Canadian Solar Inc.
- Open
- 12.13
- Day high
- 12.81
- Day low
- 12.13
- Prev close
- 12.33
- Volume
- 462K
- Mkt cap
- $862M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.3
- P/S
- 0.2
- Yield
- —
- Per share
- —
Canadian Solar Inc. (CSIQ) is a Energy company listed on NASDAQ. The stock is up 26% over the past year. Drillr has 2 published research articles covering CSIQ.
Canadian Solar Inc. (CSIQ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CSIQ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 27, 2026 | $-0.18 | $-1.40 | -663.6% | $1.2B | +1.3% |
| May 14, 2026 | $-1.06 | $-0.71 | +33.0% | $1.1B | +12.4% |
| Mar 19, 2026 | $-1.10 | $-1.66 | -50.9% | $1.2B | -10.5% |
| Nov 13, 2025 | $-1.08 | $-0.58 | +46.3% | $1.5B | +8.8% |
| Aug 21, 2025 | $0.76 | $-0.53 | -169.7% | $1.7B | +9.8% |
| May 15, 2025 | $-1.50 | $-1.07 | +28.7% | $1.2B | -37.1% |
| Mar 25, 2025 | $-0.21 | $-1.47 | -600.0% | $1.5B | -1.9% |
| Dec 5, 2024 | $-0.17 | $-0.31 | -82.4% | $1.5B | -8.5% |
| Aug 22, 2024 | $0.05 | $0.02 | -61.5% | $1.6B | +1.3% |
| May 9, 2024 | $0.01 | $0.19 | +1416.4% | $1.3B | -17.7% |
| Mar 14, 2024 | $-0.13 | $-0.02 | +84.6% | $1.7B | -0.6% |
| Nov 14, 2023 | $0.82 | $0.32 | -61.0% | $1.8B | -10.1% |
CSIQ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 14, 2026 | Wong Andrew Luen Cheungdirector | Grant | 1,949 | — |
| Jul 14, 2026 | Ruda Harry Edirector | Grant | 1,949 | — |
| Jul 14, 2026 | Qu Shawn Xiaohuadirector, 10 percent owner, officer: Chief Technology Officer | Grant | 18,892 | — |
| Jul 13, 2026 | Zhu Xinboofficer: Chief Financial Officer | Grant | 12,594 | — |
| Jul 13, 2026 | Parkin Colindirector, officer: Chief Executive Officer | Grant | 18,892 | — |
| Jul 13, 2026 | Templeton Lauren Cdirector | Grant | 1,949 | — |
| Jul 13, 2026 | Chen Yu (Kang)officer: Lead General Counsel | Grant | 9,446 | — |
| Jul 13, 2026 | Chang Leslie Li Hsiendirector | Grant | 1,949 | — |
| Jul 13, 2026 | Wong Pauline W.officer: Corporate Secretary | Grant | 2,519 | — |
| Jul 6, 2026 | Templeton Lauren Cdirector | Option | 809 | — |
| Jul 6, 2026 | Chang Leslie Li Hsiendirector | Tax | 4 | $15.69 |
| Jul 6, 2026 | Chang Leslie Li Hsiendirector | Option | 809 | — |
| Jul 6, 2026 | Ruda Harry Edirector | Option | 809 | — |
| Jul 6, 2026 | Templeton Lauren Cdirector | Tax | 4 | $15.69 |
| Jul 6, 2026 | Wong Andrew Luen Cheungdirector | Tax | 4 | $15.69 |
Source: CSIQ SEC Form 4 filings, latest Jul 14, 2026. For informational purposes only — not investment advice.
See the full CSIQ insider & 13F page →CSIQ research & analysis
US Grid Equipment Ban Puts Battery Cells at the Center
The August 26 US grid equipment order covers battery storage, placing new orders, cell sourcing and project costs under scrutiny.
373220.KSORAEO 14420 Grid Equipment Ban: Battery Cells, Not Transformers
Executive Order 14420 bans Covered Foreign Entity grid equipment. Batteries are about 84% of the covered value the US buys from China, so the constraint binds on storage cells, not transformers.
