Canadian Solar (CSIQ)
Market Price (3/30/2026): $13.42 | Market Cap: $907.5 MilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Canadian Solar (CSIQ)
Market Price (3/30/2026): $13.42Market Cap: $907.5 MilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| 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 -48%, 3Y Excs Rtn is -126% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% |
| Meaningful 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 19% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 620% | |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.6%, Rev Chg QQuarterly Revenue Change % is -1.3% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29% | ||
| 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 -2.2% | ||
| 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. |
| 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 -48%, 3Y Excs Rtn is -126% |
| Meaningful 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 19% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -20 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.3% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 620% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.6%, Rev Chg QQuarterly Revenue Change % is -1.3% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -2.1%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -29% |
| 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 -2.2% |
| 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
AI Analysis | Feedback
Canadian Solar (CSIQ) stock has lost about 50% since 11/30/2025 because of the following key factors:
1. Canadian Solar experienced a significant miss in its Fourth Quarter 2025 financial results and provided weak guidance for the First Quarter 2026. The company reported an Earnings Per Share (EPS) of -$1.66 for Q4 2025, substantially missing analyst estimates of -$0.62 by $1.04. Revenue for the quarter was $1.22 billion, falling short of the $1.39 billion estimate by $177 million and representing a 20% year-over-year decline. The gross margin for Q4 2025 decreased to 10.2% from 14.3% in Q4 2024. Furthermore, Canadian Solar's Q1 2026 revenue forecast of $900 million to $1.1 billion was considerably below the estimated $1.55 billion. These disappointing results led to an immediate premarket stock decline of 24.35% on March 19, 2026.
2. The company faced a notable decline in solar module shipments and delays in project sales, particularly impacting its Recurrent Energy segment. Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, a 47% decrease year-over-year. Profitability was affected by lower global storage volumes and decreased solar module deliveries in North America. Delayed project sales also pushed expected revenue into 2026, directly impacting quarterly revenue and margins. The Recurrent Energy segment reported a gross loss of $23 million for Q4 2025, with a negative 33.9% gross margin, primarily due to project asset impairments.
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1. Canadian Solar experienced a significant miss in its Fourth Quarter 2025 financial results and provided weak guidance for the First Quarter 2026. The company reported an Earnings Per Share (EPS) of -$1.66 for Q4 2025, substantially missing analyst estimates of -$0.62 by $1.04. Revenue for the quarter was $1.22 billion, falling short of the $1.39 billion estimate by $177 million and representing a 20% year-over-year decline. The gross margin for Q4 2025 decreased to 10.2% from 14.3% in Q4 2024. Furthermore, Canadian Solar's Q1 2026 revenue forecast of $900 million to $1.1 billion was considerably below the estimated $1.55 billion. These disappointing results led to an immediate premarket stock decline of 24.35% on March 19, 2026.
2. The company faced a notable decline in solar module shipments and delays in project sales, particularly impacting its Recurrent Energy segment. Total solar module shipments recognized as revenues in Q4 2025 were 4.3 GW, a 47% decrease year-over-year. Profitability was affected by lower global storage volumes and decreased solar module deliveries in North America. Delayed project sales also pushed expected revenue into 2026, directly impacting quarterly revenue and margins. The Recurrent Energy segment reported a gross loss of $23 million for Q4 2025, with a negative 33.9% gross margin, primarily due to project asset impairments.
