CSIQNasdaqSemiconductors & Related DevicesFiscal year ends December 31
Canadian Solar Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 10, 2026
$9.57−0.24 (-2.45%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
18.3%−1.5 pts over 5 years
Operating margin
0.8%−5.6 pts over 5 years
Net margin
-1.9%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.6% | -9.2% | +10.0% | +4.9% | |
| Gross profit | +2.7% | -6.7% | +8.3% | +5.9% | |
| Operating income | – | -50.5% | -27.8% | -16.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -3.7% | |
| Return on assets | – | – | -0.7% | |
| Current ratio | 1.02 | 1.17 | 1.02 | |
| Debt to equity | 2.37 | – | – | |
| Net debt to EBITDA | 5.74× | – | – | |
| Interest coverage | 1.3× | 3.1× | 0.2× | |
| Inventory turnover | 7.7× | 4.5× | 3.9× | |
| Capex to revenue | 10.0% | – | 17.2% | |
| Diluted shares | 58M | 62M | 67M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Canadian Solar generated $3.15B from operations and spent $4.40B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
Generated
$3.15B
Used
$4.40B
Capital expenditure$4.25B97%Dividends$00%Share buybacks$149.72M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.9%
×Asset turnover0.39×
×Equity multiplier5.10×
=Return on equity, FY2025-3.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1.9% | 0.39× | 5.10× | -3.7% |
| FY2024 | 0.6% | 0.47× | 4.73× | 1.3% |
| FY2023 | 3.6% | 0.73× | 4.65× | 12.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$104.13M
- Cash generatingOperating cash flow above zero-$252.74M
- Return on assets improvedROA up on the prior year0.3% → -0.8%
- Earnings backed by cashOperating cash flow above net income-$252.74M vs -$104.13M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.09 → 1.02
- No dilutionShare count did not rise67M → 67M
- Gross margin improvedGross margin up on the prior year16.67% → 18.34%
- More efficientAsset turnover rose0.50 → 0.41