Free cash flow remains deeply negative, with a cumulative cash burn exceeding $4 billion over the last ten quarters, exacerbated by capital expenditures that frequently exceed 30% of revenue.
| 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 |
|---|
| Cash from Operations | -199.01M | -252.74M | -885.32M | 684.62M | 916.63M | -408.25M | -120.54M | 600.11M | 216.28M | 203.92M | -278.07M | 413.66M | 265.11M | 229.55M | -147.76M | 60.12M | -58.49M | 50.92M | 3.19M | -80.22M | -46.28M | -4.67M | 439.55K | 1.75M |
| Operating CF Margin % | - | -4.52% | -14.77% | 8.99% | 12.27% | -7.74% | -3.47% | 18.75% | 5.78% | 6.01% | -9.75% | 11.93% | 8.95% | 13.88% | -11.41% | 3.17% | -3.91% | 7.67% | 0.45% | -26.49% | -67.84% | -25.49% | 4.54% | 42.61% |
| Operating CF Growth % | 93.41% | 71.45% | -229.32% | -25.31% | 324.52% | -238.68% | -120.09% | 177.47% | 6.06% | 173.33% | -167.22% | 56.04% | 15.49% | 255.35% | -345.76% | 202.8% | -214.87% | 1494.75% | 103.98% | -73.36% | -890.85% | -1162.53% | -74.92% | - |
| Net Income | -102.25M | -104.13M | -77.86M | 363.63M | 298.56M | 109.88M | 147.25M | 166.56M | 242.43M | 102.98M | 65.28M | 173.32M | 243.89M | 45.56M | -195.16M | -90.9M | 50.83M | 22.78M | -9.39M | -209.68K | -9.43M | 3.8M | 1.46M | 761.25K |
| Depreciation & Amortization | 0 | 0 | 501.44M | 307.04M | 234.56M | 282.77M | 209.12M | 159.72M | 129.26M | 99.27M | 95.85M | 94.22M | 82.63M | 80.82M | 81.4M | 56.12M | 31.27M | 20.51M | 9.28M | 1.7M | 914.86K | 216.54K | 42.14K | 37.75K |
| Stock-Based Compensation | 0 | 0 | 21.4M | 55.34M | 9.37M | 8.81M | 12.35M | 10.68M | 10.26M | 9.31M | 7.76M | 5.97M | 5.09M | 6.18M | 5.19M | 4.06M | 3.88M | 5.44M | 9.1M | 9.1B | 6.14B | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -98.2M | -17.91M | 16.91M | -6.52M | 18.53M | 53.66M | -4.13M | 17.43M | -19.08M | 73.2M | -6.36M | 874.13K | 56.11M | -4.63M | -5.18M | -10.83M | -621.66K | -2.93M | 294.3K | -67.88K | 4.24K | -24.37K |
| Other Non-Cash Items | 850.44M | 820.45M | 419.89M | 166.25M | 72.12M | 83.56M | 52.64M | -6.5M | 15.16M | 11.61M | 7.55M | 15.64M | 17.19M | 5.15M | -2.57M | 41.23M | 10.23M | 54.09M | 46.57M | -9.09B | -6.13B | 579.09K | 283.99K | -47.62K |
| Working Capital Changes | -973.29M | -969.07M | -1.65B | -189.74M | 285.12M | -886.75M | -560.42M | 215.99M | -176.69M | -36.69M | -435.42M | 51.33M | -77.33M | 90.97M | -92.72M | 54.26M | -149.51M | -41.06M | -51.75M | -90.86M | -52.74M | -9.2M | -1.35M | 1.03M |
| Change in Receivables | 0 | 0 | -329.18M | 9.43M | -357.28M | -284.79M | 65.38M | 51.67M | -179.61M | 46.34M | -33.06M | -63.35M | -73.78M | -11.81M | -6.98M | -192.25M | -5.7M | -116.46M | 2.13M | -53.88B | -14.84B | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | -312.52M | 182.77M | -406.34M | -518.74M | -180.97M | -312.78M | 55.41M | -49.02M | -50.56M | 50.82M | -252.72M | 34.67M | 3.96M | -28.8M | -103.64M | -83.97M | -39.99M | -27.1M | -27.81M | -9.77M | -2.34M | -821 |
| Change in Payables | 0 | 0 | 268.21M | 13.12M | 351.54M | 11.02M | -89.18M | 209.18M | 47.76M | -27.76M | 61.16M | -23.98M | 135.81M | 44.23M | 56.24M | 73.14M | 18.1M | 62.86M | 19.69M | 2.03B | 2.36B | 0 | 0 | 0 |
| Cash from Investing | -1.18B | -1.5B | -1.96B | -1.67B | -630.49M | -429.57M | -319.66M | -294.1M | 29.07M | -341.21M | -1.04B | -999.1M | -116.05M | -37.51M | -306.49M | -193.58M | -133.99M | -234.72M | -125.76M | -42.48M | -7.77M | -646K | -252.25K | -441.5K |
