What are the investment strengths of Canadian Solar Inc (CSIQ)?

Deep value at 0.55x P/B and 0.27x P/S with 5.8B PPE base - turnaround or acquisition target if solar demand recovers Revenue scale (5.9B TTM) at industry median with 19% gross margin provides operating leverage if pricing stabilizes

What are the investment risks for Canadian Solar Inc (CSIQ)?

Debt spiral: 7.4B total debt at 2.58x D/E with negative FCF (-1.7B) and operating loss - no path to self-funding EPS collapsed -52% over 3Y and -27% over 5Y while revenue declined 8% 3Y - structural margin destruction

Canadian Solar Inc

CSIQ

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Canadian Solar Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-16

Snapshot

FCF deeply negative (-1.7B TTM) with 1.6B capex while carrying 7.4B debt at 2.58x D/E - severe liquidity pressure[Free Cash Flow TTM]
Trading at 0.55x book value despite positive net income (16M TTM) - market pricing in asset impairment or dilution[Price to Book Ratio]
Interest expense (165M TTM) exceeds operating income (-20M) - debt servicing consuming all operating capacity[Interest Expense TTM]

Watch Triggers

Current Debt: Refinancing announcements or covenant amendments — 3.3B current debt vs 1.8B cash - refinancing failure triggers liquidity crisis
Gross Margin TTM: Falls below 15% or rises above 22% — At 19%, margin compression signals pricing power loss; expansion signals turnaround
Free Cash Flow TTM: Turns positive or capex cuts announced — Currently -1.7B; positive FCF required to service debt without dilution

Bull Case

Deep value at 0.55x P/B and 0.27x P/S with 5.8B PPE base - turnaround or acquisition target if solar demand recovers

Price to Book RatioPrice to Sales RatioProperty Plant & Equipment

Revenue scale (5.9B TTM) at industry median with 19% gross margin provides operating leverage if pricing stabilizes

Total Revenue TTMGross Margin TTM

Bear Case

Debt spiral: 7.4B total debt at 2.58x D/E with negative FCF (-1.7B) and operating loss - no path to self-funding

Total DebtDebt to EquityFree Cash Flow TTM

EPS collapsed -52% over 3Y and -27% over 5Y while revenue declined 8% 3Y - structural margin destruction

EPS Growth 3YEPS Growth 5YTotal Revenue 3Y Growth

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Balance sheet stress likely forces asset sales or equity raise within 12 months

3-12mhigh

3.3B current debt vs 1.8B cash creates near-term refinancing wall
Negative operating cash flow (-121M TTM) prevents organic deleveraging
Interest burden (165M) unsustainable at current operating margins

Current debt 3.3B vs cash 1.8BOperating margin -0.3% TTMFCF -1.7B TTM

Valuation Context

Caveats

Public Strategies Rankings

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CSIQ Fundamentals

Manufacturing → Computer and Electronic Product Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$936.54M		—
Enterprise Value	$6.57B		—
P/E Ratio	0.00		—
Total Revenue - TTM	$5.9B	-4.5%	—
Earnings Per Share (diluted) - TTM	$-0.19		—
Operating Margin - TTM	-0.34%	-1.8%	—
Net Margin - TTM	0.27%	+0.3%	—
Free Cash Flow - TTM	$-1.73B		—
Return on Common Equity - TTM	0.56%	+0.5%	—
Beta 5Y (Monthly)	unknown		—