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Stock Movement Drivers
Fundamental Drivers
The -50.5% change in CSIQ stock from 11/30/2025 to 3/29/2026 was primarily driven by a -50.5% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 27.15 | 13.45 | -50.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,899 | 5,899 | 0.0% |
| Net Income Margin (%) | 0.3% | 0.3% | 0.0% |
| P/E Multiple | 113.9 | 56.4 | -50.5% |
| Shares Outstanding (Mil) | 68 | 68 | 0.0% |
| Cumulative Contribution | -50.5% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSIQ | -50.5% | |
| Market (SPY) | -5.3% | 19.4% |
| Sector (XLK) | -9.1% | 20.4% |
Fundamental Drivers
The 37.5% change in CSIQ stock from 8/31/2025 to 3/29/2026 was primarily driven by a 38.9% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.78 | 13.45 | 37.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,919 | 5,899 | -0.3% |
| P/S Multiple | 0.1 | 0.2 | 38.9% |
| Shares Outstanding (Mil) | 67 | 68 | -0.7% |
| Cumulative Contribution | 37.5% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSIQ | 37.5% | |
| Market (SPY) | 0.6% | 31.9% |
| Sector (XLK) | -0.7% | 34.0% |
Fundamental Drivers
The 33.8% change in CSIQ stock from 2/28/2025 to 3/29/2026 was primarily driven by a 2113.4% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.05 | 13.45 | 33.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,174 | 5,899 | -4.5% |
| Net Income Margin (%) | 0.0% | 0.3% | 2113.4% |
| P/E Multiple | 882.8 | 56.4 | -93.6% |
| Shares Outstanding (Mil) | 67 | 68 | -1.0% |
| Cumulative Contribution | 33.8% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSIQ | 33.8% | |
| Market (SPY) | 9.8% | 41.1% |
| Sector (XLK) | 15.9% | 41.2% |
Fundamental Drivers
The -66.2% change in CSIQ stock from 2/28/2023 to 3/29/2026 was primarily driven by a -89.8% change in the company's Net Income Margin (%).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.75 | 13.45 | -66.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,026 | 5,899 | -16.0% |
| Net Income Margin (%) | 2.7% | 0.3% | -89.8% |
| P/E Multiple | 13.6 | 56.4 | 314.1% |
| Shares Outstanding (Mil) | 64 | 68 | -4.6% |
| Cumulative Contribution | -66.2% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| CSIQ | -66.2% | |
| Market (SPY) | 69.4% | 34.8% |
| Sector (XLK) | 94.5% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CSIQ Return | -39% | -1% | -15% | -58% | 114% | -43% | -73% |
| Peers Return | -5% | 16% | -16% | -41% | 26% | 6% | -27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| CSIQ Win Rate | 33% | 50% | 42% | 25% | 58% | 0% | |
| Peers Win Rate | 50% | 52% | 38% | 40% | 47% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| CSIQ Max Drawdown | -41% | -28% | -38% | -59% | -39% | -45% | |
| Peers Max Drawdown | -29% | -44% | -42% | -52% | -42% | -16% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[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 3/27/2026 (YTD)
How Low Can It Go
| Event | CSIQ | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -70.1% | -25.4% |
| % Gain to Breakeven | 233.9% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -46.3% | -33.9% |
| % Gain to Breakeven | 86.1% | 51.3% |
| Time to Breakeven | 126 days | 148 days |
| 2018 Correction | ||
| % Loss | -41.3% | -19.8% |
| % Gain to Breakeven | 70.5% | 24.7% |
| Time to Breakeven | 268 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -94.1% | -56.8% |
| % Gain to Breakeven | 1600.0% | 131.3% |
| Time to Breakeven | 4,306 days | 1,480 days |
Compare to FSLR, ENPH, SEDG, FLNC, SPWR
In The Past
Canadian Solar's stock fell -70.1% during the 2022 Inflation Shock from a high on 1/21/2021. A -70.1% loss requires a 233.9% gain to breakeven.
