The company's financial leverage has escalated significantly, with the debt-to-equity ratio rising from 1.21 in 2023Q4 to 1.82 in 2026Q1, signaling increased reliance on external financing.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 6.46B | 5.43B | 5.52B | 6.1B | 5.64B | 4.77B | 3.44B | 2.65B | 3.07B | 4.09B | 3.79B | 2.26B | 2.32B | 1.72B | 1.44B | 1.3B | 1.03B | 762.96M | 339.02M | 219.9M | 116.94M | 26.43M | 5.66M | 2.79M |
| Cash & Short-Term Investments | 1.44B | 1.91B | 2.25B | 1.96B | 981.43M | 869.83M | 1.64B | 1.2B | 444.3M | 561.68M | 511.04M | 553.08M | 549.54M | 228.25M | 141.97M | 344M | 290.83M | 160.11M | 115.66M | 37.67M | 40.91M | 6.28M | 2.06M | 1.88M |
| Cash Only | 1.44B | 1.91B | 2.25B | 1.94B | 981.43M | 869.83M | 1.64B | 1.2B | 444.3M | 561.68M | 511.04M | 553.08M | 549.54M | 228.25M | 141.97M | 344M | 288.65M | 160.11M | 115.66M | 37.67M | 40.91M | 6.28M | 2.06M | 1.88M |
| Short-Term Investments | 0 | 0 | 0 | 19.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.22B | 1.33B | 1.49B | 1.21B | 1.24B | 887.54M | 545.71M | 592.22M | 622.23M | 479.95M | 478.44M | 584.2M | 418.55M | 315.03M | 270.11M | 380.36M | 213.31M | 191.04M | 69.1M | 70.88M | 19.63M | 2.88M | 657.28K | 257.11K |
| Days Sales Outstanding | 86.47 | 86.67 | 90.63 | 57.99 | 60.41 | 61.39 | 57.29 | 67.54 | 60.65 | 51.67 | 61.21 | 61.49 | 51.6 | 69.51 | 76.14 | 73.11 | 52.06 | 105.05 | 35.78 | 85.45 | 105.01 | 57.41 | 24.77 | 22.82 |
| Inventory | 1.52B | 1.35B | 1.21B | 1.18B | 1.52B | 1.19B | 878.13M | 602.05M | 262.02M | 346.09M | 295.37M | 334.49M | 432.32M | 231.16M | 274.46M | 296.57M | 272.1M | 138.76M | 92.68M | 70.92M | 39.7M | 12.16M | 2.4M | 312.96K |
| Days Inventory Outstanding | 113.28 | 107.96 | 88.19 | 67.98 | 89.65 | 99.64 | 115.02 | 88.53 | 32.21 | 45.89 | 44.26 | 42.23 | 66.31 | 61.2 | 83.17 | 63.06 | 78.4 | 89.55 | 53.36 | 92.77 | 259.35 | 395.99 | 135.35 | 48.15 |
| Other Current Assets | 2.06B | 837.5M | 450.66M | 1.57B | 1.65B | 1.6B | 377.13M | 259.09M | 1.23B | 2B | 2.48B | 219.47M | 868.29M | 902.89M | 392.99M | 263.35M | 189.78M | 17.26M | 45.28M | 28.74M | 189.08K | 5M | 547.32K | 345.41K |
| Total Non-Current Assets | 9.07B | 9.74B | 7.99B | 6.08B | 3.39B | 2.62B | 3.1B | 2.82B | 1.82B | 1.8B | 1.62B | 2.15B | 756.54M | 734.38M | 817.11M | 584.23M | 388.7M | 293.69M | 231.71M | 64.6M | 12.69M | 997.18K | 484.24K | 258.91K |
| Property, Plant & Equipment | 6B | 5.88B | 5.53B | 4.28B | 2.3B | 1.62B | 1.34B | 1.14B | 939.88M | 811.2M | 574.41M | 1.53B | 469.35M | 407.61M | 469.64M | 510.07M | 330.46M | 217.14M | 165.54M | 51.49M | 7.91M | 931.96K | 453.04K | 243.56K |