CSIQ Dividend History

No dividends

CSIQ Stock Splits

No stock splits

CSIQ SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/13/25	09/30/25	6-K	0001104659-25-110784
08/21/25	06/30/25	6-K	0001104659-25-081168
05/15/25	03/31/25	6-K	0001104659-25-048959
04/30/25	12/31/24	20-F	0001410578-25-001046
12/05/24	09/30/24	6-K	0001104659-24-125762
08/22/24	06/30/24	6-K	0001104659-24-091842
05/09/24	03/31/24	6-K	0001104659-24-059118
04/26/24	12/31/23	20-F	0001104659-24-052464
11/14/23	09/30/23	6-K	0001104659-23-117609
08/22/23	06/30/23	6-K	0001104659-23-094103
05/18/23	03/31/23	6-K	0001104659-23-062090
04/18/23	12/31/22	20-F	0001104659-23-046692
11/22/22	09/30/22	6-K	0001104659-22-120974
08/18/22	06/30/22	6-K	0001104659-22-092347
05/24/22	03/31/22	6-K	0001104659-22-064106
05/24/22	12/31/21	6-K	0001104659-22-064106
11/18/21	09/30/21	6-K	0001104659-21-140944
08/12/21	06/30/21	6-K	0001104659-21-103804
05/27/21	03/31/21	6-K	0001104659-21-072798
05/27/21	12/31/20	6-K	0001104659-21-072798
11/19/20	09/30/20	6-K	0001104659-20-127149
08/07/20	06/30/20	6-K	0001104659-20-091766
05/28/20	03/31/20	6-K	0001104659-20-066707
05/28/20	12/31/19	6-K	0001104659-20-066707
11/12/19	09/30/19	6-K	0001104659-19-062645
08/15/19	06/30/19	6-K	0001104659-19-046035
05/30/19	03/31/19	6-K	0001104659-19-032584
04/19/21	12/31/18	20-F	0001104659-21-051958
04/25/19	12/31/18	20-F	0001047469-19-002579
11/15/18	09/30/18	6-K	0001104659-18-068666
08/14/18	06/30/18	6-K	0001104659-18-051778
05/16/18	03/31/18	6-K	0001104659-18-033644
04/28/20	12/31/17	20-F	0001104659-20-052010
04/26/18	12/31/17	20-F	0001047469-18-003229
11/09/17	09/30/17	6-K	0001104659-17-067133
08/14/17	06/30/17	6-K	0001104659-17-051487
06/06/17	03/31/17	6-K	0001104659-17-037609
04/27/17	12/31/16	20-F	0001047469-17-002970
11/21/16	09/30/16	6-K	0001104659-16-158231
08/18/16	06/30/16	6-K	0001104659-16-140391
05/11/16	03/31/16	6-K	0001104659-16-119945
04/20/16	12/31/15	20-F	0001047469-16-012359
01/04/16	09/30/15	6-K	0001047469-16-009511
08/19/15	06/30/15	6-K	0001104659-15-060786
05/07/15	03/31/15	6-K	0001104659-15-035240
04/23/15	12/31/14	20-F	0001047469-15-003842
11/10/15	09/30/14	6-K	0001104659-15-077479
11/12/14	09/30/14	6-K	0001104659-14-079322
08/13/14	06/30/14	6-K	0001104659-14-060194
05/16/14	03/31/14	6-K	0001104659-14-039562
05/16/14	12/31/13	6-K	0001104659-14-039562
02/11/14	09/30/13	6-K	0001047469-14-000762
08/08/13	06/30/13	6-K	0001104659-13-061392
05/28/13	03/31/13	6-K	0001104659-13-044841
04/26/13	12/31/12	20-F	0001047469-13-004974
11/13/13	09/30/12	6-K	0001104659-13-083907
11/15/12	09/30/12	6-K	0001104659-12-078075
08/15/12	06/30/12	6-K	0001104659-12-058038
05/10/12	03/31/12	6-K	0001104659-12-035591
05/10/12	12/31/11	6-K	0001104659-12-035591
11/25/11	09/30/11	6-K	0001193125-11-321548
08/18/11	06/30/11	6-K	0001193125-11-225929
05/12/11	03/31/11	6-K	0000950123-11-049173
05/17/11	12/31/10	20-F	0000950123-11-051124
11/19/10	09/30/10	6-K	0000950123-10-107223
09/03/10	06/30/10	6-K	0000950123-10-083560
08/20/10	03/31/10	6-K	0000950123-10-079367
08/19/10	12/31/09	20-F	0000950123-10-079171
11/18/09	09/30/09	6-K	0000950123-09-063713
10/14/09	06/30/09	6-K	0000950123-09-050110
05/27/09	03/30/09	6-K	0001145549-09-000918
06/08/09	12/31/08	20-F	0000950123-09-011999
09/30/08	09/30/08	Unknown	--
06/30/08	06/30/08	Unknown	--
03/31/08	03/30/08	Unknown	--
06/03/08	12/31/07	20-F	0001145549-08-000995
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
03/31/07	03/30/07	Unknown	--
05/29/07	12/31/06	20-F	0001145549-07-000954
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	Unknown	--
03/31/06	03/30/06	Unknown	--
12/31/05	12/31/05	Unknown	--
09/30/05	09/30/05	Unknown	--
06/30/05	06/30/05	Unknown	--
03/31/05	03/30/05	Unknown	--
12/31/04	12/31/04	Unknown	--
09/30/04	09/30/04	Unknown	--
06/30/04	06/30/04	Unknown	--
03/31/04	03/30/04	Unknown	--