Canadian Solar (CSIQ)
Market Price (6/7/2026): $17.2 | Market Cap: $1.2 BilSector: Information Technology | Industry: Semiconductors
Canadian Solar (CSIQ)
Market Price (6/7/2026): $17.2Market Cap: $1.2 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -136% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 547% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -9.9% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% Key risksCSIQ key risks include [1] vulnerability to potentially catastrophic retroactive US tariffs and Foreign Entity of Concern (FEOC) restrictions due to its significant manufacturing operations in China, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Sustainable Infrastructure. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -136% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 547% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -11%, Rev Chg QQuarterly Revenue Change % is -9.9% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -26% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 24% |
| Key risksCSIQ key risks include [1] vulnerability to potentially catastrophic retroactive US tariffs and Foreign Entity of Concern (FEOC) restrictions due to its significant manufacturing operations in China, Show more. |
Qualitative Assessment
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Updated on 6/5/2026
Canadian Solar (CSIQ) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Significant Miss in Fiscal Q4 2025 Earnings and Revenue.
Canadian Solar reported its fiscal fourth quarter 2025 earnings on March 19, 2026, posting an earnings per share (EPS) of -$1.66, which substantially missed analysts' expectations of -$0.62 by $1.04. Concurrently, the company's revenue of $1.217 billion fell short of the estimated $1.394 billion by approximately $177 million. The company also noted a 16% quarter-over-quarter and 47% year-over-year decline in total solar module shipments, totaling 4.3 GW, with gross profit decreasing to $124 million from $256 million in the prior quarter. This significant financial underperformance and reduced shipment volumes put considerable downward pressure on the stock.
2. Weak Fiscal Q1 2026 Outlook Despite Earnings Beat.
While Canadian Solar reported fiscal first quarter 2026 earnings on May 14, 2026, with an EPS of -$0.71, exceeding analysts' expectations of -$1.04, the company still reported a net loss of $32 million. Additionally, net revenues of $1.1 billion, though at the high end of guidance, were accompanied by a cautious outlook for fiscal Q2 2026, projecting a weaker gross margin of 13% to 15%. This continued struggle with profitability and conservative near-term guidance likely tempered investor enthusiasm, limiting any sustained upward movement.
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Canadian Solar (CSIQ) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Significant Miss in Fiscal Q4 2025 Earnings and Revenue.
Canadian Solar reported its fiscal fourth quarter 2025 earnings on March 19, 2026, posting an earnings per share (EPS) of -$1.66, which substantially missed analysts' expectations of -$0.62 by $1.04. Concurrently, the company's revenue of $1.217 billion fell short of the estimated $1.394 billion by approximately $177 million. The company also noted a 16% quarter-over-quarter and 47% year-over-year decline in total solar module shipments, totaling 4.3 GW, with gross profit decreasing to $124 million from $256 million in the prior quarter. This significant financial underperformance and reduced shipment volumes put considerable downward pressure on the stock.
2. Weak Fiscal Q1 2026 Outlook Despite Earnings Beat.
While Canadian Solar reported fiscal first quarter 2026 earnings on May 14, 2026, with an EPS of -$0.71, exceeding analysts' expectations of -$1.04, the company still reported a net loss of $32 million. Additionally, net revenues of $1.1 billion, though at the high end of guidance, were accompanied by a cautious outlook for fiscal Q2 2026, projecting a weaker gross margin of 13% to 15%. This continued struggle with profitability and conservative near-term guidance likely tempered investor enthusiasm, limiting any sustained upward movement.
