CSIQ Technology

Canadian Solar Inc.

$10.10+7.33%

Price as of close on Nov 3, 2026 · Financials updated Nov 3, 2026

Basics

Sector: Technology
Industry: Solar
Country: Canada
Market cap: 685.8M USD
Enterprise value: 7.7B USD
Full-time employees: 12,587

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.49 vs a peer median of 0.87), less short-term liquidity (current ratio 1.02 vs a peer median of 1.83) and more debt relative to equity (2.99× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.49 vs peers 0.87), less liquidity (current ratio 1.02 vs peers 1.83) and more debt vs equity (2.99× vs peers 0.25×)
About average: valuation

Ranks #1,513 of 1,612 technology companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Canadian Solar made a loss per share in its latest year after a profit the year before.
Much more borrowing than peers. Debt is 3.0× equity vs a peer median of 0.2×.Debt is 3.0× equity vs peers 0.2×.
Debt is 3.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Borrowing rising faster than profit. Since 2022: debt +127%, operating profit −88%.
Canadian Solar's debt grew 127% since 2022 while operating profit changed −88%.
Investment surge. Capital spending 17% of revenue, up from 8.4% in 2022.
Canadian Solar is spending 17% of revenue on facilities and equipment, up from 8.4% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

StockQuotient Score

21/ 100

Oct 5 22 → Nov 4 21 (-1)

Valuation

Is the price right?

47/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 48 → 47

Share price +4.4%-2
Company's reported figures updated+2
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-15.4%

SEC filings · 12 months to Dec 2025Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225

EBITDA yield7.8%

SEC filings · 12 months to Dec 2025Reported value50% base weight · Z-score 0.98Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield-180.3%

SEC filings · 12 months to Dec 2025 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield416.6%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

10/100

Weak

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

12-month revenue fell 6.6%

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -1.83Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth-9.2%

SEC filings · 3 years to Dec 2025Reported value33% base weight · Z-score -1.77Sector median: 0.0483 · MAD: 0.0793

Revenue growth-6.6%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -1.49Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

26/100

Weak

3/3 inputs reported · High confidence

Since last year: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin0.8%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.78Sector median: 0.0631 · MAD: 0.0710

Return on assets-0.7%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -1.00Sector median: 0.0293 · MAD: 0.0362

Return on invested capital0.3%

SEC filings · 12 months to Dec 2025Reported value33% base weight · Z-score -0.75Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin18.3%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity-3.7%

SEC filings · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last year: Changed: worth a look

Debt up 30%

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.49

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.67Sector median: 0.8710 · MAD: 0.3700

Current ratio1.02×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.18Sector median: 1.8295 · MAD: 0.6848

Debt / equity2.99×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.82Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Canadian Solar

Is Canadian Solar getting weaker?: Its latest SEC filing (Apr 10, 2026) got weaker in some ways: 12-month revenue fell 6.6%; debt up 30%. Its overall score is unchanged at 21/100 since Oct 28, 2026.
How is Canadian Solar valued vs its peers?: Priced about in line with its peers. Valuation scores 47/100 against 1,711 technology peers. EBITDA yield 7.8% vs a peer median of 4.2% (stronger than 73% of peers).EBITDA yield 7.8% vs peers 4.2% (stronger than 73% of peers). Earnings yield -15.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -15.4% vs peers 2.2% (weaker than 100% of peers).
Is Canadian Solar growing?: More slowly than most of its peers. Growth scores 10/100 against 1,711 technology peers. 3-year revenue growth -9.2% vs a peer median of 4.8% (weaker than 88% of peers).3-year revenue growth -9.2% vs peers 4.8% (weaker than 88% of peers).
How profitable is Canadian Solar?: Less profitable than most of its peers. Profitability scores 26/100 against 1,711 technology peers. Return on assets -0.7% vs a peer median of 2.9% (weaker than 76% of peers).Return on assets -0.7% vs peers 2.9% (weaker than 76% of peers).
How risky is Canadian Solar?: Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.99× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.99× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 10, 2026 · compared with the year ended Dec 31, 2024

