Canadian Solar Inc. CSIQ
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-2.50
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.60B | $5.99B | $7.61B | $7.47B | $5.28B | $3.48B | $3.20B | $3.74B | $3.39B | $2.85B |
| Cost of revenue | $4.57B | $4.99B | $6.33B | $6.21B | $4.37B | $2.79B | $2.48B | $2.97B | $2.75B | $2.44B |
| Gross profit | $1.03B | $999.3M | $1.28B | $1.26B | $909.3M | $689.9M | $718.5M | $775.1M | $637.6M | $417.2M |
| R&D | $90.7M | $120.8M | $100.8M | $69.8M | $58.4M | $45.2M | $47.0M | $44.2M | $28.8M | $17.4M |
| SG&A | $581.8M | $515.2M | $440.5M | $342.1M | $308.9M | $225.6M | $242.8M | $245.4M | $231.0M | $203.8M |
| Total operating expenses | $983.1M | $1.03B | $826.7M | $907.1M | $718.9M | $469.5M | $459.6M | $410.4M | $368.3M | $324.0M |
| Operating income | $43.2M | -$30.1M | $453.3M | $356.1M | $190.4M | $220.4M | $258.9M | $364.7M | $269.3M | $93.2M |
| Interest expense | $178.2M | $137.5M | $114.1M | $74.3M | $58.2M | $71.9M | $81.3M | $106.0M | $118.0M | $69.7M |
| Pre-tax income | -$140.7M | -$82.3M | $408.5M | $356.5M | $138.5M | $134.5M | $208.6M | $304.4M | $143.9M | $83.3M |
| Income tax | $14.1M | $16.6M | $59.5M | $73.4M | $35.8M | $2.0M | $42.1M | $62.0M | $41.0M | $18.0M |
| Net income | -$104.1M | $36.1M | $274.2M | $298.6M | $109.9M | $147.2M | $166.6M | $242.4M | $103.0M | $65.3M |
| EPS, basic | -2.50 | 0.54 | 4.19 | 3.73 | 1.55 | 2.46 | 2.88 | 4.02 | 1.71 | 1.13 |
| EPS, diluted | -2.50 | 0.54 | 3.87 | 3.44 | 1.46 | 2.38 | 2.83 | 3.88 | 1.69 | 1.12 |
| Shares, diluted (wtd. avg.) | $67.4M | $66.9M | $72.2M | $71.2M | $68.9M | $62.3M | $60.8M | $62.3M | $61.5M | $58.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.37B | $1.70B | $2.95B | $1.97B | $1.43B | $1.64B | $1.64B | $941.0M | $1.19B | $1.01B |
| Short-term investments | — | $10.7M | $4.1M | $3.7M | — | — | — | — | — | — |
| Receivables | $830.0M | $1.12B | $904.9M | $971.0M | $651.4M | $409.0M | $436.8M | $498.2M | $358.1M | $400.3M |
| Inventory | $1.13B | $1.21B | $1.18B | $1.52B | $1.19B | $696.0M | $554.1M | $262.0M | $346.1M | $295.4M |
| Total current assets | $5.98B | $5.92B | $6.10B | $5.64B | $4.77B | $4.19B | $3.25B | $3.07B | $4.09B | $3.79B |
| Property, plant and equipment | $3.38B | $3.17B | $3.09B | $1.83B | $1.40B | $1.16B | $1.05B | $885.0M | $747.2M | $462.3M |
| Goodwill | — | — | — | — | — | — | — | $1.0M | $6.2M | $7.6M |
| Other intangibles | $32.0M | $31.0M | $19.7M | $17.5M | $19.0M | $22.4M | $22.8M | $14.9M | $11.0M | $8.4M |
| Total assets | $15.17B | $13.51B | $11.90B | $9.04B | $7.39B | $6.54B | $5.47B | $4.89B | $5.89B | $5.41B |
| Accounts payable | — | — | — | — | — | — | — | $379.5M | $403.0M | $440.1M |
| Short-term debt | $2.39B | $1.87B | $1.81B | $1.44B | $1.59B | $289.7M | $933.1M | $171.1M | $718.0M | $675.9M |
| Total current liabilities | $5.85B | $5.42B | $5.86B | $5.26B | $4.04B | $3.59B | $3.09B | $2.95B | $4.11B | $3.72B |
| Long-term debt | $6.01B | $4.60B | $3.07B | $2.26B | $1.02B | $934.6M | $1.02B | $393.6M | $404.3M | $493.5M |
| Total liabilities | $10.90B | $9.36B | $8.19B | $6.73B | $5.26B | $4.64B | $4.04B | $3.62B | $4.83B | $4.51B |
| Retained earnings | $1.48B | $1.59B | $1.55B | $1.28B | $1.04B | $940.3M | $793.6M | $622.0M | $383.7M | $284.1M |
| Total equity | $2.81B | $2.82B | $3.71B | $2.31B | $2.13B | $1.89B | $1.43B | $1.27B | $1.06B | $899.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$252.7M | -$885.3M | $684.6M | $916.6M | -$408.3M | -$120.5M | $600.1M | $216.3M | $203.9M | -$278.1M |
| Depreciation and amortisation | $555.1M | $501.4M | $307.0M | $234.6M | $282.8M | $209.1M | $159.7M | $129.3M | $99.3M | $95.8M |
| Stock-based compensation | $24.4M | $21.4M | $55.3M | $9.4M | $8.8M | $12.3M | $10.7M | $10.3M | $9.3M | $7.8M |
| Capital expenditure | $962.3M | $1.11B | $1.12B | $627.1M | $428.7M | — | — | $316.3M | $277.0M | $286.7M |
| Investing cash flow | -$1.50B | -$1.96B | -$1.67B | -$630.5M | -$429.6M | -$319.7M | -$294.1M | $29.1M | -$239.2M | -$1.09B |
| Financing cash flow | $1.35B | $2.32B | $2.05B | $428.6M | $614.1M | $823.5M | -$34.6M | -$463.6M | $165.3M | $1.30B |
| Buybacks | — | — | — | — | — | $6.0M | $11.8M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041976.
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