Canadian Solar Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Canadian Solar Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,853	3,390	3,745	3,201	3,476	5,277	7,469	7,614	5,993	5,595
Cost of revenue	2,436	2,753	2,969	2,482	2,787	4,368	6,205	6,334	4,994	4,569
Gross profit	417	638	775	718	690	909	1,263	1,280	999	1,026
Research and development	17.4	28.8	44.2	47	45.2	58.4	69.8	101	121	90.7
Selling and marketing			165	180	224	399	559	370	488	383
General and administrative	204	231	245	243	226	309	342	440	515	582
Operating expenses	324	368	410	460	469	719	907	827	1,029	983
Operating income	93.2	269	365	259	220	190	356	453	-30.1	43.2
Interest expense	69.7	118	106	81.3	71.9	58.2	74.3	114	137	178
Interest income	10.2	10.5	11.2	12	9.31	11.1	40.6	51.6	88.5	46.1
Other non-operating income	-5.51	-135	-66.2	-79.2	-85.9	-51.9	0.41	-44.8	-52.2	-184
Pre-tax income	83.3	144	304	209	134	138	356	409	-82.3	-141
Income tax	18	41	62	42.1	-1.98	35.8	73.4	59.5	-16.6	14.1
Net income to minority interests	0.03	3.41	5.36	-5.03	0.54	14.6	58.6	89.4	-114	-79.6
Net income	65.2	99.6	237	172	147	95.2	240	274	36.1	-104
EBITDA	189	369	494	419	430	473	591	760	471	598
EPS, basic	1.13	1.71	4.02	2.88	2.46	1.55	3.73	4.19	0.54	-2.50
EPS, diluted	1.12	1.69	3.88	2.83	2.38	1.46	3.44	3.87	0.54	-2.50
Shares, basic (weighted)	57.5	58.2	58.9	59.6	59.6	61.6	64.3	65.4	66.6	67.4
Shares, diluted (weighted)	58.1	61.5	62.3	60.8	62.3	68.9	71.2	72.2	66.9	67.4

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	511	562	444	669	1,179	870	981	1,939	1,701	1,370
Short-term investments							18.3	15.2	10.7
Receivables	400	358	498	437	409	651	971	905	1,119	830
Inventory	295	346	262	554	696	1,192	1,524	1,180	1,207	1,134
Other current assets	267	296	289	254	354	434	268	284	437	823
Total current assets	3,791	4,085	3,074	3,253	4,186	4,772	5,645	6,095	5,917	5,979
Property, plant and equipment	462	747	885	1,046	1,158	1,402	1,827	3,088	3,175	3,376
Lease right-of-use assets				37.7	26.8	106	104	237	379	441
Goodwill	7.62	6.25	1.01
Intangible assets	8.42	11	14.9	22.8	22.4	19	17.5	19.7	31	32
Other non-current assets	117	143	130	153	185	174	188	254	232	663
Total assets	5,407	5,890	4,893	5,467	6,537	7,388	9,037	11,896	13,512	15,172
Accounts payable	440	403	379	586	515	503	805	814	1,063	879
Deferred revenue		51.7	39	135	189	136	335	392	205	163
Short-term debt	1,600	718	171	114	1,401	1,593	1,444	1,805	1,873	2,389
Total current liabilities	3,721	4,108	2,948	3,092	3,588	4,038	5,259	5,864	5,419	5,850
Long-term debt	493	404	394
Lease liabilities				20.7	13.2	23.2	25.7	117	272	355
Other non-current liabilities	51.6	82.3	68.4	75.3	163	328	303	466	582	578
Total liabilities	4,507	4,830	3,620	4,042	4,644	5,262	6,730	8,191	9,362	10,902
Total debt	1,191	1,533	830	1,020	935	1,024	2,257	3,071	4,605	6,010
Paid-in capital	-8.9	0.42	10.7	17.2	-28.2	-19.4	1.13	293	591	569
Retained earnings	284	384	622	794	940	1,036	1,276	1,550	1,586	1,482
Treasury stock				-11.8
Other comprehensive income	-91.8	-54	-110	-110	-28.7	-50.6	-171	-119	-196	-78.1
Shareholders' equity	885	1,032	1,225	1,393	1,570	1,801	1,942	2,559	2,816	2,808
Minority interests	14.7	27.5	47.4	31.9	322	325	365	1,146	1,086	1,135
Total equity	899	1,060	1,273	1,425	1,893	2,126	2,307	3,705	3,902	3,943
Total liabilities and equity	5,407	5,890	4,893	5,467	6,537	7,388	9,037	11,896	13,512	15,172
Shares outstanding	57.8	58.5	59.2	59.4	59.8	64	64.5	66.2	67	67.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	65.3	103	242	167	147	110	299	364	-77.9	-184
Depreciation and amortization	95.8	99.3	129	160	209	283	235	307	501	555
Stock-based compensation	7.76	9.31	10.3	10.7	12.4	8.81	9.37	55.3	21.4	24.4
Deferred income tax	-102	79.2	43.6	-14.6	-24.2	-67.2	16.1	-15.5	-105	-66.8
Change in receivables	-33.1	46.3	-180	51.7	65.4	-285	-357	59	-221	328
Change in inventory	-50.6	-49	55.4	-313	-181	-519	-406	183	-313	-110
Change in payables	61.2	-27.8	47.8
Cash from operations	-278	204	216	600	-121	-408	917	685	-885	-253
Capital expenditures	-287	-277	-316			-429	-627	-1,116	-1,113	-962
Cash from investing	-1,093	-239	29.1	-294	-320	-430	-630	-1,671	-1,962	-1,503
Debt issued	1,076	691	383	531
Stock issued	23.9	0.88	0.77	0.88	225	149
Share buybacks				-11.8	-5.96				-79.6	-70.1
Cash from financing	1,300	165	-464	-34.6	824	614	429	2,053	2,320	1,348
Exchange rate effect	-46.6	51.3	-38.7	-6.97	51	18.3
Net change in cash	-118	181	-257	264	434	-205	535	977	-682	-324
Free cash flow	-565	-73.1	-100			-837	290	-432	-1,998	-1,215
Interest paid	70.8	114	103	85.4	78.7	71	76.5	122	131	170
Income taxes paid	188	45.5	32.1	40.5	38.2	57.4	77.4	83.1	114	150