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Stock Movement Drivers
Fundamental Drivers
The -3.1% change in CSIQ stock from 2/28/2026 to 6/6/2026 was primarily driven by a -7.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.71 | 17.16 | -3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,899 | 5,476 | -7.2% |
| P/S Multiple | 0.2 | 0.2 | 4.7% |
| Shares Outstanding (Mil) | 68 | 68 | -0.3% |
| Cumulative Contribution | -3.1% |
Market Drivers
2/28/2026 to 6/6/2026| Return | Correlation | |
|---|---|---|
| CSIQ | -3.1% | |
| Market (SPY) | 7.8% | 29.8% |
| Sector (XLK) | 30.1% | 28.7% |
Fundamental Drivers
The -36.8% change in CSIQ stock from 11/30/2025 to 6/6/2026 was primarily driven by a -31.7% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.15 | 17.16 | -36.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,899 | 5,476 | -7.2% |
| P/S Multiple | 0.3 | 0.2 | -31.7% |
| Shares Outstanding (Mil) | 68 | 68 | -0.3% |
| Cumulative Contribution | -36.8% |
Market Drivers
11/30/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| CSIQ | -36.8% | |
| Market (SPY) | 8.5% | 29.8% |
| Sector (XLK) | 26.3% | 29.8% |
Fundamental Drivers
The 63.0% change in CSIQ stock from 5/31/2025 to 6/6/2026 was primarily driven by a 76.6% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.53 | 17.16 | 63.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,861 | 5,476 | -6.6% |
| P/S Multiple | 0.1 | 0.2 | 76.6% |
| Shares Outstanding (Mil) | 67 | 68 | -1.3% |
| Cumulative Contribution | 63.0% |
Market Drivers
5/31/2025 to 6/6/2026| Return | Correlation | |
|---|---|---|
| CSIQ | 63.0% | |
| Market (SPY) | 26.6% | 31.6% |
| Sector (XLK) | 57.1% | 30.8% |
Fundamental Drivers
The -58.9% change in CSIQ stock from 5/31/2023 to 6/6/2026 was primarily driven by a -37.6% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6062026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.80 | 17.16 | -58.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,920 | 5,476 | -30.9% |
| P/S Multiple | 0.3 | 0.2 | -37.6% |
| Shares Outstanding (Mil) | 65 | 68 | -4.9% |
| Cumulative Contribution | -58.9% |
Market Drivers
5/31/2023 to 6/6/2026| Return | Correlation | |
|---|---|---|
| CSIQ | -58.9% | |
| Market (SPY) | 83.4% | 34.6% |
| Sector (XLK) | 124.1% | 32.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CSIQ Return | -39% | -1% | -15% | -58% | 114% | -18% | -62% |
| Peers Return | -5% | 16% | -16% | -41% | 26% | 59% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| CSIQ Win Rate | 33% | 50% | 42% | 25% | 58% | 50% | |
| Peers Win Rate | 50% | 52% | 38% | 40% | 47% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | |
Max Drawdowns [4] | |||||||
| CSIQ Max Drawdown | -53% | -41% | -56% | -59% | -49% | -52% | |
| Peers Max Drawdown | -42% | -49% | -60% | -58% | -56% | -44% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FSLR, ENPH, SEDG, FLNC, SPWR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/5/2026 (YTD)
How Low Can It Go
| Event | CSIQ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -18.2% | -7.8% |
| % Gain to Breakeven | 22.2% | 8.5% |
| Time to Breakeven | 46 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -13.4% | -6.7% |
| % Gain to Breakeven | 15.4% | 7.1% |
| Time to Breakeven | 4 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.0% | 32.4% |
| Time to Breakeven | 19 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.3% | -33.7% |
| % Gain to Breakeven | 86.1% | 50.9% |
| Time to Breakeven | 126 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.1% | -19.2% |
| % Gain to Breakeven | 12.5% | 23.8% |
| Time to Breakeven | 20 days | 105 days |
In The Past
Canadian Solar's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
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| Event | CSIQ | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.8% | -18.8% |
| % Gain to Breakeven | 63.5% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.1% | -24.5% |
| % Gain to Breakeven | 39.0% | 32.4% |
| Time to Breakeven | 19 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.3% | -33.7% |
| % Gain to Breakeven | 86.1% | 50.9% |
| Time to Breakeven | 126 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -21.7% | -3.7% |
| % Gain to Breakeven | 27.8% | 3.9% |
| Time to Breakeven | 84 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.1% | -12.2% |
| % Gain to Breakeven | 54.1% | 13.9% |
| Time to Breakeven | 67 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -55.6% | -6.8% |
| % Gain to Breakeven | 125.4% | 7.3% |
| Time to Breakeven | 1830 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -68.4% | -17.9% |
| % Gain to Breakeven | 216.8% | 21.8% |
| Time to Breakeven | 598 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -48.7% | -15.4% |