| Fixed Asset Turnover | 0.94x | 0.95x | 1.08x | 1.78x | 3.25x | 3.26x | 2.59x | 2.82x | 3.98x | 4.18x | 4.97x | 2.27x | 6.31x | 4.06x | 2.76x | 3.72x | 4.53x | 3.06x | 4.26x | 5.88x | 8.62x | 19.66x | 21.38x | 16.89x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 6.25M | 7.62M | 7.61M | 0 | 0 | 0 | 2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 31.28M | 31.98M | 31.03M | 19.73M | 17.53M | 18.99M | 22.43M | 22.79M | 80.62M | 89.64M | 57.07M | 113.03M | 19.89M | 24.43M | 22.96M | 22.32M | 16.07M | 14.36M | 69.1M | 0 | 38.95K | 0 | 0 | 0 |
| Long-Term Investments | 1.24B | 394.76M | 319.34M | 277.05M | 115.78M | 98.82M | 80.92M | 162.75M | 126.09M | 414.21M | 368.46M | 187.13M | 38.82M | 34.07M | 26.73M | 11.01M | 19.62M | 51.16M | 46.09M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.08B | 2.8B | 1.63B | 1.24B | 734.87M | 645.76M | 1.48B | 1.34B | 549.64M | 351.23M | 378.31M | 221.76M | 161.62M | 205.32M | 258.7M | 15.34M | 5.83M | 0 | 299.04K | 9.15M | 1.1M | 0 | 0 | 0 |
| Total Assets | 15.53B | 15.17B | 13.51B | 11.9B | 9.04B | 7.39B | 6.54B | 5.47B | 4.89B | 5.89B | 5.41B | 4.42B | 3.07B | 2.45B | 2.26B | 1.88B | 1.42B | 1.06B | 570.73M | 284.5M | 129.63M | 27.43M | 6.14M | 3.05M |
| Asset Turnover | 0.36x | 0.37x | 0.44x | 0.64x | 0.83x | 0.71x | 0.53x | 0.59x | 0.77x | 0.58x | 0.53x | 0.79x | 0.96x | 0.67x | 0.57x | 1.01x | 1.05x | 0.63x | 1.24x | 1.06x | 0.53x | 0.67x | 1.58x | 1.35x |
| Asset Growth % | 56.12% | 12.29% | 13.58% | 31.63% | 22.32% | 13.03% | 19.56% | 11.74% | -16.93% | 8.93% | 22.4% | 43.77% | 25.21% | 8.61% | 20.19% | 32.07% | 34.7% | 85.14% | 100.61% | 119.47% | 372.6% | 346.38% | 101.25% | - |
| Total Current Liabilities | 6.07B | 5.85B | 5.67B | 5.86B | 5.26B | 4.04B | 3.59B | 3.09B | 2.95B | 4.11B | 3.72B | 2.66B | 1.95B | 1.78B | 1.54B | 1.24B | 745.33M | 502.2M | 172.66M | 59.21M | 15.86M | 15.37M | 2.76M | 1.2M |
| Accounts Payable | 1.03B | 878.83M | 1.06B | 813.68M | 805.3M | 503M | 514.74M | 585.6M | 379.46M | 402.96M | 440.12M | 512.51M | 412.94M | 280.81M | 230.5M | 174.43M | 113.4M | 92.27M | 29.33M | 8.25M | 6.87M | 4.31M | 823.64K | 426.46K |
| Days Payables Outstanding | 84.41 | 70.21 | 77.68 | 46.89 | 47.37 | 42.03 | 67.42 | 86.11 | 46.64 | 53.43 | 65.95 | 64.71 | 63.34 | 74.34 | 69.85 | 37.09 | 32.68 | 59.55 | 16.88 | 10.79 | 44.9 | 140.19 | 46.5 | 65.61 |
| Short-Term Debt | 3.48B | 3.51B | 3.01B | 2.68B | 2.94B | 2.47B | 2.13B | 1.78B | 1.79B | 1.96B | 2.49B | 1.16B | 725.51M | 1.14B | 1.09B | 743.69M | 520.49M | 356.92M | 110.66M | 40.37M | 3.31M | 4.98M | 0 | 0 |
| Deferred Revenue (Current) | 743.54M | 162.59M | 204.83M | 392.31M | 334.94M | 135.51M | 189.47M | 134.81M | 39.02M | 51.74M | 90.1M | 76.21M | 111.97M | 75.33M | 18.66M | 65.22M | 8.97M | 3.64M | 3.57B | 1.96B | 3.23B | 258.51K | 0 | 0 |