| Capital Expenditures | -1.21B | -1.39B | -1.87B | -1.53B | -628M | -429.5M | -334.94M | -291.18M | -316.28M | -310.68M | -1.11B | -642.77M | -65.14M | -23.13M | -60.48M | -205.42M | -134.31M | -72.21M | -104.82M | -42.01M | -7.11M | -560.79K | -253.57K | -83.91K |
| CapEx % of Revenue | 22.08% | 24.87% | 31.21% | 20.04% | 8.41% | 8.14% | 9.63% | 9.1% | 8.45% | 9.16% | 38.96% | 18.54% | 2.2% | 1.4% | 4.67% | 10.82% | 8.98% | 10.88% | 14.87% | 13.87% | 10.43% | 3.06% | 2.62% | 2.04% |
| Acquisitions | 0 | 0 | -39.73M | -122.85M | -12.27M | -37.02M | 15.28M | -3.02M | 327.55M | -101.25M | -115.4M | -275.86M | -72.03K | -4.28M | -3.43M | -6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -331.01K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 31.67M | -112.04M | 12.53M | -23.1M | 9.78M | 76.64M | -15.28M | 6.14M | 17.8M | -58.05M | 301.62M | 2.21M | -51.97M | -10.1M | -239.71M | 23.61M | 1.31M | 220.03K | 6.32K | -475.88K | -656.06K | -85.2K | 1.32K | -26.58K |
| Cash from Financing | 1.15B | 1.35B | 2.32B | 2.05B | 428.64M | 614.07M | 823.5M | -34.61M | -463.61M | 165.28M | 1.3B | 619.48M | 191.95M | -104.9M | 249.58M | 177.75M | 312.63M | 228.32M | 201.36M | 124.83M | 88.31M | 9.33M | 0 | 0 |
| Debt Issued (Net) | 222.98M | 0 | 1.66B | 1.03B | 443.13M | 472.87M | 524.34M | -22.84M | -674.34M | 161.74M | 862.29M | 640.08M | 90.27M | -155.29M | 242.49M | 176.02M | 311.66M | 124.68M | 88.76M | 110.93M | 4.98M | 9.33M | 0 | 0 |
| Equity Issued (Net) | 169.15M | 145.6M | 482.24M | 0 | 0 | 148.51M | -5.96M | -11.85M | 0 | 0 | 23.86M | 0 | 115.01M | 50M | 0 | 0 | 0 | 102.81M | 112.75M | 151.82K | 83.32M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.12M | -3.01M | -9.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -49.56M | -70.14M | 0 | 0 | 0 | 0 | -5.96M | -11.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 755.84M | 1.2B | 179.89M | 1.02B | -14.49M | -7.3M | 305.13M | 1.19M | 213.74M | 13.12M | 413.67M | -20.6M | -13.33M | 118.1M | 7.09M | 1.72M | 968.69K | 832.5K | -155.31K | 13.74M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -168.07M | -340.75M | -682.41M | 976.93M | 535.22M | -205.43M | 434.3M | 264.43M | -249.14M | 50.64M | -42.04M | 3.54M | 321.29M | 86.28M | -202.03M | 55.34M | 128.54M | 44.45M | 77.99M | -3.24M | 34.63M | 4.22M | 179.6K | 1.28M |
| Free Cash Flow | -1.41B | -1.64B | -2.76B | -840.85M | 288.63M | -837.75M | -455.48M | 308.93M | -100M | -106.75M | -1.39B | -229.11M | 199.96M | 206.42M | -208.24M | -145.3M | -192.8M | -21.3M | -101.62M | -122.23M | -53.39M | -5.23M | 185.98K | 1.67M |
| FCF Margin % | -25.72% | -29.39% | -45.98% | -11.04% | 3.86% | -15.88% | -13.1% | 9.65% | -2.67% | -3.15% | -48.7% | -6.61% | 6.75% | 12.48% | -16.08% | -7.65% | -12.89% | -3.21% | -14.41% | -40.37% | -78.27% | -28.55% | 1.92% | 40.57% |
| FCF Growth % | 42.44% | 40.34% | -227.73% | -391.32% | 134.45% | -83.93% | -247.44% | 408.92% | 6.33% | 92.32% | -506.5% | -214.58% | -3.13% | 199.12% | -43.32% | 24.64% | -805.21% | 79.04% | 16.86% | -128.94% | -920.62% | -2912.74% | -88.85% | - |
| FCF per Share | -20.77 | -24.41 | -41.17 | -11.65 | 4.05 | -12.16 | -7.31 | 5.08 | -1.61 | -1.73 | -23.93 | -3.79 | 3.37 | 4.10 | -4.82 | -3.37 | -4.41 | -0.56 | -3.22 | -4.48 | -2.81 | -0.34 | 0.01 | 0.11 |
| FCF Conversion (FCF/Net Income) | 13.77x | 2.43x | -24.56x | 2.50x | 3.82x | -4.29x | -0.82x | 3.50x | 0.91x | 2.05x | -4.26x | 2.41x | 1.11x | 7.25x | 0.76x | -0.66x | -1.16x | 0.96x | -0.34x | 382.61x | 4.91x | -1.23x | 0.30x | 2.30x |
