Canadian Solar (CSIQ)
NASDAQ:CSIQ
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Canadian Solar
(NASDAQ:CSIQ)
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Rating:46Neutral
Price Target:
$20.00
▲(51.52% Upside)
Action:Reiterated
Date:05/20/26
CSIQ scores low primarily due to weak financial performance: ongoing losses, very negative free cash flow, and rising leverage in a capital-intensive business. Earnings-call commentary adds some support via backlog/pipeline strength and manufacturing/storage execution, but near-term margin normalization and cash-flow/debt risks remain significant. Technicals are mixed (stabilizing but not trending strongly), while valuation is difficult to assess positively given negative earnings and no dividend support.
Positive Factors
Vertical integration — in‑house cell production
Owning cell production at a cost below external suppliers gives durable structural control over storage unit costs and margin mix. As storage volumes scale, internal cells can protect gross margins, reduce supplier risk, and enable price competitiveness across projects and solutions over the next several quarters.
Negative Factors
Negative operating cash flow and deeply negative FCF
Sustained negative operating cash flow and large negative free cash flow limit self‑funding for capex and working capital in a capital‑intensive rollout. This raises reliance on external financing, increasing execution risk for manufacturing ramps and potentially forcing asset sales or slower investment if markets tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration — in‑house cell production
Owning cell production at a cost below external suppliers gives durable structural control over storage unit costs and margin mix. As storage volumes scale, internal cells can protect gross margins, reduce supplier risk, and enable price competitiveness across projects and solutions over the next several quarters.
Read all positive factors
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 (CSIQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.37B
Dividend YieldN/A
Average Volume (3M)3.38M
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth-6.56%
EPS Growth-886.40%
CountryUS
Employees17,113
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.75
Shares Outstanding67,816,730
10 Day Avg. Volume3,926,696
30 Day Avg. Volume3,375,249
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 Cap5.63
Enterprise Value/Revenue1.41
Enterprise Value/Gross Profit6.69
Enterprise Value/Ebitda25.84
Forecast
1Y Price Target
$15.00Price Target Upside13.64% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.87
Revenue Forecast (FY)$6.27B
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 Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed but constructive picture: Canadian Solar achieved revenue at the high end of guidance, strong manufacturing and storage execution, meaningful U.S. reshoring milestones, and a large project backlog — all positive indicators of strategic progress. However, those positives were offset by a Q1 net loss, Recurrent Energy operating losses, negative operating cash flow, higher debt from financing U.S. manufacturing, and a notable step‑down in near‑term margin guidance (Q2). Some margin and profit metrics were aided by one‑time tariff refund accruals, and the company flagged commodity and logistics risks that could pressure storage margins. Overall, there are solid long‑term growth actions under way, but meaningful short‑term financial and execution risks temper the outlook.Positive Updates
Revenue at High End of Guidance
Total revenue of $1.1 billion in Q1 2026 reached the high end of guidance, driven by recognized shipments of 2.5 GW of solar modules and 2.1 GWh of energy storage solutions (both slightly above guidance).
Negative Updates
Net Loss and EPS Decline
Company reported a net loss attributable to shareholders of $32 million in Q1 2026, or $(0.71) per diluted share, with management citing elevated non‑logistics operating expenses, FX losses and tax expense accruals related to the tariff refund as contributors.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue at High End of Guidance
Total revenue of $1.1 billion in Q1 2026 reached the high end of guidance, driven by recognized shipments of 2.5 GW of solar modules and 2.1 GWh of energy storage solutions (both slightly above guidance).
