Canadian Solar Inc.
CSIQ Nasdaq Semiconductors & Related Devices Financials FY2016–FY2025
Last close · Oct 23, 2026
$9.23
0.1%
Revenue
Total sales reported in the income statement.
$5.6B
6.6%
vs prior year
Operating margin
Operating income as a share of revenue.
0.8%
1.3 pts
Net income
Profit after all expenses, interest and tax.
−$104M
388.8%
Free cash flow
Cash from operations minus capital spending.
−$1.2B
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.3%
0.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$622M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$2.50 EPS (TTM)
What Canadian Solar Inc. does
No business description yet.
- Legal name
- Canadian Solar Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 10, 2026
- Accession · CIK
- 0001104659-26-041976
0001375877
Revenue and margins
Canadian Solar Inc. had $5.6B of revenue in fiscal 2025, down 6.6% on the year before.
FY16
Revenue $2.9B
FY17
Revenue $3.4B
FY18
Revenue $3.7B
FY19
Revenue $3.2B
FY20
Revenue $3.5B
FY21
Revenue $5.3B
FY22
Revenue $7.5B
FY23
Revenue $7.6B
FY24
Revenue $6.0B
FY25
Revenue $5.6B
FY16
Gross 14.6%
Operating 3.3%
Net 2.3%
FCF −19.8%
FY17
Gross 18.8%
Operating 7.9%
Net 3.0%
FCF −2.2%
FY18
Gross 20.7%
Operating 9.7%
Net 6.5%
FCF −2.7%
FY19
Gross 22.4%
Operating 8.1%
Net 5.2%
FCF —
FY20
Gross 19.8%
Operating 6.3%
Net 4.2%
FCF —
FY21
Gross 17.2%
Operating 3.6%
Net 2.1%
FCF −15.9%
FY22
Gross 16.9%
Operating 4.8%
Net 4.0%
FCF 3.9%
FY23
Gross 16.8%
Operating 6.0%
Net 3.6%
FCF −5.7%
FY24
Gross 16.7%
Operating −0.5%
Net 0.6%
FCF −33.3%
FY25
Gross 18.3%
Operating 0.8%
Net −1.9%
FCF −21.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $65.3M
FY17
Net income $103M
FY18
Net income $242M
FY19
Net income $167M
FY20
Net income $147M
FY21
Net income $110M
FY22
Net income $299M
FY23
Net income $274M
FY24
Net income $36.1M
FY25
Net income −$104M
FY16
Diluted EPS $1.12
FY17
Diluted EPS $1.69
FY18
Diluted EPS $3.88
FY19
Diluted EPS $2.83
FY20
Diluted EPS $2.38
FY21
Diluted EPS $1.46
FY22
Diluted EPS $3.44
FY23
Diluted EPS $3.87
FY24
Diluted EPS $0.54
FY25
Diluted EPS −$2.50
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 2.3%
Return on equity 7.4%
Return on assets 1.2%
FY17
Return on capital 5.3%
Return on equity 10.7%
Return on assets 1.8%
FY18
Return on capital 11.0%
Return on equity 21.5%
Return on assets 4.5%
FY19
Return on capital 7.7%
Return on equity 12.7%
Return on assets 3.2%
FY20
Return on capital 8.7%
Return on equity 9.9%
Return on assets 2.5%
FY21
Return on capital 4.0%
Return on equity 6.5%
Return on assets 1.6%
FY22
Return on capital 6.1%
Return on equity 16.0%
Return on assets 3.6%
FY23
Return on capital 7.1%
Return on equity 12.2%
Return on assets 2.6%
FY24
Return on capital −0.3%
Return on equity 1.3%
Return on assets 0.3%
FY25
Return on capital 0.3%
Return on equity −3.7%
Return on assets −0.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$1.2B in fiscal 2025, −21.7% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$565M
FY17
Free cash flow −$73.1M
FY18
Free cash flow −$100M
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow −$837M
FY22
Free cash flow $290M
FY23
Free cash flow −$432M
FY24
Free cash flow −$2.0B
FY25
Free cash flow −$1.2B
FY16
Cash from operations −$278M
Capital spending $287M
FY17
Cash from operations $204M
Capital spending $277M
FY18
Cash from operations $216M
Capital spending $316M
FY19
Cash from operations $600M
Capital spending —
FY20
Cash from operations −$121M
Capital spending —
FY21
Cash from operations −$408M
Capital spending $429M
FY22
Cash from operations $917M
Capital spending $627M
FY23
Cash from operations $685M
Capital spending $1.1B
FY24
Cash from operations −$885M
Capital spending $1.1B
FY25
Cash from operations −$253M
Capital spending $962M
Cash from operations
Capital spending
Dividends, buybacks and share count
Canadian Solar Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.6%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $11.8M
FY20
Dividends —
Buybacks $6.0M
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.06B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Canadian Solar Inc. can carry it.