| Other Current Liabilities | 485.08M | 1.3B | 1.39B | 1.95B | 318.37M | 245.41M | 757.22M | 588.54M | 739.02M | 1.7B | 703.46M | 909.61M | 568.66M | 360.47M | 219.69M | 165.43M | 111.44M | 14.38M | 4.96M | 10.59M | 5.55M | 4.91M | 1.78M | 749.94K |
| Current Ratio | 1.06x | 0.93x | 0.97x | 1.04x | 1.07x | 1.18x | 0.96x | 0.86x | 1.04x | 0.99x | 1.02x | 0.85x | 1.19x | 0.97x | 0.94x | 1.05x | 1.39x | 1.52x | 1.96x | 3.71x | 7.38x | 1.72x | 2.05x | 2.33x |
| Quick Ratio | 0.81x | 0.70x | 0.76x | 0.84x | 0.78x | 0.89x | 0.71x | 0.66x | 0.95x | 0.91x | 0.94x | 0.73x | 0.97x | 0.84x | 0.76x | 0.81x | 1.02x | 1.24x | 1.43x | 2.52x | 4.87x | 0.93x | 1.18x | 2.07x |
| Cash Conversion Cycle | 115.35 | 124.42 | 101.13 | 79.08 | 102.69 | 119 | 104.89 | 69.96 | 46.22 | 44.13 | 39.52 | 39.02 | 54.58 | 56.36 | 89.46 | 99.08 | 97.79 | 135.06 | 72.25 | 167.43 | 319.46 | 313.2 | 113.62 | 5.35 |
| Total Non-Current Liabilities | 5.17B | 5.05B | 3.7B | 2.33B | 1.47B | 1.22B | 1.06B | 950.15M | 671.46M | 721.84M | 786.15M | 928.42M | 393.58M | 273.88M | 417.48M | 176.38M | 143.05M | 57.99M | 65.91M | 99.02M | 874.67K | 5.1M | 427.57K | 339.88K |
| Long-Term Debt | 3.96B | 3.82B | 2.63B | 1.65B | 1.07B | 748.31M | 751.17M | 696.05M | 471.45M | 530.82M | 619.02M | 756.58M | 284.3M | 151.39M | 214.56M | 88.25M | 100.36M | 30.16M | 46.19M | 92.87M | 0 | 4.49M | 0 | 0 |
| Capital Lease Obligations | 1.36B | 354.51M | 271.85M | 116.85M | 25.71M | 23.21M | 13.23M | 20.72M | -75.78M | -81.7M | 0 | -109.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 834.58M | 296.72M | 204.83M | 82.83M | 66.63M | 48.15M | 49.08M | 56.46M | 35.7M | 5.56M | 23.35M | 19.03M | 10.35M | 24.04M | 56.15M | 12.3M | 11.46M | 10.71M | 8.7M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 570.98M | 583.94M | 588.07M | 471.45M | 308.3M | 404.08M | 242.23M | 176.92M | 88.53M | 103.76M | 143.78M | 43.44M | 15.58M | 98.44M | 146.77M | 75.83M | 31.22M | 16.9M | 19.72M | 6.16M | 874.67K | 602.02K | 427.57K | 339.88K |
| Total Liabilities | 11.24B | 10.9B | 9.36B | 8.19B | 6.73B | 5.26B | 4.64B | 4.04B | 3.62B | 4.83B | 4.51B | 3.58B | 2.34B | 2.05B | 1.96B | 1.41B | 888.38M | 560.19M | 238.57M | 158.24M | 16.73M | 20.46M | 3.18M | 1.54M |
| Total Debt | 7.81B | 7.68B | 5.91B | 4.48B | 4.04B | 3.26B | 2.89B | 2.5B | 2.18B | 2.49B | 2.43B | 1.91B | 1.01B | 929.9M | 1.07B | 831.94M | 620.85M | 387.08M | 157.02M | 133.24M | 3.31M | 9.47M | 0 | 0 |
| Net Debt | 6.37B | 5.77B | 3.66B | 2.54B | 3.06B | 2.39B | 1.25B | 1.3B | 1.74B | 1.93B | 1.92B | 1.36B | 460.27M | 701.65M | 931.52M | 487.94M | 332.2M | 226.97M | 41.36M | 95.57M | -37.6M | 3.19M | -2.06M | -1.88M |
| Debt / Equity | 1.82x | 1.80x | 1.42x | 1.21x | 1.75x | 1.53x | 1.53x | 1.75x | 1.72x | 2.35x | 2.71x | 2.30x | 1.38x | 2.32x | 3.56x | 1.78x | 1.16x | 0.78x | 0.47x | 1.06x | 0.03x | 1.36x | - | - |
