Start here if you're new
what it is
It makes solar equipment and builds, runs, and sells solar and battery projects worldwide.
how it gets paid
Last year Canadian Solar made $6.0B in revenue. solar modules was the main engine at $3.4B, or 57% of sales.
what just happened
Canadian Solar posted 17.2% gross margin, above its 14% to 16% guide.
At a glance
n/a balance sheet
25/100 earnings predictability — expect surprises
86.3x trailing p/e — you're paying up for this one
1.8% return on capital — nothing to write home about
$0.54 fy2024 eps est
xvary composite: 74/100 — average
What they do
It makes solar equipment and builds, runs, and sells solar and battery projects worldwide.
You get two businesses in one ticker: CSI Solar and Global Energy. That matters because $6.0B of revenue comes from gear, projects, and power sales. Leaving is painful when your factory supply chain and project pipeline are already tied together.
How they make money
$6.0B
annual revenue
solar modules
$3.4B
+11.0%
project sales
$1.4B
5.0%
battery storage
$0.7B
+20.0%
epc services
$0.4B
+8.0%
power generation
$0.1B
0.0%
The products that matter
manufactures solar modules
Solar PV Modules
$4.5B · 75% of revenue
This is the $4.5B core business. At a company-wide 16.7% gross margin, it does not leave much room for pricing mistakes.
commodity core
builds battery storage systems
e-STORAGE
$0.6B bucket · 10% of revenue
Storage sits inside a roughly $0.6B e-STORAGE and other bucket. Management keeps pointing here for growth, but this snapshot does not break out standalone storage revenue.
pivot watch
develops and sells projects
Recurrent Energy
$0.9B · -75%
This segment contributes about $0.9B of annual revenue, but one key comparison dropped 75%. A prior quarter at $360M revenue with 43.9% gross margin shows why investors cared when it weakened.
swing factor
Key numbers
$6.0B
annual revenue
That is the whole top line. You are buying a $1B market cap company with $6.0B in sales.
6.3%
operating margin
For every $100 of sales, only $6.30 stays after operations. That is thin for a capital-heavy business.
1.8%
return on capital
For every $100 invested in the business, you get $1.80 back in operating profit. That is weak.
$2.9B
long-term debt
Debt equals 70% of capital. That leash matters when margins are only 6.3%.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
- long-term debt $2.9B (70% of capital)
n/a — risk rank looks solid but long-term debt needs watching.
Total return vs. market
Return history isn't available for CSIQ right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Canadian Solar posted 17.2% gross margin, above its 14% to 16% guide.
Revenue came in at $1.5B, right at the top of guidance. EPS was $0.13. The big tell was margin, not top-line size.
$1.5B
revenue
$0.13
eps
17.2%
gross margin
the number that mattered
17.2% gross margin mattered most. It beat the 14% to 16% range by 1.2 points, or about $18M on $1.5B of revenue.
source: company earnings report, 2025
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What could go wrong
the #1 risk is recurrent energy's collapse from profit contributor to drag.
high
Recurrent Energy remains the swing factor
The project unit is about 15% of revenue, but it used to carry better economics. One key comparison dropped 75%, and an earlier quarter at $360M revenue with 43.9% gross margin shows what disappeared.
high impact
high
Commodity pricing can erase thin margins fast
Operating margin is 6.3% and gross margin is 16.7%. In a business where panels are largely interchangeable, a small pricing move can do outsized damage to earnings.
high impact
med
Debt-funded growth raises the bar
Long-term debt is already $2.9B, or 70% of capital. Add a $200M convertible note, and you need the new capital to earn its keep.
med impact
med
The storage pivot is still partly hidden
Storage is the strategic pitch, but this snapshot only shows it inside a roughly $0.6B e-STORAGE and other bucket. You are underwriting a transition without clean segment transparency.
med impact
A 75% drop in the project business, $2.9B in long-term debt, and only 16.7% gross margin mean small operating misses can do outsized damage.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
gross margin staying above guidance
Q3 printed 17.2% against a 14–16% target. If that slips back, the "cheap on sales" argument gets much harder to make.
project business
recurrent energy stabilization
Projects are only 15% of revenue, but they are the biggest swing factor. Another weak quarter keeps the bear case alive.
calendar
q4 2025 earnings on mar 19, 2026
You want updates on project profitability, storage mix, and whether management says the worst of the decline is behind them.
financing
where the $200M convertible note actually goes
Growth capital can help. Debt layered on top of $2.9B in long-term borrowings only helps if returns improve from here.
Analyst rankings
earnings predictability
25 / 100
25/100 means the earnings path is noisy. in human-speak, analysts do not trust this company to deliver smooth quarters.
source: institutional data
Institutional activity
institutional ownership data for CSIQ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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