FY16
Cash $511M
Debt $2.8B
FY17
Cash $562M
Debt $3.1B
FY18
Cash $444M
Debt $1.9B
FY19
Cash $669M
Debt $2.0B
FY20
Cash $1.2B
Debt $2.2B
FY21
Cash $870M
Debt $2.7B
FY22
Cash $1,000M
Debt $3.7B
FY23
Cash $2.0B
Debt $5.0B
FY24
Cash $1.7B
Debt $6.7B
FY25
Cash $1.4B
Debt $8.5B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $870M | $1,000M | $2.0B | $1.7B | $1.4B |
| Debt incl. finance leases | $2.7B | $3.7B | $5.0B | $6.7B | $8.5B |
| Net debt / EBITDA | 3.8x | 4.6x | 4.1x | 10.5x | 12.0x |
| Debt / equity | 1.5x | 1.9x | 1.9x | 2.3x | 3.0x |
| Interest coverage | 3.3x | 4.8x | 4.0x | −0.2x | 0.2x |
| Current ratio | 1.2x | 1.1x | 1.0x | 1.1x | 1.0x |
| Quick ratio | 0.9x | 0.8x | 0.8x | 0.9x | 0.8x |
| Total assets | $7.4B | $9.0B | $11.9B | $13.5B | $15.2B |
| Total liabilities | $5.3B | $6.7B | $8.2B | $9.4B | $10.9B |
| Shareholders' equity | $1.8B | $1.9B | $2.6B | $2.8B | $2.8B |
| Net debt (− = net cash) | $1.8B | $2.7B | $3.1B | $5.0B | $7.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 6 / 9 | 7 / 9 | 7 / 9 | 3 / 9 | 3 / 9 | 5 / 9 | 3 / 9 | 3 / 9 | 1 / 9 |
| Accruals ratio | 6.4% | −1.8% | 0.5% | −8.4% | 4.5% | 7.4% | −7.5% | −3.9% | 7.3% | 1.0% |
| Altman Z'' | 0.58 | 0.72 | 1.44 | 1.35 | 1.65 | 1.64 | 1.31 | 1.14 | 0.93 | 0.66 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.9B | $3.4B | $3.7B | $3.2B | $3.5B | $5.3B | $7.5B | $7.6B | $6.0B | $5.6B |
| Gross profit | $417M | $638M | $775M | $718M | $690M | $909M | $1.3B | $1.3B | $999M | $1.0B |
| Research and development | $17.4M | $28.8M | $44.2M | $47.0M | $45.2M | $58.4M | $69.8M | $101M | $121M | $90.7M |
| Operating income | $93.2M | $269M | $365M | $259M | $220M | $190M | $356M | $453M | −$30.1M | $43.2M |
| Interest expense | $69.7M | $118M | $106M | $81.3M | $71.9M | $58.2M | $74.3M | $114M | $137M | $178M |
| Pretax income | $83.3M | $144M | $304M | $209M | $134M | $138M | $356M | $409M | −$82.3M | −$141M |
| Income tax | $18.0M | $41.0M | $62.0M | $42.1M | −$2.0M | $35.8M | $73.4M | $59.5M | −$16.6M | $14.1M |
| Net income | $65.3M | $103M | $242M | $167M | $147M | $110M | $299M | $274M | $36.1M | −$104M |
| Net income to common | $65.2M | $99.6M | $237M | $172M | $147M | $95.2M | $240M | $274M | $36.1M | — |
| Diluted EPS | $1.12 | $1.69 | $3.88 | $2.83 | $2.38 | $1.46 | $3.44 | $3.87 | $0.54 | −$2.50 |
| Diluted shares | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | −$278M | $204M | $216M | $600M | −$121M | −$408M | $917M | $685M | −$885M | −$253M |
| Capital expenditure | $287M | $277M | $316M | — | — | $429M | $627M | $1.1B | $1.1B | $962M |
| Free cash flow | −$565M | −$73.1M | −$100M | — | — | −$837M | $290M | −$432M | −$2.0B | −$1.2B |
| Depreciation and amortization | $95.8M | $99.3M | $129M | $160M | $209M | $283M | $235M | $307M | $501M | $555M |
| Stock-based compensation | $7.8M | $9.3M | $10.3M | $10.7M | $12.4M | $8.8M | $9.4M | $55.3M | $21.4M | $24.4M |
| Share buybacks | — | — | — | $11.8M | $6.0M | — | — | — | — | — |
| Dividends and buybacks | — | — | — | $11.8M | $6.0M | — | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $511M | $562M | $444M | $669M | $1.2B | $870M | $1,000M | $2.0B | $1.7B | $1.4B |
| Total debt | $2.8B | $3.1B | $1.9B | $2.0B | $2.1B | $2.6B | $3.7B | $4.9B | $6.5B | $8.4B |
| Finance lease liabilities | — | — | — | $39.1M | $24.3M | $50.2M | $29.1M | $160M | $186M | $142M |