| % Gain to Breakeven | 95.0% | 18.2% |
| Time to Breakeven | 1211 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -90.2% | -53.4% |
| % Gain to Breakeven | 920.3% | 114.4% |
| Time to Breakeven | 301 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -30.7% | -8.6% |
| % Gain to Breakeven | 44.3% | 9.5% |
| Time to Breakeven | 8 days | 47 days |
In The Past
Canadian Solar's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Canadian Solar (CSIQ)
Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories. It also provides engineering, procurement, and construction; and operation and maintenance (O&M) services. This segment's energy solution products include solar inverters and energy storage systems for utility, commercial, residential, and specialty product applications. Its O&M services include inspections, repair, and replacement of plant equipment; and site management and administrative support services for solar power projects. The Energy segment engages in the development and sale of solar power projects; and operation of solar power plants and sale of electricity. As of January 31, 2020, this segment had a fleet of solar power plants in operation with an aggregate capacity of approximately 880.2 MWp. The company's primary customers include distributors, system integrators, project developers, and installers/EPC companies. Canadian Solar Inc. sells its products primarily under its Canadian Solar brand name; and on an OEM basis. It has operations in North America, South America, Europe, South Africa, the Middle East, Australia, Asia, and internationally. The company was founded in 2001 and is headquartered in Guelph, Canada.
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Here are 1-3 brief analogies to describe Canadian Solar (CSIQ):
- Imagine a General Electric for the solar power industry, manufacturing solar panels and other key equipment while also developing, building, and operating large solar power plants globally.
- Think of them as a Bechtel or Fluor specializing exclusively in solar energy projects, but with the added capability of manufacturing their own solar panels and core components.
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- Solar Modules & Components: Manufactures and sells fundamental solar energy conversion products such as ingots, wafers, cells, and modules.
- Specialty Solar Products: Offers specialized solar products designed for specific applications beyond standard modules.
- Solar System Kits: Provides complete, ready-to-install packages including solar modules, inverters, racking systems, and other accessories.
- Solar Inverters: Designs and sells devices that convert direct current (DC) power from solar panels into alternating current (AC) for grid use.
- Energy Storage Systems: Develops and offers systems designed for storing electrical energy, often integrated with solar installations.
- Engineering, Procurement, and Construction (EPC) Services: Delivers comprehensive services for the design, sourcing, and building of solar power projects.
- Operation and Maintenance (O&M) Services: Provides ongoing services including inspections, repair, and site management for solar power plants.
- Solar Power Project Development and Sale: Engages in the development, financing, and sale of solar power projects to other entities.
- Electricity Generation and Sale: Operates its own fleet of solar power plants and sells the generated electricity.
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Major Customers of Canadian Solar (CSIQ)
Canadian Solar (CSIQ) sells primarily to other companies. Based on the provided description, its major customers include companies that fall into the following categories:
- Distributors
- System integrators
- Project developers
- Installers/EPC (Engineering, Procurement, and Construction) companies
The provided information describes the types of companies that are Canadian Solar's primary customers, but it does not list specific names of customer companies.
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```html- Daqo New Energy Corp. (DQ)
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The following is the management team of Canadian Solar:Shawn Qu, Chairman and Chief Executive Officer
Dr. Shawn Qu founded Canadian Solar Inc. in Guelph, Ontario, Canada, in 2001 and has since served as the company's Chairman and Chief Executive Officer. Before establishing Canadian Solar, Dr. Qu held positions at ATS Automation Tooling Systems in Canada and its subsidiary Photowatt International in France. He also worked as a Research Scientist at Ontario Hydro (now Ontario Power Generation), where he was involved in a solar power project later sold to ATS Automation Tooling Systems.
