Canadian Solar Inc (CSIQ)
NASDAQ:CSIQ
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Canadian Solar
(NASDAQ:CSIQ)
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Rating:44Neutral
Price Target:
$14.00
▼(-2.17% Downside)
Action:ReiteratedDate:03/21/26
The score is weighed down primarily by deteriorating fundamentals (losses, higher leverage, and significant cash burn) and a clearly bearish technical setup (below major moving averages with negative MACD). The latest earnings call provides some offset via strong energy storage performance and solid near-term revenue outlook, but risks from cash usage, debt, and litigation keep the overall profile weak. Valuation is only moderately supportive given the current profitability and cash flow pressures.
Positive Factors
Energy storage scale & backlog
A large, multi-billion-dollar energy storage backlog and record shipments provide durable revenue visibility and higher-margin growth beyond commoditized PV modules. This shifts the company toward services and project monetization, improving long-term mix, pricing power, and resilience as grid storage demand grows.
Negative Factors
Elevated and rising leverage
High and growing leverage increases interest expense and refinancing vulnerability, reducing financial flexibility to fund manufacturing buildouts or weather project timing shifts. Levered capital structure magnifies execution risk and makes multi-quarter recovery contingent on successful backlog monetization and stable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Energy storage scale & backlog
A large, multi-billion-dollar energy storage backlog and record shipments provide durable revenue visibility and higher-margin growth beyond commoditized PV modules. This shifts the company toward services and project monetization, improving long-term mix, pricing power, and resilience as grid storage demand grows.
Read all positive factors
Canadian Solar (CSIQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$958.37M
Dividend YieldN/A
Average Volume (3M)2.28M
Price to Earnings (P/E)―
Beta (1Y)1.90
Revenue Growth-4.46%
EPS Growth1645.26%
CountryUS
Employees17,113
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.66
Shares Outstanding66,972,244
10 Day Avg. Volume3,176,020
30 Day Avg. Volume2,275,366
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 Cap6.97
Enterprise Value/Revenue1.19
Enterprise Value/Gross Profit6.51
Enterprise Value/Ebitda23.65
Forecast
1Y Price Target
$14.17Price Target Upside-0.98% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$6.81B
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
Gross Profit by Segment
Reveals the profitability of each business segment, indicating where the company is most efficient and where there may be cost management challenges.
Reveals the profitability of each business segment, indicating where the company is most efficient and where there may be cost management challenges.
Data provided by:
The Fly
The FlyCanadian Solar Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The earnings call presented a balanced view with strong growth in energy storage, high-margin project sales, and strategic progress in US manufacturing. However, challenges such as decreased solar segment margins, net losses due to shareholder impacts, ongoing ADCVD litigation, and increased debt highlight areas of concern.Positive Updates
Record Energy Storage Shipments
Achieved a record quarterly shipment of 2.7 gigawatt hours in energy storage, indicating strong growth in this segment.
Negative Updates
Decreased Gross Margin in Solar Segment
Gross margin decreased by 730 basis points to 15% in the solar segment due to incremental upstream price increases and underutilization.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Energy Storage Shipments
Achieved a record quarterly shipment of 2.7 gigawatt hours in energy storage, indicating strong growth in this segment.