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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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
```html- Daqo New Energy Corp. (DQ)
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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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| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.00 |
| Mkt Cap | 2.5 |
| Rev LTM | 2,012 |
| Op Inc LTM | -23 |
| FCF LTM | 21 |
| FCF 3Y Avg | -88 |
| CFO LTM | 33 |
| CFO 3Y Avg | -22 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.4% |
| Rev Chg 3Y Avg | -4.6% |
| Rev Chg Q | 41.0% |
| QoQ Delta Rev Chg LTM | 8.0% |
| Op Mgn LTM | -1.3% |
| Op Mgn 3Y Avg | 0.4% |
| QoQ Delta Op Mgn LTM | 0.7% |
| CFO/Rev LTM | 3.4% |
| CFO/Rev 3Y Avg | -2.6% |
| FCF/Rev LTM | -0.6% |
| FCF/Rev 3Y Avg | -11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.5 |
| P/S | 1.7 |
| P/EBIT | -3.0 |
| P/E | 10.0 |
| P/CFO | 3.6 |
| Total Yield | 2.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -5.5% |
| D/E | 0.2 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.4% |
| 3M Rtn | -26.1% |
| 6M Rtn | 3.8% |
| 12M Rtn | 47.6% |
| 3Y Rtn | -45.0% |
| 1M Excs Rtn | -4.2% |
| 3M Excs Rtn | -19.4% |
| 6M Excs Rtn | 5.2% |
| 12M Excs Rtn | 31.5% |
| 3Y Excs Rtn | -105.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Canadian Solar Infrastructure (CSI) Solar | 7,231 | 6,976 | 4,372 | 3,105 | 2,591 |
| Recurrent Energy | 498 | 822 | 1,124 | 726 | 719 |
| Elimination and unallocated items | -115 | -329 | -219 | -355 | -109 |
| Total | 7,614 | 7,469 | 5,277 | 3,476 | 3,201 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Canadian Solar Infrastructure (CSI) Solar | 456 | 344 | 74 | 253 | 268 |
| Recurrent Energy | 97 | 80 | 97 | 53 | 19 |
| Elimination and unallocated items | -99 | -68 | 19 | -86 | -28 |
| Total | 453 | 356 | 190 | 220 | 259 |
Price Behavior
Price Behavior
| Market Price | $13.45 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 11/09/2006 | |
| Distance from 52W High | -59.9% | |
| 50 Days | 200 Days | |
| DMA Price | $18.72 | $17.17 |
| DMA Trend | up | down |
| Distance from DMA | -28.2% | -21.6% |
| 3M | 1YR | |
| Volatility | 91.0% | 100.3% |
| Downside Capture | 2.40 | 1.67 |
| Upside Capture | 169.35 | 237.51 |
| Correlation (SPY) | 17.6% | 41.7% |
CSIQ Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.14 | 2.02 | 2.19 | 3.33 | 2.11 | 1.79 |
| Up Beta | 2.65 | -0.39 | 1.06 | 2.20 | 2.06 | 1.63 |
| Down Beta | -0.01 | 0.65 | 1.45 | 5.07 | 2.24 | 1.89 |
| Up Capture | 151% | 224% | 146% | 597% | 439% | 364% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 18 | 30 | 67 | 131 | 364 |
| Down Capture | 362% | 395% | 339% | 192% | 144% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 23 | 31 | 57 | 118 | 385 |
[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 | 29.4% | 100.2% | 0.72 | - |
| Sector ETF (XLK) | 22.4% | 26.8% | 0.73 | 42.0% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 42.0% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | 10.7% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 15.8% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 25.3% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 25.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CSIQ | |
|---|---|---|---|---|
| CSIQ | -23.4% | 70.5% | -0.08 | - |
| Sector ETF (XLK) | 15.4% | 24.6% | 0.56 | 34.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 35.5% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 10.8% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 13.2% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 27.3% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 18.5% |
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 | -4.6% | 62.8% | 0.20 | - |
| Sector ETF (XLK) | 20.8% | 24.3% | 0.79 | 38.7% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 39.0% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 9.0% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 18.1% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 28.8% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| 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 |
|---|---|---|
| 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 |
| 03/31/2022 | 05/24/2022 | 6-K |
| 12/31/2021 | 04/28/2022 | 20-F |
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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