Xinbo Zhu, Senior Vice President and Chief Financial Officer
Mr. Xinbo Zhu has been the Senior Vice President and Chief Financial Officer of Canadian Solar since May 2024. Prior to this role, he served as the chief supply and risk officer of Recurrent Energy, a subsidiary of Canadian Solar, where he was responsible for global procurement and chaired the investment committee. Mr. Zhu also currently acts as a Special Advisor to the Board and a member of Republic Technology's Infrastructure and Energy Advisory Committee.
Colin Parkin, President
Colin Parkin was appointed President of Canadian Solar in December 2025. He has two decades of experience with the company and previously served as President of e-STORAGE, Canadian Solar's utility-scale storage subsidiary. Mr. Parkin has also held various senior roles within Canadian Solar's energy and project development businesses.
Dylan Marx, Chief Operating Officer
Dylan Marx was named Chief Operating Officer in December 2025. He joined Canadian Solar in 2013 and most recently held the positions of corporate Vice-President of Operations and President of Operations and Maintenance at Recurrent Energy, Canadian Solar's project development arm.
Yan Zhuang, President of CSI Solar
Mr. Yan Zhuang was appointed President of CSI Solar, Canadian Solar's Module and System Solutions subsidiary, in September 2020. He previously served as a director of Canadian Solar from September 2020 to December 2025. Mr. Zhuang has held several leadership roles within Canadian Solar, including President and Chief Operating Officer, acting Chief Executive Officer, Senior Vice President and Chief Commercial Officer, and Senior Vice President of Global Sales and Marketing. In 2008, he founded INS Research and Consulting. Before joining Canadian Solar, he was the Head of Asia for Hands-on Mobile, Inc., and held marketing and business operation positions with Motorola Inc.
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Canadian Solar Inc. (CSIQ) faces several key risks to its business, primarily stemming from its financial health, the dynamic nature of the solar energy market, and geopolitical tensions.- Financial Health and Leverage: Canadian Solar exhibits significant financial challenges, including a high debt-to-equity ratio, which has increased over the past five years. The company's operating cash flow is negative, and its interest payments are not well covered by earnings before interest and taxes (EBIT). It has also reported negative operating margins and a declining gross margin, with some analyses placing its Altman Z-Score in the "distress zone," indicating a potential risk of bankruptcy. These financial pressures limit flexibility and increase vulnerability to rising interest rates and market downturns.
- Market Dynamics, Competition, and Geopolitical Factors: The solar industry is characterized by decelerating demand, intense price competition, market oversupply, and rapid technological advancements. Canadian Solar faces significant competition from other global manufacturers, with the expansion of major players like Tesla in the U.S. solar market posing a particular threat. Furthermore, geopolitical factors, especially U.S. tariffs and restrictions related to U.S.-China relations, create substantial headwinds, potentially limiting Canadian Solar's access to crucial markets and impacting its profitability. Regulatory changes and the capital-intensive nature of solar project development also add to these market risks.
- Operational Headwinds and Supply Chain Vulnerabilities: The company has experienced operational challenges, including downward revisions in solar module shipment guidance, reflecting weaker demand. The solar supply chain is also susceptible to disruptions from geopolitical tensions, climate change, and economic instability, which can affect operational continuity. While not unique to Canadian Solar, broader industry risks such as severe weather impacting solar panel durability and effectiveness, and the potential for theft of equipment, also pose ongoing operational concerns.
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```htmlThe following are clear emerging threats for Canadian Solar:
- Disruptive Solar Technology: The emergence of a significantly more efficient, cost-effective, or easily deployable solar energy conversion technology that moves beyond traditional silicon-based photovoltaic (PV) materials and processes (ingots, wafers, cells, modules), could render Canadian Solar's core manufacturing expertise and products less competitive or potentially obsolete. This would be analogous to the shift from film photography to digital.