| Debt / EBITDA | 25.94x | 12.84x | 12.54x | 5.89x | 6.73x | 6.89x | 6.61x | 5.71x | 4.42x | 6.75x | 12.88x | 5.60x | 2.25x | 4.39x | - | 13.22x | 4.10x | 6.12x | 4.71x | - | 1.64x | 1.74x | - | - |
| Net Debt / EBITDA | 21.15x | 9.64x | 7.76x | 3.34x | 5.10x | 5.05x | 2.87x | 2.98x | 3.52x | 5.23x | 10.17x | 3.98x | 1.03x | 3.32x | - | 7.75x | 2.19x | 3.59x | 1.24x | - | -18.57x | 0.59x | -1.09x | -2.76x |
| Interest Coverage | 0.81x | 0.21x | 0.40x | 4.58x | 5.80x | 3.38x | 2.87x | 3.21x | 3.82x | 2.14x | 2.26x | 5.13x | 7.56x | 2.22x | -2.73x | -0.70x | 4.04x | 3.27x | 1.27x | -91.22x | -3.10x | 19.43x | - | - |
| Total Equity | 4.3B | 4.27B | 4.15B | 3.71B | 2.31B | 2.13B | 1.89B | 1.43B | 1.27B | 1.06B | 899.39M | 832.51M | 729.57M | 401.5M | 301.58M | 466.98M | 534.99M | 496.47M | 332.16M | 126.27M | 112.9M | 6.97M | 2.96M | 1.51M |
| Equity Growth % | 24.73% | 2.89% | 12% | 60.63% | 8.48% | 12.34% | 32.82% | 11.96% | 20.11% | 17.83% | 8.03% | 14.11% | 81.71% | 33.13% | -35.42% | -12.71% | 7.76% | 49.47% | 163.07% | 11.83% | 1520.53% | 135.26% | 95.8% | - |
| Book Value per Share | 63.36 | 63.38 | 61.99 | 51.32 | 32.41 | 30.88 | 30.38 | 23.45 | 20.43 | 17.22 | 15.49 | 13.78 | 12.29 | 7.97 | 6.98 | 10.84 | 12.25 | 13.16 | 10.52 | 4.63 | 5.95 | 0.45 | 0.11 | 0.10 |
| Total Shareholders' Equity | 2.83B | 2.81B | 2.82B | 2.56B | 1.94B | 1.8B | 1.57B | 1.39B | 1.23B | 1.03B | 884.68M | 818.97M | 716.61M | 390.53M | 290.9M | 465.93M | 534.33M | 496.18M | 332.16M | 126.27M | 112.9M | 6.97M | 2.96M | 1.51M |
| Common Stock | 835.54M | 835.54M | 835.54M | 835.54M | 835.54M | 835.54M | 687.03M | 703.81M | 702.93M | 702.16M | 701.28M | 677.1M | 675.24M | 561.24M | 502.56M | 502.4M | 501.15M | 500.32M | 294.71B | 97.45B | 97.3B | 0 | 0 | 0 |
| Retained Earnings | 1.45B | 1.48B | 1.59B | 1.55B | 1.28B | 1.04B | 940.3M | 793.6M | 622.02M | 383.68M | 284.11M | 218.86M | 47M | -192.5M | -224.16M | -28.7M | 62.11M | 42.01M | -12.99M | -3.6M | -2.78M | 6.65M | 2.84M | 1.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -25.12M | -78.13M | -196.38M | -118.74M | -170.55M | -50.58M | -28.68M | -109.61M | -110.15M | -54.03M | -91.81M | -59.86M | 20.06M | 53.91M | 50.8M | 45.56M | 28.46M | 15.12M | 14.91M | 5.98M | 1.05M | 109.07K | -92.67K | -84.97K |
| Minority Interest | 1.47B | 1.46B | 1.33B | 1.15B | 365.06M | 325.36M | 322.36M | 31.92M | 47.37M | 27.55M | 14.71M | 13.54M | 12.96M | 10.97M | 10.68M | 1.04M | 658K | 285K | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt-to-Equity Leverage
According to recent balance sheet filings, Canadian Solar has expanded its total assets to $15.5 billion as of 2026Q1, yet this growth appears disconnected from operational performance, as the company's debt load has simultaneously climbed to $7.8 billion, signaling a reliance on external financing for survival.
