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Canadian Solar
(NASDAQ:CSIQ)
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Rating:46Neutral
Price Target:
$13.50
▲(1.12% 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
Backlog and Pipeline Visibility
A $3.5B contracted backlog and multi‑GW/GWh pipeline provide multi‑quarter revenue visibility and de‑risk near‑term demand variability. This supports sustained project execution, predictable production scheduling, and underpins mid‑cycle capacity utilization and contractual cash flows over the next 2–6 months.
Negative Factors
Weak Cash Generation
Sustained negative operating cash flow and roughly $1.4B negative free cash flow materially weaken internal funding for CapEx and working capital. Over 2–6 months this raises reliance on external financing, constrains flexibility for opportunistic project investments, and increases refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog and Pipeline Visibility
A $3.5B contracted backlog and multi‑GW/GWh pipeline provide multi‑quarter revenue visibility and de‑risk near‑term demand variability. This supports sustained project execution, predictable production scheduling, and underpins mid‑cycle capacity utilization and contractual cash flows over the next 2–6 months.
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
$1.02B
Dividend YieldN/A
Average Volume (3M)2.39M
Price to Earnings (P/E)―
Beta (1Y)1.88
Revenue Growth-6.56%
EPS Growth-886.40%
CountryUS
Employees12,587
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.75
Shares Outstanding67,896,750
10 Day Avg. Volume2,281,577
30 Day Avg. Volume2,389,144
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$15.80Price Target Upside18.35% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering6
EPS Forecast (FY)-0.83
Revenue Forecast (FY)$6.11B
Canadian Solar Business Overview & Revenue Model
Company Description
Canadian Solar Inc. and its affiliates operate globally, specializing in the design, development, production, and sale of solar energy components, including ingots, wafers, cells, and modules, alongside a range of solar power and battery storage s...
How the Company Makes Money
Canadian Solar primarily makes money through (1) selling solar PV products and (2) providing energy storage and system solutions, with additional contributions from project-related activities.
1) Solar PV product sales (core revenue driver)
- PV ...
Canadian Solar Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 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
13.35
Price Trends
16.05
Positive
15.65
Positive
18.71
Negative
Market Momentum
-0.14
Negative
58.82
Neutral
79.46
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 13.35 is below the 20-day moving average (MA) of 14.86, below the 50-day MA of 16.05, and below the 200-day MA of 18.71, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 58.82 is Neutral, neither overbought nor oversold. The STOCH value of 79.46 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $22.68B | 12.98 | 18.02% | ― | 23.82% | 38.56% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $4.96B | 36.80 | 12.28% | ― | -10.41% | -22.03% | |
55 Neutral | $802.97M | -6.23 | -20.64% | ― | 13.19% | 54.98% | |
53 Neutral | $2.51B | -6.69 | -79.58% | ― | 35.40% | 79.65% | |
46 Neutral | $1.02B | -9.99 | -3.60% | ― | -6.56% | -886.40% | |
45 Neutral | $760.92M | -0.37 | -17.23% | 18.78% | -22.00% | -92.74% |
* Technology Sector Average
CSIQ
Canadian Solar
16.39
4.67
39.85%
ENPH
Enphase Energy
41.77
11.66
38.72%
FSLR
First Solar
243.63
58.62
31.68%
JKS
JinkoSolar
15.98
-4.61
-22.39%
SEDG
SolarEdge Technologies
48.76
22.97
89.07%
ARRY
Array Technologies
6.01
0.28
4.89%
Canadian Solar Corporate Events
Canadian Solar Launches €50 Million Green Note Program on Spain’s MARF to Fuel EMEA Growth
Jul 23, 2026
On July 21, 2026, Canadian Solar’s indirectly wholly owned subsidiary Canadian Solar EMEA Capital Markets, S.A.U. registered a €50 million Green Medium Term Note Program on Spain’s MARF market, backed by a parent guarantee from t...
Canadian Solar Reshapes Recurrent Energy Leadership as Dylan Marx Takes Helm
Jul 6, 2026
On July 6, 2026, Canadian Solar announced a leadership change at Recurrent Energy, its global project development subsidiary. Chief Executive Officer Ismael Guerrero is stepping down, with Dylan Marx appointed to lead Recurrent Energy effective im...
Canadian Solar Shareholders Back Board Slate and Auditor at 2026 Annual Meeting
Jul 2, 2026
Canadian Solar Inc. held its 2026 Annual Meeting of Shareholders on June 30, 2026, with all proposals on the agenda approved. Shareholders re-elected seven directors, including founder Shawn (Xiaohua) Qu and CEO Colin Parkin, to serve until the ne...
Canadian Solar Sets June 30, 2026 Annual Shareholder Meeting
Jun 12, 2026
Canadian Solar has filed a Form 6-K with the U.S. Securities and Exchange Commission in June 2026, providing notice of its upcoming annual meeting of shareholders and related governance materials. The filing, signed on June 12, 2026 by Executive C...
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...
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.