- Dominance of Advanced Energy Storage and Grid Management Platforms: While Canadian Solar offers energy storage systems, a dramatic leap forward or consolidation of market power by companies specializing purely in highly advanced, cost-effective, and scalable energy storage solutions and integrated smart grid management platforms could commoditize solar modules. In such a scenario, the primary value and profit pools might shift from solar *generation products* to the integrated *storage and management solutions*, thereby diminishing the strategic importance and profitability of being a module manufacturer, regardless of who produces the solar panels.
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Canadian Solar Inc. operates in several addressable markets related to solar power products and services. The market sizes for their main products and services for 2024 or the closest available year are identified below:
Solar Modules and Related Products
- Global: The global solar PV module market size was valued at approximately USD 346.6 billion in 2024. Another estimate for the global solar module market size reached USD 176.4 billion in 2024. The broader global solar PV market size was valued at USD 334.21 billion in 2024.
- North America: The North America Solar PV Module market size was estimated at USD 51.79408 billion in 2024. The North America solar PV panels market was also estimated at USD 29.28 billion in 2024.
Solar Inverters
- Global: The global PV inverter market size was approximately USD 25.5122 billion in 2024. Other reports indicate the global solar inverter market size was valued at USD 11.99 billion in 2024 and USD 14.25 billion in 2024.
- North America: The North America PV Inverter market size was USD 10.20488 million in 2024, representing over 40% of the global revenue. Another source indicates the North America Solar Inverter Market size was USD 4.20489 million in 2024.
Solar Energy Storage Systems
- Global: The global solar energy storage market was valued at USD 93.4 billion in 2024.
- North America: The U.S. solar energy storage market was valued at USD 35.9 billion in 2024. The Americas battery energy storage system market was estimated at USD 39.27 billion in 2024, with North America holding a 74.70% share, which equates to approximately USD 29.34 billion.
Solar EPC (Engineering, Procurement, and Construction) Services
- Global: The global solar EPC market was valued at USD 407.6 billion in 2024 and USD 0.4 trillion (USD 400 billion) in 2024.
- North America: The North America solar EPC market held approximately an 8.5% share of the global market in 2024, which would be around USD 34.646 billion based on a global market of USD 407.6 billion. Specifically, the North America Utility Solar EPC Market was estimated at USD 22.6 billion in 2024.
Solar O&M (Operation and Maintenance) Services
- Global: The global solar PV O&M market is estimated to reach USD 29.0 billion in 2024.
- North America: While specific market size in USD for North America Solar O&M in 2024 was not explicitly found in the provided snippets, North America saw significant O&M market growth by volume in 2023.
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Here are the expected drivers of future revenue growth for Canadian Solar (CSIQ) over the next 2-3 years:- Growth in Battery Energy Storage Solutions (BESS) / e-STORAGE: Canadian Solar anticipates its energy storage business to be a primary growth driver, with high growth projected for 2026–2027. The company targeted full-year energy storage shipments of 14–17 GWh in 2026. This segment's growth is supported by a contracted backlog of $3.1 billion for its e-STORAGE platform as of September 30, 2025. The broader global energy storage market is also expanding significantly, forecasted to grow from 34 GWh in 2023 to 121 GWh by 2027, driven by increasing demand from applications such as data centers.
- Expansion of Solar Project Development and Sales (Recurrent Energy): Canadian Solar's subsidiary, Recurrent Energy, functions as a global developer, owner, and operator of solar and storage assets. As of September 30, 2025, the company's total solar project development pipeline stood at 25.1 GWp, which includes 2 GWp under construction and 3.4 GWp in backlog, along with an additional 19.7 GWp in advanced and earlier stages. Recurrent Energy aims to increase project ownership sales in 2026 to recycle capital, demonstrating a strategic approach to monetizing its extensive pipeline.
- Increased Solar Module Shipments and Market Share in Profitable Strategic Markets: The company is focused on achieving profitable growth and expanding its market share in key strategic solar markets. For the full year 2026, Canadian Solar projects total module shipments to be in the range of 25 to 30 gigawatts. North America is identified as a significant and profitable market, contributing substantially to module shipments, accounting for over 20% in Q1 2024 and approximately 30% in Q2 2024.