The trajectory of the balance sheet suggests a company aggressively scaling its asset base despite deteriorating profitability. Investors should monitor whether this asset accumulation represents productive capacity or merely an inventory build-up that may require future write-downs.
Based on reported financial statements, the company's debt-to-equity ratio has steadily climbed from 1.21 in 2023Q4 to 1.82 in 2026Q1, indicating that the firm is increasingly financing its capital-intensive manufacturing and project development operations through debt rather than internally generated equity or retained earnings.
This rising leverage profile warrants caution, particularly given the company's negative net margins and the cyclical nature of the solar industry. The reliance on debt to fund operations may limit management's strategic flexibility if interest rates remain elevated or if project divestitures face further delays.
As reported in recent filings, net property, plant, and equipment has grown to $6.0 billion by 2026Q1, representing a significant portion of the $15.5 billion asset base, which underscores the company's heavy reliance on fixed-cost manufacturing assets to drive its core business model.
The concentration of capital in PPE suggests that the company is highly sensitive to capacity utilization rates. If market demand for modules remains soft, the depreciation burden on these assets may continue to exert downward pressure on operating margins for the foreseeable future.
Based on the latest quarterly data, cash and equivalents have declined to $1.4 billion in 2026Q1 from a peak of $2.9 billion in 2024Q1, suggesting that the company's liquidity buffer is being rapidly consumed to support ongoing operations and debt service requirements during this industry downturn.
With a current ratio hovering near 1.06, the company maintains a thin margin of safety for meeting its short-term obligations. Any further disruption in project sales or manufacturing cash flow could necessitate additional financing, potentially diluting shareholders or increasing the interest burden further.
Quick answers to the most common questions about buying CSIQ stock.
As of 2025, Canadian Solar Inc. (CSIQ) had total assets of $15.17B including $5.43B in current assets.
Canadian Solar Inc. (CSIQ) carries total debt of $7.68B, offset by $1.91B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Canadian Solar Inc. (CSIQ) has total shareholders' equity (book value) of $2.81B ($63.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Canadian Solar Inc. (CSIQ) reported a current ratio of 0.93x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.