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Canadian Solar
(NASDAQ:CSIQ)
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Rating:44Neutral
Price Target:
$13.50
▼(-2.67% Downside)
Action:Reiterated
Date:08/27/26
The score is held down primarily by weak financial performance—especially deeply negative free cash flow, ongoing losses, and higher leverage. Technicals also reflect a bearish trend with depressed momentum. Partially offsetting these risks, the latest earnings call was cautiously constructive with reiterated shipment guidance, Q3 margin outlook, and substantial module/storage backlog tied to U.S. expansion, supporting a modestly higher score than the financials and chart alone.
Positive Factors
Multi-year contracted backlog
Large contracted module and storage backlogs provide multi-year revenue visibility and support capacity utilization. Long-term service agreements may add recurring activity, though execution, delivery and project timing remain important.
Negative Factors
Negative cash generation
Persistent cash outflows indicate that current operations are not funding investment and working-capital needs. Continued negative cash generation could require external financing, constrain expansion or increase dependence on asset monetization.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year contracted backlog
Large contracted module and storage backlogs provide multi-year revenue visibility and support capacity utilization. Long-term service agreements may add recurring activity, though execution, delivery and project timing remain important.
Read all positive factors
Canadian Solar Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic focus or improvement.
Shows how revenue is distributed across different business segments, highlighting which areas are driving growth and which may need strategic focus or improvement.
Data provided by:
The Fly
The FlyCanadian Solar (CSIQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$969.57M
Dividend YieldN/A
Average Volume (3M)2.39M
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth-6.56%
EPS Growth-886.40%
CountryUS
Employees12,587
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-1.75
Shares Outstanding67,896,750
10 Day Avg. Volume2,281,577
30 Day Avg. Volume2,389,144
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.57
Price to Sales (P/S)0.29
P/FCF Ratio-0.97
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$11.90Price Target Upside-14.24% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)-0.52
Revenue Forecast (FY)$5.99B
Canadian Solar Business Overview & Revenue Model
Company Description
Canadian Solar Inc. and its affiliates operate globally, specializing in the design, development, production, and sale of solar energy components, including ingots, wafers, cells, and modules, alongside a range of solar power and battery storage s...
How the Company Makes Money
Canadian Solar primarily makes money through (1) selling solar PV products and (2) providing energy storage and system solutions, with additional contributions from project-related activities.
1) Solar PV product sales (core revenue driver)
- PV ...
Canadian Solar Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Neutral
The call presented a mix of substantial strategic and operational progress — notably the U.S. HJT facility opening, strong module and storage volumes, sizable U.S.-focused backlog (>13 GWp, >$4.5B) and a meaningful storage backlog ($3.5B) — alongside notable near-term financial headwinds including a $77M net loss, higher operating expenses (+21% sequential), negative operating cash flow ($181M used), rising debt ($7.1B) and impairment/deferrals in the project development business. Management reiterated full-year operational guidance, provided constructive outlook for Q3 revenue ($1.3–$1.5B) and margins (13.5%–15.5%), and emphasized that ramp-up and freight-driven costs should normalize as U.S. manufacturing scales and policy tailwinds (Section 232) take effect. Given the balance of meaningful strategic wins and clear near-term financial challenges, the overall tone is balanced but cautiously constructive.Positive Updates
Revenue at High End of Guidance
Total revenue of $1.2 billion in Q2 2026, reported at the high end of guidance; sequential increases in recognized module volumes (3.1 GW) and energy storage recognized revenue (3.3 GWh).
Negative Updates
Net Loss and Profitability Pressures
Net loss attributable to shareholders of $77 million (loss per share $1.40) in Q2 2026. Manufacturing operating loss of $49 million driven by higher unit shipping costs and ramp-up expenses at the Jeffersonville cell plant.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue at High End of Guidance
Total revenue of $1.2 billion in Q2 2026, reported at the high end of guidance; sequential increases in recognized module volumes (3.1 GW) and energy storage recognized revenue (3.3 GWh).