- Strategic Manufacturing Investments in the U.S.: Canadian Solar is making substantial investments in U.S. manufacturing facilities, with a planned expenditure of nearly $2 billion. These investments include the construction of a new battery cell module and packaging manufacturing facility in Shelbyville, Kentucky, expected to have an annual production capacity of 3 GWh after its first phase. Additionally, the first phase of a U.S.-based HJT (Heterojunction Technology) cell factory, with a 2 GW capacity, is slated to commence pilot production in March–April 2026, aiming for cost reduction and technological advancement. These domestic manufacturing initiatives are expected to enhance production capabilities and secure long-term growth through strategic U.S. contracts extending to 2030.
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Share Repurchases
- Canadian Solar's subsidiary, CSI Solar, repurchased $61 million of its shares as of July 1, 2024.
- As of December 5, 2025, Canadian Solar's shares buyback ratio was -0.03%, indicating negligible net share repurchase activity by the parent company.
Share Issuance
- In January 2026, Canadian Solar completed a private offering of US$230 million in 3.25% convertible senior notes due 2031, resulting in net proceeds of approximately US$223.1 million. The notes are convertible into common shares, representing a potential future share issuance.
Inbound Investments
- Canadian Solar received approximately US$223.1 million in net proceeds from a private offering of convertible senior notes in January 2026.
- As of March 31, 2025, Canadian Solar's subsidiary, Recurrent Energy, secured a $415 million multi-currency credit facility to refinance and support the expansion of its independent power producer (IPP) portfolio.
Outbound Investments
- In December 2025, Canadian Solar announced a strategic initiative to form new joint ventures (Company M for PV business and Company N for energy storage) with American shareholders and its subsidiary CSI Solar to re-shore manufacturing to North America, with Canadian Solar holding a 75.1% controlling stake.
- Canadian Solar will acquire 75.1% ownership of certain overseas facilities that support U.S. operations from CSI Solar for approximately $50 million in December 2025.
- Net proceeds from the US$230 million convertible notes (issued January 2026) are designated for investments in U.S. manufacturing capacity and the value chain supporting battery energy storage and solar power solutions.
Capital Expenditures
- Capital expenditures were $1.87 billion in 2024 and $1.525 billion in 2023.
- Capital expenditures for Q2 2025 totaled $173 million.
- The full-year 2025 capital expenditure outlook is approximately $1.2 billion, primarily driven by investments in U.S. manufacturing initiatives.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.49 |
| Mkt Cap | 3.4 |
| Rev LTM | 1,992 |
| Op Inc LTM | 31 |
| FCF LTM | 20 |
| FCF 3Y Avg | -96 |
| CFO LTM | 28 |
| CFO 3Y Avg | -83 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.1% |
| Rev Chg 3Y Avg | 2.1% |
| Rev Chg Q | 0.3% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 29.9% |
| Op Inc Chg 3Y Avg | -4.2% |
| Op Mgn LTM | 0.6% |
| Op Mgn 3Y Avg | -0.1% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 1.9% |
| CFO/Rev 3Y Avg | -4.6% |
| FCF/Rev LTM | -2.2% |
| FCF/Rev 3Y Avg | -9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.4 |
| P/S | 2.1 |
| P/Op Inc | 2.0 |
| P/EBIT | 0.3 |
| P/E | -6.6 |
| P/CFO | 4.6 |
| Total Yield | -5.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -9.7% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 25.4% |
| 3M Rtn | 43.4% |
| 6M Rtn | 2.0% |
| 12M Rtn | 60.2% |
| 3Y Rtn | -49.0% |