373220.KSORA
Canadian Solar Inc. company profile
Overview
Canadian Solar Inc. (NASDAQ:CSIQ) is a global renewable energy company founded in 2001 and headquartered in Guelph, Canada. The company has evolved from a solar module manufacturer into a vertically integrated renewable energy solutions provider operating across the entire solar and battery storage value chain. Since its IPO in 2006, Canadian Solar has grown to become one of the world's largest solar companies, with operations spanning Asia, the Americas, and Europe. The company operates through two main business segments: CSI Solar, which focuses on manufacturing and selling solar modules and battery storage systems, and Global Energy (formerly Recurrent Energy), which develops, constructs, and operates utility-scale solar and storage projects.
Business
Canadian Solar operates in the renewable energy industry, specifically focusing on solar photovoltaic technology and battery energy storage systems. Solar photovoltaic technology converts sunlight directly into electricity using semiconductor materials, typically silicon, arranged in panels called solar modules. These modules are then combined into larger installations called solar arrays or solar farms to generate clean electricity at scale. The company's business is divided into two complementary segments that represent different parts of the renewable energy value chain: 1. **CSI Solar Segment** (~85-90% of revenue): This manufacturing-focused division produces the physical components needed for solar energy systems. The segment manufactures solar ingots (cylindrical blocks of purified silicon), wafers (thin slices of silicon), solar cells (the actual photovoltaic units that convert light to electricity), and solar modules (panels that house multiple cells). The division also produces battery energy storage systems under the SolBank and EP Cube brands, which store excess solar energy for later use. Additionally, CSI Solar offers engineering, procurement, and construction (EPC) services, essentially providing turnkey solar installation solutions. 2. **Global Energy Segment** (~10-15% of revenue): This project development arm focuses on creating large-scale renewable energy installations. The segment develops utility-scale solar farms and battery storage projects, manages their construction, and either sells completed projects to other operators or retains ownership to generate ongoing electricity sales revenue. Global Energy also provides operation and maintenance services for solar installations, ensuring optimal performance throughout their 25-30 year operational lifespan. The company has been transitioning its technology focus from traditional PERC (Passivated Emitter and Rear Cell) solar cells to more efficient TOPCon (Tunnel Oxide Passivated Contact) technology, which can achieve higher energy conversion rates of up to 26.5% efficiency compared to older technologies.
Revenue model
Canadian Solar generates revenue through multiple complementary business models across its two operating segments: **Product Sales Revenue**: The primary revenue driver comes from manufacturing and selling solar modules, with the company shipping approximately 31.1 gigawatts of modules in 2024. The company sells these products to distributors, system integrators, project developers, and EPC companies globally. Module pricing is influenced by commodity costs (particularly polysilicon), manufacturing scale, technology efficiency, and market supply-demand dynamics. The company has been strategically focusing on higher-margin markets, particularly increasing U.S. shipments to 25% of total volume to capture premium pricing. **Energy Storage System Sales**: This rapidly growing segment shipped 6.6 gigawatt hours in 2024, representing a 500% year-over-year increase. Battery storage systems command higher margins than traditional solar modules and serve both utility-scale and residential markets. Revenue is generated through direct sales of complete storage systems including batteries, inverters, and control systems. **Project Development and Electricity Sales**: Through Global Energy, the company develops utility-scale solar and storage projects, generating revenue through project sales to third-party buyers or long-term electricity sales under power purchase agreements (PPAs). This model provides recurring revenue streams and typically achieves gross margins of 30-47%, significantly higher than manufacturing operations. **Service Revenue**: The company provides ongoing operation and maintenance services, engineering and construction services, and asset management, creating additional recurring revenue streams from its installed base. Several factors significantly impact the company's margins and profitability. **Commodity price fluctuations**, particularly polysilicon costs, directly affect manufacturing margins as polysilicon represents a substantial portion of solar cell production costs. **Trade policies and tariffs** create both challenges and opportunities - while anti-dumping duties on Chinese imports can pressure margins, they also protect domestic manufacturing investments. **Technology transitions** like the shift to TOPCon cells require significant capital investment but enable premium pricing and improved efficiency. **Manufacturing scale and capacity utilization** are critical for spreading fixed costs, while **geographic market mix** affects pricing power, with developed markets like the U.S. typically offering higher margins than emerging markets. **Supply chain dynamics** and **competitive intensity** in the solar industry create ongoing pressure on pricing, though the company's vertical integration and technology leadership help maintain differentiation.
