Canadian Solar Inc. (CSIQ) Financial Ratios
23 years of historical data (2003–2025) · Energy · Solar
EV/EBITDA
↑
11.49
↑+25% vs avg
5yr avg: 9.17
30Y Low4.2·High79.7
P/FCF
N/A
—
5yr avg: 7.62
30Y Low4.3·High7.6
P/B Ratio
↓
0.26
↓-58% vs avg
5yr avg: 0.61
30Y Low0.2·High6.1
ROE
↓
-2.5%
↑-153% vs avg
5yr avg: 4.6%
30Y Low-51%·High77%
Debt/EBITDA
↑
12.84
↑+43% vs avg
5yr avg: 8.98
30Y Low1.6·High13.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CSIQ Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Canadian Solar Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.6B | $744M | $1.9B | $2.2B | $2.2B | $3.2B | $1.3B | $893M | $1.0B | $707M |
| Enterprise Value | $6.9B | $7.4B | $4.4B | $4.4B | $5.3B | $4.5B | $4.4B | $2.6B | $2.6B | $3.0B | $2.6B |
| P/E Ratio → | -10.50 | — | 20.59 | 6.78 | 8.98 | 21.43 | 21.53 | 7.78 | 3.76 | 9.98 | 10.87 |
| P/S Ratio | 0.20 | 0.29 | 0.12 | 0.25 | 0.29 | 0.41 | 0.92 | 0.42 | 0.24 | 0.31 | 0.25 |
| P/B Ratio | 0.26 | 0.38 | 0.18 | 0.51 | 0.95 | 1.01 | 1.69 | 0.94 | 0.70 | 0.98 | 0.79 |
| P/FCF | — | — | — | — | 7.62 | — | — | 4.35 | — | — | — |
| P/OCF | — | — | — | 2.77 | 2.40 | — | — | 2.24 | 4.13 | 5.09 | — |
P/E links to full P/E history page with 30-year chart
CSIQ EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Canadian Solar Inc.'s enterprise value stands at 11.5x EBITDA, 25% above its 5-year average of 9.2x. The Energy sector median is 7.8x, placing the stock at a 47% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 0.73 | 0.58 | 0.70 | 0.86 | 1.28 | 0.83 | 0.70 | 0.87 | 0.92 |
| EV / EBITDA | 11.49 | 12.32 | 9.34 | 5.83 | 8.76 | 9.60 | 10.16 | 6.05 | 5.33 | 8.04 | 13.92 |
| EV / EBIT | 159.21 | 196.88 | 79.80 | 8.48 | 12.22 | 23.11 | 21.55 | 10.14 | 6.51 | 11.74 | 16.71 |
| EV / FCF | — | — | — | — | 18.23 | — | — | 8.57 | — | — | — |
CSIQ Profitability
Margins and return-on-capital ratios measuring operating efficiency
Canadian Solar Inc. earns an operating margin of 0.8%, below the Energy sector average of 13.8%. Operating margins have compressed from 6.0% to 0.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -2.5% indicates the company is currently destroying shareholder equity. ROIC of 0.4% represents below-average returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.3% | 18.3% | 16.7% | 16.8% | 16.9% | 17.2% | 19.8% | 22.4% | 20.7% | 18.8% | 14.6% |
| Operating Margin | 0.8% | 0.8% | -0.5% | 6.0% | 4.8% | 3.6% | 6.3% | 8.1% | 9.7% | 7.9% | 3.3% |
| Net Profit Margin | -1.9% | -1.9% | 0.6% | 3.6% | 3.2% | 1.8% | 4.2% | 5.4% | 6.3% | 2.9% | 2.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | 0.9% | 9.1% | 10.8% | 4.7% | 8.8% | 12.7% | 20.3% | 10.2% | 7.5% |
| ROA | -0.7% | -0.7% | 0.3% | 2.6% | 2.9% | 1.4% | 2.4% | 3.3% | 4.4% | 1.8% | 1.3% |
| ROIC | 0.4% | 0.4% | -0.3% | 5.9% | 5.4% | 3.7% | 5.6% | 6.8% | 9.1% | 7.0% | 2.8% |
| ROCE | 0.5% | 0.5% | -0.4% | 9.2% | 10.0% | 6.0% | 8.3% | 12.0% | 19.6% | 15.5% | 5.4% |
CSIQ Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Canadian Solar Inc. carries a Debt/EBITDA ratio of 12.8x, which is highly leveraged (393% above the sector average of 2.6x). Net debt stands at $5.8B ($7.7B total debt minus $1.9B cash). Interest coverage of just 0.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.80 | 1.80 | 1.42 | 1.21 | 1.75 | 1.53 | 1.53 | 1.75 | 1.72 | 2.35 | 2.71 |
| Debt / EBITDA | 12.84 | 12.84 | 12.54 | 5.89 | 6.73 | 6.89 | 6.61 | 5.71 | 4.42 | 6.75 | 12.88 |
| Net Debt / Equity | — | 1.35 | 0.88 | 0.68 | 1.33 | 1.12 | 0.66 | 0.92 | 1.37 | 1.82 | 2.14 |
| Net Debt / EBITDA | 9.64 | 9.64 | 7.76 | 3.34 | 5.10 | 5.05 | 2.87 | 2.98 | 3.52 | 5.23 | 10.17 |