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $10.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	18.3%	Gross profit / revenue.
Operating margin	0.8%	Operating income / revenue.
EBITDA margin	10.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.5%	Pre-tax income / revenue.
Net margin	-1.9%	Net income / revenue.
FCF margin	-21.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-4.5%	Cash from operations / revenue.
Return on equity (ROE)	-3.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.6%	Research and development expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	17.2%	Capital expenditures / revenue.
D&A / revenue	9.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-50.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-27.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	26.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-388.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-563.0%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.6%	Total debt / total assets.
Liabilities / assets	71.9%	Total liabilities / total assets.
Net debt	$4.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.76x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.24x	Operating income / interest expense.
Working capital	$128.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.78B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.39x	Revenue / average total assets.
Fixed asset turnover	1.71x	Revenue / average property, plant and equipment.
Inventory turnover	3.90x	Cost of revenue / average inventory.
Days inventory	93 days	365 x average inventory / cost of revenue.
Receivables turnover	5.74x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	79 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$2.50	Net income per basic share, as reported (split-adjusted).
Revenue per share	$83.05	Revenue / diluted weighted shares.
FCF per share	-$18.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$3.75	Cash from operations / diluted weighted shares.
Book value per share	$41.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$40.94	Tangible book value / shares outstanding.
Cash per share	$20.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$732.4M	Share price x shares outstanding.
Enterprise value	$5.37B	Market cap + total debt - cash - short-term investments.
P/S	0.13x	Market cap / revenue.
P/B	0.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.26x	Market cap / tangible book value, when positive.
EV/Sales	0.96x	Enterprise value / revenue.
EV/EBIT	124x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.98x	Enterprise value / EBITDA, when both are positive.
FCF yield	-165.9%	Free cash flow / market cap.
Earnings yield	-14.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	9.6%	(Dividends paid + share buybacks) / market cap.

What was Canadian Solar Inc.'s revenue in fiscal 2025?

Canadian Solar Inc. reported revenue of $5.60B for fiscal 2025, 6.6% lower than the year before.

Was Canadian Solar Inc. profitable in fiscal 2025?

No. It reported a net loss of $104.1M.

How much free cash flow did Canadian Solar Inc. generate in fiscal 2025?

Cash from operations of $252.7M minus capital expenditures of $962.3M left free cash flow of -$1.21B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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