Read all positive updates
Company Guidance
During Canadian Solar's Third Quarter 2025 Earnings Conference Call, the company reported notable financial and operational metrics. Solar module shipments reached 5.01 gigawatts, aligning with guidance, while energy storage shipments hit a record 2.7 gigawatt hours. Total revenue was $1.5 billion, at the high end of expectations, with a gross margin of 17.2% driven by strong energy storage contributions. The company achieved a net income of $9 million, despite a net loss of $0.07 per diluted share due to preferred shareholder impacts. Looking ahead, Canadian Solar expects fourth-quarter revenue between $1.3 and $1.5 billion, with a gross margin of 14 to 16%. For 2026, projected module shipments range from 25 to 30 gigawatts, including one gigawatt for internal projects, and energy storage shipments are expected to be between 14 and 17 gigawatt hours. The company also emphasized its strategic focus on US manufacturing investments and compliance with the One Big Beautiful Bill Act to support long-term growth and market positioning.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
14.31
Price Trends
19.03
Negative
21.86
Negative
17.15
Negative
Market Momentum
-1.46
Positive
37.29
Neutral
13.45
Positive
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 14.31 is below the 20-day moving average (MA) of 16.64, below the 50-day MA of 19.03, and below the 200-day MA of 17.15, indicating a bearish trend. The MACD of -1.46 indicates Positive momentum. The RSI at 37.29 is Neutral, neither overbought nor oversold. The STOCH value of 13.45 is Positive, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $20.77B | 18.33 | 17.32% | ― | 31.16% | 11.97% | |
62 Neutral | $5.58B | 27.11 | 18.25% | ― | 20.97% | 226.98% | |
62 Neutral | $3.10B | -4.26 | -80.50% | ― | -0.14% | 66.71% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $1.33B | -0.75 | -18.83% | 10.19% | -34.29% | -732.90% | |
53 Neutral | $1.18B | -26.92 | -15.43% | ― | 35.75% | 37.97% | |
44 Neutral | $958.37M | -15.38 | -3.69% | ― | -4.46% | 1645.26% |
* Technology Sector Average
CSIQ
Canadian Solar
14.31
4.72
49.22%
ENPH
Enphase Energy
42.53
-18.18
-29.95%
FSLR
First Solar
193.51
66.91
52.85%
JKS
JinkoSolar
26.49
7.58
40.10%
SEDG
SolarEdge Technologies
51.28
35.35
221.91%
ARRY
Array Technologies
7.73
2.62
51.27%
Canadian Solar Corporate Events
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 ...
Canadian Solar’s CSI Solar Subsidiary Warns of 51%–60% Profit Drop for 2025 Amid PV Downturn
Jan 30, 2026
On January 30–31, 2026, Canadian Solar disclosed that its subsidiary CSI Solar has issued a 2025 full-year earnings forecast indicating a sharp decline in profitability amid a prolonged downturn in the photovoltaic sector. CSI Solar expects ...
Canadian Solar Closes US$230 Million Convertible Notes Offering Due 2031
Jan 13, 2026
On January 13, 2026, Canadian Solar Inc. closed its previously announced private offering of US$230 million aggregate principal amount of 3.25% convertible senior notes due 2031, including the full exercise of an option by initial purchasers to bu...
Canadian Solar Prices US$200 Million Convertible Notes to Fund U.S. Manufacturing and Storage Expansion
Jan 9, 2026
On January 9, 2026, Canadian Solar priced a private offering of US$200 million aggregate principal amount of convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with an option for initial purchasers to buy up to an...
Canadian Solar Swings to Nine-Month Loss Despite Higher Margins
Jan 7, 2026
In a Form 6-K filed on January 7, 2026, Canadian Solar reported selected unaudited financial results for the nine months ended September 30, 2025, showing net revenues of $4.38 billion, down slightly from $4.47 billion a year earlier, and a swing ...
Canadian Solar Plans US$200 Million Convertible Notes Offering to Boost U.S. Manufacturing and Storage Value Chain
Jan 7, 2026
On January 7, 2026, Canadian Solar Inc. announced a proposed private offering of US$200 million in convertible senior notes due 2031, with an additional US$30 million overallotment option for initial purchasers. The senior unsecured notes, to be s...
Canadian Solar Names Veteran Insider Colin Parkin as President and Appoints Dylan Marx as COO
Dec 29, 2025
On December 24, 2025, Canadian Solar Inc. announced a leadership reshuffle, appointing long-time executive Colin Parkin to its Board of Directors and promoting him to President, succeeding founder Dr. Shawn Qu in that role, while Qu remains Chairm...
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.