Read all positive updates
Company Guidance
Management's guidance called for Q2 2026 recognition of 3.1–3.3 GW of solar modules and 2.8–3.2 GWh of energy storage solutions (including ~400 MWh to internal/external in‑progress projects), with revenue of $1.0–$1.2 billion and gross margin of 13%–15%; for full‑year 2026 they reiterated U.S. volume guidance of 6.5–7.0 GW of module shipments and 4.5–5.5 GWh of storage shipments, reiterated expectations for record storage volumes in H2, and forecast 2026 capital expenditures of about $1.3 billion—against a Q1 closing cash balance of $1.9 billion, total debt of $6.8 billion, a contracted backlog of $3.5 billion (including 34 GWh under long‑term service agreements), and a broader pipeline of 24 GW solar and 81 GWh storage; operational manufacturing milestones include Jeffersonville Phase I cell nameplate of 2.1 GWp (Phase II adding 4.2 GWp to reach 6.3 GWp) and Mesquite module capacity doubling to 10 GWp by H2.Canadian Solar Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.48B | 5.60B | 5.99B | 7.61B | 7.47B | 5.28B |
| Gross Profit | 1.16B | 1.03B | 999.32M | 1.28B | 1.26B | 909.31M |
| EBITDA | 299.50M | 592.48M | 556.61M | 829.66M | 675.15M | 479.39M |
| Net Income | -102.25M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
Balance Sheet | ||||||
| Total Assets | 15.53B | 15.17B | 13.51B | 11.90B | 9.04B | 7.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.44B | 1.91B | 2.25B | 1.96B | 981.43M | 869.83M |
| Total Debt | 7.81B | 7.68B | 5.91B | 4.48B | 4.04B | 3.26B |
| Total Liabilities | 11.24B | 10.90B | 9.36B | 8.19B | 6.73B | 5.26B |
| Stockholders Equity | 2.83B | 2.81B | 2.82B | 2.56B | 1.94B | 1.80B |
Cash Flow | ||||||
| Free Cash Flow | -1.41B | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M |
| Operating Cash Flow | -199.01M | -252.74M | -885.32M | 684.62M | 916.63M | -408.25M |
| Investing Cash Flow | -1.18B | -1.50B | -1.96B | -1.67B | -630.49M | -429.57M |
| Financing Cash Flow | 1.15B | 1.35B | 2.32B | 2.05B | 428.64M | 614.07M |
Canadian Solar Technical Analysis
Positive
13.20
Price Trends
15.34
Positive
17.61
Positive
17.93
Positive
Market Momentum
1.00
Negative
64.79
Neutral
78.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSIQ, the sentiment is Positive. The current price of 13.2 is below the 20-day moving average (MA) of 17.96, below the 50-day MA of 15.34, and below the 200-day MA of 17.93, indicating a bullish trend. The MACD of 1.00 indicates Negative momentum. The RSI at 64.79 is Neutral, neither overbought nor oversold. The STOCH value of 78.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $32.60B | 19.78 | 18.01% | ― | 27.30% | 31.37% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $9.16B | 66.51 | 13.28% | ― | -1.64% | -6.91% | |
61 Neutral | $4.45B | -12.54 | -79.58% | ― | 35.40% | 79.65% | |
58 Neutral | $1.42B | -20.73 | -20.64% | ― | 13.19% | 54.98% | |
46 Neutral | $1.37B | -12.60 | -3.60% | ― | -6.56% | -886.40% | |
45 Neutral | $1.14B | -0.58 | -21.77% | 10.19% | -22.00% | -92.74% |
* Technology Sector Average
CSIQ
Canadian Solar
18.99
8.46
80.34%
ENPH
Enphase Energy
68.36
26.97
65.16%
FSLR
First Solar
306.79
148.71
94.07%
JKS
JinkoSolar
23.31
6.30
37.05%
SEDG
SolarEdge Technologies
76.35
58.49
327.49%
ARRY
Array Technologies
9.08
2.48
37.58%
Canadian Solar Corporate Events
Canadian Solar Posts Strong Q1 2026 Margins, Names New CEO and Advances U.S. Manufacturing Push
May 14, 2026
On May 14, 2026, Canadian Solar reported first-quarter 2026 results showing solar module shipments of 2.5 GW and battery energy storage shipments of 2.1 GWh, both above guidance, with revenue of $1.1 billion at the top of its forecast range. Despi...
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...
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.