| Interest Paid | 0 | 0 | 130.96M | 121.67M | 76.51M | 71.01M | 78.75M | 85.36M | 103.24M | 113.51M | 70.83M | 49.62M | 47.23M | 47.34M | 53.28M | 46.35M | 21.21M | 10.73M | 11.1M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 113.91M | 83.08M | 77.4M | 57.4M | 38.19M | 40.45M | 32.13M | 45.48M | 187.88M | 87.35M | 14.02M | 23.81M | 9.7M | 30.93M | 13.64M | 4.37M | 2.68M | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Deficits
According to recent financial disclosures, Canadian Solar's operating cash flow frequently decouples from net income, as evidenced by the 2026Q1 period where the company reported a $32.1 million net loss alongside a substantial $208.7 million outflow from core operations, signaling significant underlying accrual-based earnings quality challenges.
The consistent inability to convert accounting profits into cash suggests that the company's earnings are heavily reliant on non-cash adjustments or aggressive revenue recognition timing. Investors should monitor the persistent gap between net income and operating cash flow, as it indicates that the business model is currently consuming rather than generating liquidity.
As reported in quarterly filings, the company's free cash flow trajectory remains deeply negative, with a cumulative cash burn exceeding $4 billion over the last ten quarters, reflecting a structural inability to fund its massive capital expenditure requirements through internal cash generation during the current industry downturn.
The negative FCF margins, which reached a low of -55.0% in 2024Q1, highlight the extreme pressure on the company's liquidity position. This trend suggests that the firm is forced to rely on external financing to sustain its operations, which may become increasingly expensive given the current interest rate environment.
Based on the provided data, Canadian Solar maintains a high capital intensity, with CapEx-to-revenue ratios frequently exceeding 30%, as seen in the 2024Q4 period where capital spending reached 35.6% of revenue, indicating a heavy reliance on continuous investment to maintain its manufacturing and project development footprint.
This high level of capital expenditure appears to be a double-edged sword, as it is necessary to maintain technological competitiveness but simultaneously drains the company's cash reserves. The lack of a clear path to reducing this intensity suggests that the company may remain vulnerable to liquidity shocks if project divestitures fail to materialize.
Analysis of recent cash flow statements reveals that working capital changes are a primary driver of cash volatility, with a significant $626.9 million outflow recorded in 2024Q2, suggesting that the company is struggling to efficiently manage its inventory and receivables during periods of market-wide module oversupply.
The recurring negative working capital adjustments indicate that the company is likely tying up significant cash in inventory that is becoming increasingly difficult to monetize at profitable price points. This dynamic warrants further investigation into the company's inventory turnover ratios and the potential for future write-downs.
Quick answers to the most common questions about buying CSIQ stock.
Canadian Solar Inc. (CSIQ) generated $-252.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Canadian Solar Inc. (CSIQ) reported negative free cash flow of $1.64B in 2025, indicating capital requirements exceeded cash from operations.
Canadian Solar Inc. (CSIQ) spent $1.39B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Canadian Solar Inc. (CSIQ) spent $70.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.