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MARKETS / NASDAQ / CSIQ
NASDAQ · SEMICONDUCTORS & RELATED DEVICES · LARGE CAP

Canadian Solar Inc. CSIQ

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$5.6B
▼ 6.6% YoY
$-104.1M
▼ 388.8% YoY
$-1.2B
In brief

What this company does

Canadian Solar Inc. manufactures solar photovoltaic modules, provides battery energy storage solutions, and develops utility-scale solar power and battery energy storage projects. Its global footprint spans North America, Asia Pacific, Europe, Australia, South America, the Middle East and Africa. As of December 31, 2025, it had delivered approximately 174 GW of solar modules to customers worldwide and shipped more than 18 GWh of battery energy storage solutions. Its customer base includes active customers in more than 160 countries. In 2025, its top five customers accounted for 17.4% of its total net revenues, while its largest customer accounted for 4.5%. Its Manufacturing segment focuses on the design, development and manufacturing of solar ingots, wafers, cells, modules and battery energy storage products, operating manufacturing facilities in the U.S. and Asia Pacific, including China. Its Recurrent Energy segment develops, builds, sells and operates solar power and battery energy storage projects, while also providing power services and asset management. Canadian Solar Inc. was incorporated under the laws of the Province of Ontario, Canada, in October 2001, and became a publicly traded company on the Nasdaq under the ticker symbol "CSIQ" following its initial public offering on November 9, 2006.

Written from the business description in Canadian Solar Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 10 April 2026. Every sentence was checked against that document before publication.

Growth
USD 5.6B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 5.6 · Net income -0.1
4B200920112013201520172019202120232025
Compound annual growth
−9.2%
+10.0%
+4.9%
+9.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +10.0% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−3 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 0.8% · Net -3.3%
5%10%-5%-10%-15%200920112013201520172019202120232025
ROE
FY2025 · ROE -3.7%
5%10%-1%-2%-3%200920112013201520172019202120232025

Each USD of equity lost 4 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF -1.2
0.2B-0.8B-1.6B200920112013201520172019202120232025
Net buybacks $M Dividends $M
FY2020 · Dividends — · Net buybacks 4.9
4M8M20192020

Total assetsUSD 15.2B
EquityUSD 2.8B
CashUSD 1.4B
Gross debtUSD 8.4B
Net debtUSD 7.0B
Current ratio1.02×

Net debt stands at 250% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B5.66.07.67.55.33.53.23.73.42.93.53.01.71.31.91.50.6
Operating income $B0.0−0.00.50.40.20.20.30.40.30.10.20.40.1−0.10.00.10.0
EBITDA $B0.60.50.80.60.50.40.40.50.40.20.30.40.2−0.10.10.20.0
Income tax $B0.0−0.00.10.10.0−0.00.00.10.00.00.00.10.0−0.00.00.0−0.0
Net income $B−0.10.00.30.30.10.10.20.20.10.10.20.20.0−0.2−0.10.10.0
Free cash flow $B−1.2−2.0−0.40.3−0.8··−0.1−0.1−0.60.30.20.2−0.2−0.1−0.2−0.0
EPS, diluted $−2.500.543.873.441.462.382.833.881.691.122.934.110.63−4.53−2.111.160.60
Dividend / sh $·················
Payout %·················
ROE %−3.71.312.2··············
Shares out B0.070.070.070.060.060.060.060.060.060.060.060.060.050.040.040.04·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures · 1 divergences in 83 reconciliationsAUDITED

Reconciled in 16 of 19 fiscal years. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures1 divergent
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inoutside the United States — SEC code A6
Fiscal year endsDecember 31
Data on record since2009

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