Got weaker

12-month revenue fell 6.6%
Debt up 30%

	Previous year	Latest year	Change
Revenue (12 months)	6.0B USD	5.6B USD	−6.6%
Net income (12 months)	−77.9M USD	−104.1M USD	+33.7%
Operating margin	-0.5%	0.8%	+1.3 pts
Free cash flow (12 months)	−2.0B USD	−1.2B USD	−39.2%
Debt	6.5B USD	8.4B USD	+29.7%
Cash	1.7B USD	1.4B USD	−19.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	17.2%	16.9%	16.8%	16.7%	18.3%	▲ 1.7 pts
Operating margin	3.6%	4.8%	6.0%	-0.5%	0.8%	▲ 1.3 pts
Net margin	2.1%	4.0%	3.6%	0.6%	-1.9%	▼ 2.5 pts
Return on assets (ROA)	1.5%	3.3%	2.3%	0.3%	-0.7%	▼ 1.0 pts
Return on equity (ROE)	6.1%	15.4%	10.7%	1.3%	-3.7%	▼ 5.0 pts
Free cash flow margin	-15.9%	3.9%	-5.7%	-33.3%	-21.7%	▲ 12 pts
Current ratio	1.18×	1.07×	1.04×	1.09×	1.02×	▼ 6.4%
Quick ratio	0.89×	0.78×	0.84×	0.87×	0.83×	▼ 4.7%
Debt to equity	1.45×	1.91×	1.91×	2.30×	2.99×	▲ 30%
Interest coverage	3.27×	4.79×	3.97×	-0.22×	0.24×	▲ 211%

CSIQ price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.49 vs a peer median of 0.87), less short-term liquidity (current ratio 1.02 vs a peer median of 1.83) and more debt relative to equity (2.99× vs a peer median of 0.25×)higher risk: bigger price swings (beta 1.49 vs peers 0.87), less liquidity (current ratio 1.02 vs peers 1.83) and more debt vs equity (2.99× vs peers 0.25×)

About average: valuation

Ranks #1,513 of 1,612 technology companies (bottom 7%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Canadian Solar made a loss per share in its latest year after a profit the year before.

Much more borrowing than peers. Debt is 3.0× equity vs a peer median of 0.2×.Debt is 3.0× equity vs peers 0.2×.

Debt is 3.0× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 3.0× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.

Borrowing rising faster than profit. Since 2022: debt +127%, operating profit −88%.

Canadian Solar's debt grew 127% since 2022 while operating profit changed −88%.

Investment surge. Capital spending 17% of revenue, up from 8.4% in 2022.

Canadian Solar is spending 17% of revenue on facilities and equipment, up from 8.4% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

Questions investors ask about Canadian Solar

Is Canadian Solar getting weaker?

Its latest SEC filing (Apr 10, 2026) got weaker in some ways: 12-month revenue fell 6.6%; debt up 30%. Its overall score is unchanged at 21/100 since Oct 28, 2026.

How is Canadian Solar valued vs its peers?

Priced about in line with its peers. Valuation scores 47/100 against 1,711 technology peers. EBITDA yield 7.8% vs a peer median of 4.2% (stronger than 73% of peers).EBITDA yield 7.8% vs peers 4.2% (stronger than 73% of peers). Earnings yield -15.4% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -15.4% vs peers 2.2% (weaker than 100% of peers).

Is Canadian Solar growing?

More slowly than most of its peers. Growth scores 10/100 against 1,711 technology peers. 3-year revenue growth -9.2% vs a peer median of 4.8% (weaker than 88% of peers).3-year revenue growth -9.2% vs peers 4.8% (weaker than 88% of peers).

How profitable is Canadian Solar?

Less profitable than most of its peers. Profitability scores 26/100 against 1,711 technology peers. Return on assets -0.7% vs a peer median of 2.9% (weaker than 76% of peers).Return on assets -0.7% vs peers 2.9% (weaker than 76% of peers).

How risky is Canadian Solar?

Higher risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 2.99× vs a peer median of 0.25× (weaker than 100% of peers).Debt / equity 2.99× vs peers 0.25× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

6.0B USD

5.6B USD

−6.6%

Net income (12 months)

−77.9M USD

−104.1M USD

+33.7%

Operating margin

-0.5%

0.8%

+1.3 pts

Free cash flow (12 months)

−2.0B USD

−1.2B USD

−39.2%

Debt

6.5B USD

8.4B USD

+29.7%

Cash

1.7B USD

1.4B USD

−19.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

17.2%

16.9%

16.8%

16.7%

18.3%

▲ 1.7 pts

Operating margin

3.6%

4.8%

6.0%

-0.5%

0.8%

▲ 1.3 pts

Net margin

2.1%

4.0%

3.6%

0.6%

-1.9%

▼ 2.5 pts

Return on assets (ROA)

1.5%

3.3%

2.3%

0.3%

-0.7%

▼ 1.0 pts

Return on equity (ROE)

6.1%

15.4%

10.7%

1.3%

-3.7%

▼ 5.0 pts

Free cash flow margin

-15.9%

3.9%

-5.7%

-33.3%

-21.7%

▲ 12 pts

Current ratio

1.18×

1.07×

1.04×

1.09×

1.02×

▼ 6.4%

Quick ratio

0.89×

0.78×

0.84×

0.87×

0.83×

▼ 4.7%

Debt to equity

1.45×

1.91×

2.30×

2.99×

▲ 30%

Interest coverage

3.27×

4.79×

3.97×

-0.22×

0.24×

▲ 211%