| Current assets | $3.8B | $4.1B | $3.1B | $3.3B | $4.2B | $4.8B | $5.6B | $6.1B | $5.9B | $6.0B |
| Current liabilities | $3.7B | $4.1B | $2.9B | $3.1B | $3.6B | $4.0B | $5.3B | $5.9B | $5.4B | $5.9B |
| Inventory | $295M | $346M | $262M | $554M | $696M | $1.2B | $1.5B | $1.2B | $1.2B | $1.1B |
| Property and equipment, net | $462M | $747M | $885M | $1.0B | $1.2B | $1.4B | $1.8B | $3.1B | $3.2B | $3.4B |
| Goodwill | $7.6M | $6.2M | $1.0M | — | — | — | — | — | — | — |
| Intangible assets | $8.4M | $11.0M | $14.9M | $22.8M | $22.4M | $19.0M | $17.5M | $19.7M | $31.0M | $32.0M |
| Total assets | $5.4B | $5.9B | $4.9B | $5.5B | $6.5B | $7.4B | $9.0B | $11.9B | $13.5B | $15.2B |
| Total liabilities | $4.5B | $4.8B | $3.6B | $4.0B | $4.6B | $5.3B | $6.7B | $8.2B | $9.4B | $10.9B |
| Shareholders' equity | $885M | $1.0B | $1.2B | $1.4B | $1.6B | $1.8B | $1.9B | $2.6B | $2.8B | $2.8B |
| Margins | ||||||||||
| Gross margin | 14.6% | 18.8% | 20.7% | 22.4% | 19.8% | 17.2% | 16.9% | 16.8% | 16.7% | 18.3% |
| Operating margin | 3.3% | 7.9% | 9.7% | 8.1% | 6.3% | 3.6% | 4.8% | 6.0% | −0.5% | 0.8% |
| EBITDA margin | 6.6% | 10.9% | 13.2% | 13.1% | 12.4% | 9.0% | 7.9% | 10.0% | 7.9% | 10.7% |
| Net margin | 2.3% | 3.0% | 6.5% | 5.2% | 4.2% | 2.1% | 4.0% | 3.6% | 0.6% | −1.9% |
| FCF margin | −19.8% | −2.2% | −2.7% | — | — | −15.9% | 3.9% | −5.7% | −33.3% | −21.7% |
| Returns | ||||||||||
| Return on capital | 2.3% | 5.3% | 11.0% | 7.7% | 8.7% | 4.0% | 6.1% | 7.1% | −0.3% | 0.3% |
| Return on capital employed | 5.5% | 15.1% | 18.8% | 10.9% | 7.5% | 5.7% | 9.4% | 7.5% | −0.4% | 0.5% |
| Return on equity | 7.4% | 10.7% | 21.5% | 12.7% | 9.9% | 6.5% | 16.0% | 12.2% | 1.3% | −3.7% |
| Return on assets | 1.2% | 1.8% | 4.5% | 3.2% | 2.5% | 1.6% | 3.6% | 2.6% | 0.3% | −0.7% |
| Return on tangible equity | 7.5% | 9.8% | 19.6% | 12.5% | 9.5% | 5.3% | 12.5% | 10.8% | 1.3% | −3.8% |
| Growth | ||||||||||
| Revenue growth | — | 18.8% | 10.4% | −14.5% | 8.6% | 51.8% | 41.5% | 1.9% | −21.3% | −6.6% |
| Net income growth | — | 57.8% | 135.4% | −31.3% | −11.6% | −25.4% | 171.7% | −8.2% | −86.9% | −388.8% |
| EPS growth | — | 50.9% | 129.6% | −27.1% | −15.9% | −38.7% | 135.6% | 12.5% | −86.0% | −563.0% |
| FCF growth | — | — | — | — | — | — | — | −249.2% | — | — |
| Share count change | — | 6.0% | 1.2% | −2.4% | 2.5% | 10.5% | 3.4% | 1.4% | −7.3% | 0.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 12.1x | 7.0x | 2.9x | 3.2x | 2.3x | 3.8x | 4.6x | 4.1x | 10.5x | 12.0x |
| Debt / equity | 3.2x | 3.0x | 1.5x | 1.4x | 1.4x | 1.5x | 1.9x | 1.9x | 2.3x | 3.0x |
| Interest coverage | 1.3x | 2.3x | 3.4x | 3.2x | 3.1x | 3.3x | 4.8x | 4.0x | −0.2x | 0.2x |
| Current ratio | 1.0x | 1.0x | 1.0x | 1.1x | 1.2x | 1.2x | 1.1x | 1.0x | 1.1x | 1.0x |
| Quick ratio | 0.9x | 0.9x | 1.0x | 0.9x | 1.0x | 0.9x | 0.8x | 0.8x | 0.9x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 10.0% | 8.2% | 8.4% | — | — | 8.1% | 8.4% | 14.7% | 18.6% | 17.2% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.2% | 0.1% | 0.7% | 0.4% | 0.4% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 7.0 | 7.0 | 3.0 | 3.0 | 5.0 | 3.0 | 3.0 | 1.0 |
| Altman Z'' | 0.6 | 0.7 | 1.4 | 1.3 | 1.7 | 1.6 | 1.3 | 1.1 | 0.9 | 0.7 |
| Accruals ratio | 6.4% | −1.8% | 0.5% | −8.4% | 4.5% | 7.4% | −7.5% | −3.9% | 7.3% | 1.0% |
Source: SEC EDGAR XBRL filings (CIK 0001375877). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.