced ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.