Competitive moat
Canadian Solar's competitive moat is **moderate but strengthening**, built primarily on operational scale, vertical integration, and technological capabilities rather than strong structural advantages. The company's **manufacturing scale** provides cost advantages through economies of scale in procurement and production, while its **vertical integration** from silicon ingots to complete solar systems offers supply chain control and margin capture across multiple value chain stages. The company's **technological capabilities** in TOPCon cell technology and energy storage systems provide some differentiation, though solar manufacturing technology generally becomes commoditized over time. Canadian Solar's **global manufacturing footprint** and **established customer relationships** with major utilities, developers, and distributors create switching costs and market access advantages. The company's **project development expertise** through Global Energy adds a higher-margin, more defensible business line that requires significant capital, regulatory expertise, and long-term customer relationships. However, the solar industry faces **significant competitive pressures** that limit moat strength. **Chinese manufacturers** with substantial government support and lower cost structures pose ongoing competitive threats. **Technology commoditization** means that manufacturing advantages are often temporary, requiring continuous investment to maintain leadership. **Commodity-like pricing dynamics** in solar modules create pressure on margins and limit pricing power. **Capital intensity** of manufacturing expansion makes it difficult to maintain technological leads without substantial ongoing investment. The company's **energy storage business** and **U.S. manufacturing expansion** represent potential moat-strengthening initiatives. Energy storage systems are less commoditized and offer higher margins, while U.S. manufacturing provides protection from trade disputes and access to domestic content incentives. However, these advantages may prove temporary as competitors also expand into these areas. Overall, Canadian Solar operates in a competitive industry where scale, operational excellence, and strategic positioning matter more than structural competitive advantages.
Risks & safety
**Moderate financial risk** with improving liquidity but concerning cash flow dynamics and high leverage. **Liquidity and Solvency:** - Cash position: $2.25 billion provides substantial liquidity buffer - Current ratio: 0.97 indicates tight working capital management - Quick ratio: 0.76 shows adequate short-term liquidity excluding inventory - Debt-to-equity ratio: 2.1x represents high leverage typical of capital-intensive manufacturing **Cash Flow Concerns:** - Operating cash flow: Negative $885 million in 2024, indicating working capital strain - Free cash flow: Negative $2.7 billion in 2024, reflecting heavy capital investment in U.S. manufacturing expansion - Cash burn rate appears manageable given current cash position but requires monitoring **Valuation Metrics:** - P/E ratio: 5.5x appears attractive but reflects cyclical earnings volatility - Price-to-book: 0.26x suggests potential undervaluation or asset quality concerns - EV/EBITDA: 7.9x reasonable for cyclical industrial company **Other Considerations:** - Revenue guidance of $7.3-8.3 billion for 2025 suggests growth trajectory - Energy storage business growth (500% increase) provides diversification - U.S. manufacturing investments should improve long-term competitive position but strain near-term cash flows
Recent development
Over the past few years, Canadian Solar has executed several strategic pivots and expansions that have transformed the company from a pure-play solar module manufacturer into a vertically integrated renewable energy solutions provider. **U.S. Manufacturing Expansion**: The company has invested over $1 billion in establishing domestic U.S. manufacturing capabilities, including a 3-gigawatt module facility in Mesquite, Texas, a solar cell facility in Indiana, and an energy storage manufacturing facility in Kentucky. This expansion addresses trade policy risks while positioning the company to benefit from domestic content requirements and Inflation Reduction Act incentives. **Energy Storage Business Growth**: Canadian Solar has rapidly scaled its battery storage business, growing shipments from 1.8 gigawatt hours in 2022 to 6.6 gigawatt hours in 2024. The company has developed proprietary storage solutions including the SolBank utility-scale systems and EP Cube residential products, with a robust pipeline of 66 gigawatt hours in contracted backlog worth $2.5 billion. **Technology Transition**: The company has successfully transitioned from traditional PERC solar cell technology to more efficient TOPCon technology, with TOPCon now representing over 50% of cell capacity and expected to reach 80% by end of 2024. This technological advancement enables higher efficiency modules and premium pricing. **Strategic Partnerships and Capital**: Canadian Solar secured a significant $500 million investment from BlackRock for its Recurrent Energy development arm, providing capital for utility-scale project development. The company has also expanded partnerships with major utilities and developed relationships with AI and data center companies seeking renewable energy solutions. **Market Positioning**: The company has strategically shifted focus from pure volume growth to profitability, increasing shipments to higher-margin markets like the U.S. while maintaining pricing discipline. The Global Energy segment has expanded its development pipeline to 27 gigawatts of solar projects and 63 gigawatt hours of battery storage projects.
CSIQ company profile · for informational purposes only — not investment advice.
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