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Earnings are out

CSIQ · NASDAQ · Solar

Canadian Solar

Manufactures solar and storage products while developing and operating utility-scale energy projects.

$13.10

After-hours close−0.03 (−0.19%)

At close$13.13(−6.12%)

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Profile

Canadian Solar Inc.CSIQInformation Technology

Sells photovoltaic modules, battery-storage solutions, and utility-scale solar and storage projects. Manufacturing serves United States and other global markets through CS PowerTech and CSI Solar, while Recurrent Energy develops, sells, services, owns, and operates project assets.

Spans solar-module manufacturing and utility-scale project development through its Manufacturing and Recurrent Energy segments. Manufacturing combines CS PowerTech's United States-market solar, battery-storage, and power-technology products with CSI Solar's global-market solar products. Recurrent Energy develops solar and battery-storage projects, sells assets, provides power services, and earns electricity revenue from operating projects.

Business extends from photovoltaic modules and storage solutions to developing, owning, and operating utility-scale solar and storage facilities across a geographically diversified footprint. Operations depend on manufacturing and storage supply, utility-project development and construction, asset sales and power services, and operation of the retained portfolio.

Company facts

CEOColin Parkin

ListedNov 9, 2006

ExchangeNASDAQ

HeadquartersKitchener, ON

CountryCanada

Employees13,000

CIK0001375877

ISINCA1366351098

Key statistics

Market cap$892.2M

EPS (ttm)−$1.51

P/E (ttm)−8.70

ROE-3.6%

P/B0.3149

P/S0.1629

Dividend yield—

Beta2.65vs XLK 0.86

Year to date −48.3% · Average volume (30d) 1.8M

Analysts

Price target, next 12 months$16.00+21.8%Median of 33 analysts · vs the Aug 28 close

ConsensusBuy15 of 33 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $13.14

High$17.00+29.4%

Median$16.00+21.8%

Low$15.00+14.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Prior target	Target
Aug 28, 2026	Roth Capital	Target			$11	$15
Aug 28, 2026	Mizuho Securities	Target			$18	$17
Jul 22, 2026	Citigroup	Upgrade	Sell	Neutral
Jun 15, 2026	Mizuho Securities	Target			$15	$18
May 19, 2026	Freedom Broker	Downgrade	Buy	Hold

Earnings

EPS

Estimate−$0.66

ReportedDue Nov 12, 2026

Revenue

Estimate$1.35B

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 27, 2026	−$0.18	−$1.40	−663.6%	$1.17B	$1.21B	+3.1%	+0.79%
May 14, 2026Q1 FY26	−$1.06	−$0.71	+33.0%	$950.4M	$1.08B	+13.4%	+0.34%
Mar 19, 2026Q4 FY25	−$1.10	−$1.66	−50.9%	$1.35B	$1.22B	−10.2%	+5.40%
Nov 13, 2025Q3 FY25	−$1.08	−$0.58	+46.3%	$1.37B	$1.49B	+8.8%	+17.33%

View details

Financial highlights

	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26
Revenue	$1.52B	$1.20B	$1.69B	$1.49B	$1.22B	$1.08B
Gross profit	$217.0M	$140.5M	$505.0M	$256.3M	$124.4M	$270.8M
Operating income	−$127.1M	−$54.8M	$127.4M	$34.6M	−$64.1M	$72.9M
Net income	$33.9M	−$34.0M	$7.2M	$9.0M	−$86.3M	−$32.1M
Diluted EPS	$0.48	−$0.69	$0.11	$0.13	−$1.28	−$0.47
Gross margin	14.3%	11.7%	29.8%	17.2%	10.2%	25.1%
Operating margin	-8.4%	-4.6%	7.5%	2.3%	-5.3%	6.8%

Fiscal years (4-quarter sums)FY21 $5.28B · FY22 $7.47B · FY23 $7.61B · FY24 $5.99B · FY25 $5.60B

Revenue by product · FY25

Electricity$134.0M · 100%

Revenue by geography · FY25

The Americas$3.16B · 33%

United States$2.78B · 29%

Asia:$1.25B · 13%

PRC$711.0M · 7%

Britain$355.5M · 4%

Australia$347.9M · 4%

Brazil$229.0M · 2%

Pakistan$203.0M · 2%

Other Countries Europe$196.3M · 2%

Japan$195.1M · 2%

Other Countries America$151.7M · 2%

Spain$141.8M · 1%

Balance sheet, Mar 31, 2026Cash & short-term investments $1.44B · Total debt $7.81B · Total assets $15.53B · Shareholders' equity $2.83B

Dividends

No dividends on record.

Ownership

Institutions 60.47%41.06M sharesInsiders 20.68%14.04M sharesOther 18.85%12.80M shares

Shares outstanding 67.90M · Float 47.58M · 70.1% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Shawn Xiaohua Qu · director, 10 percent owner, officer: Chief Technology Officer	13.79M	20.31%	Form 4	May 28, 2026
PAG Castle Holdings Pte. Ltd.	10.99M	14.10%	13G	Jul 7, 2025
Venture Holding S.a.r.l. SPF	6.00M	8.96%	13G	Nov 17, 2025
BlackRock, Inc.	5.32M	7.80%	13G	Jul 27, 2026
Mackenzie Financial Corp	4.62M	6.81%	13F	Aug 13, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
May 26, 2026	Leslie Li Hsien Chang	director	−1,767	$19.45
May 19, 2026	Andrew Luen Cheung Wong	director	−1,752	$16.33