Read all positive updates
Company Guidance
For Q3 2026 Canadian Solar guided module revenue recognition of 3.5–3.8 GW and energy storage deliveries of 3.4–3.8 GWh, projecting revenue of $1.3–$1.5 billion and gross margin of 13.5%–15.5%; management reiterated full‑year 2026 U.S. volume guidance of 6.5–7.0 GW of module shipments and 4.5–5.5 GWh of storage. By comparison, Q2 recognized revenue on 3.1 GW of modules and 3.3 GWh of storage, with revenue of $1.2 billion, gross margin 13.9%, net loss attributable to shareholders of $77 million ($1.40/share), manufacturing operating loss of $49 million and Recurrent operating loss of $19 million. Balance‑sheet and backlog metrics cited alongside the outlook included cash of $1.9 billion, total assets $16.1 billion, total debt $7.1 billion, CS PowerTech contracted backlog of >13 GWp (north of $4.5 billion) and e‑STORAGE contracted backlog of $3.5 billion (including 34 GWh of long‑term service agreements), and management reiterated full‑year CapEx of about $1.3 billion (Q2 CapEx $172 million).Canadian Solar Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
44
Neutral
Cash Flow
20
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.48B | 5.60B | 5.99B | 7.61B | 7.47B | 5.28B |
| Gross Profit | 1.16B | 1.03B | 999.32M | 1.28B | 1.26B | 909.31M |
| EBITDA | 299.50M | 592.48M | 556.61M | 829.66M | 675.15M | 479.39M |
| Net Income | -102.25M | -104.13M | 36.05M | 274.19M | 239.97M | 95.25M |
Balance Sheet | ||||||
| Total Assets | 15.53B | 15.17B | 13.51B | 11.90B | 9.04B | 7.39B |
| Cash, Cash Equivalents and Short-Term Investments | 1.44B | 1.91B | 2.25B | 1.96B | 981.43M | 869.83M |
| Total Debt | 7.81B | 7.68B | 5.91B | 4.48B | 4.04B | 3.26B |
| Total Liabilities | 11.24B | 10.90B | 9.36B | 8.19B | 6.73B | 5.26B |
| Stockholders Equity | 2.83B | 2.81B | 2.82B | 2.56B | 1.94B | 1.80B |
Cash Flow | ||||||
| Free Cash Flow | -1.41B | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M |
| Operating Cash Flow | -199.01M | -252.74M | -885.32M | 684.62M | 916.63M | -408.25M |
| Investing Cash Flow | -1.18B | -1.50B | -1.96B | -1.67B | -630.49M | -429.57M |
| Financing Cash Flow | 1.15B | 1.35B | 2.32B | 2.05B | 428.64M | 614.07M |
Canadian Solar Technical Analysis
Negative
13.87
Price Trends
15.10
Negative
15.66
Negative
18.49
Negative
Market Momentum
-0.25
Positive
40.10
Neutral
10.56
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSIQ, the sentiment is Negative. The current price of 13.87 is below the 20-day moving average (MA) of 15.16, below the 50-day MA of 15.10, and below the 200-day MA of 18.49, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 40.10 is Neutral, neither overbought nor oversold. The STOCH value of 10.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CSIQ.
Canadian Solar Risk Analysis
Canadian Solar disclosed 63 risk factors in its most recent earnings report. Canadian Solar reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Canadian Solar Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $22.23B | 12.66 | 18.02% | ― | 23.82% | 38.56% | |
62 Neutral | $4.94B | 37.66 | 12.28% | ― | -10.41% | -22.03% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
52 Neutral | $700.74M | -4.81 | -47.02% | ― | 1.18% | 44.68% | |
51 Neutral | $1.84B | -7.33 | -62.50% | ― | 37.91% | 84.96% | |
46 Neutral | $779.01M | -0.33 | -17.23% | 18.78% | -22.00% | -92.74% | |
44 Neutral | $969.57M | -9.19 | -3.60% | ― | -6.56% | -886.40% |
* Technology Sector Average
CSIQ
Canadian Solar
13.87
4.36
45.85%
ENPH
Enphase Energy
38.42
0.84
2.22%
FSLR
First Solar
205.93
8.91
4.52%
JKS
JinkoSolar
13.66
-6.78
-33.18%
SEDG
SolarEdge Technologies
33.08
-0.17
-0.51%
ARRY
Array Technologies
4.71
-4.40
-48.30%
Canadian Solar Corporate Events
Canadian Solar Posts Q2 2026 Loss as U.S. Manufacturing Push Gains Pace
Aug 27, 2026
Canadian Solar reported second quarter 2026 results on August 27, 2026, highlighting solid operational momentum but weaker profitability. The company delivered 3.1 GW of solar modules and 3.7 GWh of battery energy storage shipments, lifting net re...
Canadian Solar’s Recurrent Energy Secures $695 Million for 330 MW California Cobalt Solar Project
Aug 13, 2026
Recurrent Energy, the utility‑scale development arm of Canadian Solar Inc., has closed $695 million in project financing and tax equity for its 330 MW Cobalt Solar facility in Riverside County, California, the company announced on August 13,...
Canadian Solar Launches €50 Million Green Note Program on Spain’s MARF to Fuel EMEA Growth
Jul 23, 2026
On July 21, 2026, Canadian Solar’s indirectly wholly owned subsidiary Canadian Solar EMEA Capital Markets, S.A.U. registered a €50 million Green Medium Term Note Program on Spain’s MARF market, backed by a parent guarantee from t...
Canadian Solar Reshapes Recurrent Energy Leadership as Dylan Marx Takes Helm
Jul 6, 2026
On July 6, 2026, Canadian Solar announced a leadership change at Recurrent Energy, its global project development subsidiary. Chief Executive Officer Ismael Guerrero is stepping down, with Dylan Marx appointed to lead Recurrent Energy effective im...
Canadian Solar Shareholders Back Board Slate and Auditor at 2026 Annual Meeting
Jul 2, 2026
Canadian Solar Inc. held its 2026 Annual Meeting of Shareholders on June 30, 2026, with all proposals on the agenda approved. Shareholders re-elected seven directors, including founder Shawn (Xiaohua) Qu and CEO Colin Parkin, to serve until the ne...
Canadian Solar Sets June 30, 2026 Annual Shareholder Meeting
Jun 12, 2026
Canadian Solar has filed a Form 6-K with the U.S. Securities and Exchange Commission in June 2026, providing notice of its upcoming annual meeting of shareholders and related governance materials. The filing, signed on June 12, 2026 by Executive C...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.