| 1M Excs Rtn | 41.5% |
| 3M Excs Rtn | 33.9% |
| 6M Excs Rtn | 4.4% |
| 12M Excs Rtn | 41.3% |
| 3Y Excs Rtn | -127.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing | 6,460 | ||||
| Recurrent Energy | 323 | 498 | 822 | 1,124 | 726 |
| Elimination and unallocated items | -790 | -115 | -329 | -219 | -355 |
| Canadian Solar Infrastructure (CSI) Solar | 7,231 | 6,976 | 4,372 | 3,105 | |
| Total | 5,993 | 7,614 | 7,469 | 5,277 | 3,476 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Manufacturing | 337 | ||||
| Recurrent Energy | -90 | 97 | 80 | 97 | 53 |
| Elimination and unallocated items | -277 | -99 | -68 | 19 | -86 |
| Canadian Solar Infrastructure (CSI) Solar | 456 | 344 | 74 | 253 | |
| Total | -30 | 453 | 356 | 190 | 220 |
Price Behavior
Price Behavior
| Market Price | $17.16 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 11/09/2006 | |
| Distance from 52W High | -48.9% | |
| 50 Days | 200 Days | |
| DMA Price | $15.88 | $18.14 |
| DMA Trend | up | indeterminate |
| Distance from DMA | 8.1% | -5.4% |
| 3M | 1YR | |
| Volatility | 101.7% | 96.2% |
| Downside Capture | 261.72 | 268.60 |
| Upside Capture | 197.26 | 250.51 |
| Correlation (SPY) | 22.3% | 29.7% |
CSIQ Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.03 | 1.90 | 1.56 | 1.82 | 2.35 | 1.78 |
| Up Beta | -0.71 | 2.51 | 2.14 | 1.93 | 1.91 | 1.70 |
| Down Beta | 0.45 | 1.50 | -0.38 | 0.37 | 2.92 | 1.79 |
| Up Capture | 518% | 195% | 183% | 178% | 470% | 331% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 13 | 23 | 35 | 65 | 135 | 366 |
| Down Capture | 472% | 86% | 202% | 233% | 170% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 7 | 18 | 28 | 59 | 113 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSIQ | |
|---|---|---|---|---|
| CSIQ | 48.8% | 95.9% | 0.86 | - |
| Sector ETF (XLK) | 53.4% | 22.0% | 1.86 | 30.7% |
| Equity (SPY) | 25.3% | 12.1% | 1.57 | 31.8% |
| Gold (GLD) | 27.6% | 26.9% | 0.88 | 18.7% |
| Commodities (DBC) | 36.9% | 19.0% | 1.52 | 2.4% |
| Real Estate (VNQ) | 12.5% | 13.3% | 0.63 | 11.3% |
| Bitcoin (BTCUSD) | -42.0% | 42.5% | -1.16 | 19.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSIQ | |
|---|---|---|---|---|
| CSIQ | -16.2% | 71.9% | 0.06 | - |
| Sector ETF (XLK) | 22.1% | 25.1% | 0.78 | 34.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 35.7% |
| Gold (GLD) | 17.3% | 18.1% | 0.78 | 12.3% |
| Commodities (DBC) | 9.5% | 19.4% | 0.38 | 12.7% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 26.9% |
| Bitcoin (BTCUSD) | 11.3% | 54.6% | 0.40 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSIQ | |
|---|---|---|---|---|
| CSIQ | -1.4% | 63.7% | 0.25 | - |
| Sector ETF (XLK) | 24.8% | 24.6% | 0.91 | 38.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 39.1% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 10.1% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 16.6% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 28.9% |
| Bitcoin (BTCUSD) | 63.3% | 66.9% | 1.03 | 11.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 12/31/2025 | 04/10/2026 | 20-F |
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/21/2025 | 6-K |
| 03/31/2025 | 05/15/2025 | 6-K |
| 12/31/2024 | 04/30/2025 | 20-F |
| 09/30/2024 | 12/05/2024 | 6-K |
| 06/30/2024 | 08/22/2024 | 6-K |
| 03/31/2024 | 05/09/2024 | 6-K |
| 12/31/2023 | 04/26/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/22/2023 | 6-K |
| 03/31/2023 | 05/18/2023 | 6-K |
| 12/31/2022 | 04/18/2023 | 20-F |
| 09/30/2022 | 11/22/2022 | 6-K |
| 06/30/2022 | 08/18/2022 | 6-K |
Insider Activity
Updated 5/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wong, Andrew Luen Cheung | Direct | Sell | 5212026 | 16.33 | 1,752 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 6/6/2026