| Debt / FCF | — | — | — | — | 10.61 | — | — | 4.22 | — | — | — |
| Interest Coverage | 0.21 | 0.21 | 0.40 | 4.58 | 5.80 | 3.38 | 2.87 | 3.21 | 3.82 | 2.14 | 2.26 |
CSIQ Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.93x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 1.04x to 0.93x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.93 | 0.93 | 0.97 | 1.04 | 1.07 | 1.18 | 0.96 | 0.86 | 1.04 | 0.99 | 1.02 |
| Quick Ratio | 0.70 | 0.70 | 0.76 | 0.84 | 0.78 | 0.89 | 0.71 | 0.66 | 0.95 | 0.91 | 0.94 |
| Cash Ratio | 0.33 | 0.33 | 0.40 | 0.33 | 0.19 | 0.22 | 0.46 | 0.39 | 0.15 | 0.14 | 0.14 |
| Asset Turnover | — | 0.37 | 0.44 | 0.64 | 0.83 | 0.71 | 0.53 | 0.59 | 0.77 | 0.58 | 0.53 |
| Inventory Turnover | 3.38 | 3.38 | 4.14 | 5.37 | 4.07 | 3.66 | 3.17 | 4.12 | 11.33 | 7.95 | 8.25 |
| Days Sales Outstanding | — | 86.67 | 90.63 | 57.99 | 60.41 | 61.39 | 57.29 | 67.54 | 60.65 | 51.67 | 61.21 |
CSIQ Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Canadian Solar Inc. returns 6.4% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | 0.1% | 0.3% | 0.9% | — |
| Payout Ratio | — | — | — | — | — | — | — | 0.7% | 1.3% | 9.6% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 4.9% | 14.8% | 11.1% | 4.7% | 4.6% | 12.9% | 26.6% | 10.0% | 9.2% |
| FCF Yield | — | — | — | — | 13.1% | — | — | 23.0% | — | — | — |
| Buyback Yield | 6.4% | 4.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.9% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.4% | 4.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 1.0% | 0.3% | 0.9% | 0.0% |
| Shares Outstanding | — | $67M | $67M | $72M | $71M | $69M | $62M | $61M | $62M | $62M | $58M |
Peer Comparison
Compare CSIQ with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CSIQYou | $1B | -10.5 | 11.5 | — | 18.3% | 0.8% | -2.5% | 0.4% | 12.8 |
 FSLR | $28B | 18.1 | 11.5 | 23.3 | 40.6% | 32.3% | 17.4% | 17.6% | 0.2 |
 SPWR | $128M | -11.7 | — | — | 48.5% | -2.0% | — | -5.3% | — |
 JKS | $254M | -0.4 | — | — | 2.2% | -11.1% | -14.0% | -9.2% | — |
 DQ | $960M | -5.6 | — | — | -20.7% | -40.6% | -2.9% | -4.1% | — |
 ARRY | $1B | -11.0 | 13.3 | 15.4 | 21.2% | 6.6% | -19.0% | 9.0% | 5.8 |
 MAXN | $6M | -0.0 | — | — | -49.0% | -113.3% | — | -351.1% | — |
 ENPH | $7B | 40.5 | 31.2 | 71.8 | 46.6% | 11.2% | 17.9% | 6.8% | 5.1 |
 SEDG | $4B | -8.4 | — | 43.7 | 15.3% | -24.1% | -74.7% | -29.5% | — |
 RUN | $3B | 7.9 | 24.3 | — | 26.8% | -4.3% | 9.8% | -0.5% | 21.4 |
 SHLS | $2B | 52.1 | 29.5 | — | 35.0% | 11.9% | 5.8% | 5.9% | 2.7 |
| Energy Median | — | 15.5 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 23 years · Updated daily
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CSIQ — Frequently Asked Questions
Quick answers to the most common questions about buying CSIQ stock.
What is Canadian Solar Inc.'s P/E ratio?
Canadian Solar Inc.'s current P/E ratio is -10.5x. The historical average is 16.7x.
What is Canadian Solar Inc.'s EV/EBITDA?
Canadian Solar Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
What is Canadian Solar Inc.'s ROE?
Canadian Solar Inc.'s return on equity (ROE) is -2.5%. The historical average is 12.3%.
Is CSIQ stock overvalued?
Based on historical data, Canadian Solar Inc. is trading at a P/E of -10.5x. Compare with industry peers and growth rates for a complete picture.
What are Canadian Solar Inc.'s profit margins?
Canadian Solar Inc. has 18.3% gross margin and 0.8% operating margin.
How much debt does Canadian Solar Inc. have?
Canadian Solar Inc.'s Debt/EBITDA ratio is 12.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.