CSIQ Stock Analysis: Canadian Solar | NASDAQ

Solar Modules, Battery Storage, Inverters, Power Plants

Total Rating 20

Safety 65

Buy Signal -1.40

Solar
Industry Rotation: +10.1

Market Cap: 885M
Avg Turnover: 25.8M

Risk 3d forecast

Volatility68.3%

VaR 5^th Pctl11.5%

VaR vs Median2.22%

Reward TTM

Sharpe Ratio0.61

Rel. Str. IBD6.6

Rel. Str. Peer Group8.1

Character TTM

Beta2.257

Beta Downside2.126

Hurst Exponent0.451

Drawdowns 3y

Max DD75.27%

CAGR/Max DD-0.30

CAGR/Mean DD-0.51

EPS (Earnings per Share)

Last SUE: -0.60
Qual. Beats: 0

Revenue

Rev. CAGR: -13.59%
Rev. Trend: -95.7%

Last SUE: 0.54
Qual. Beats: 0

Warnings

High Debt/EBITDA With Thin Interest Coverage

High Debt While Negative Cash Flow

Interest Coverage Ratio Critical

Altman Z'' In Financial Distress Zone

Choppy

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.6 years of data

Jan -2.3% 18

Feb +5.2% 20

Mar -2.6% 16

Apr +0.3% 5

May +11.7% 46

Jun +2.8% 5

Jul +1.0% 28

Aug -6.7% 18

Sep +0.4% 0

Oct -1.8% 23

Nov +1.6% 2

Dec -4.0% 2

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: CSIQ Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is a vertically integrated solar energy and battery energy storage company that operates through two segments: Manufacturing (CSI Solar) and Recurrent Energy. The Manufacturing segment produces solar modules, battery storage systems, inverters, racking, and other balance-of-system components, and provides engineering, procurement, and construction (EPC) services. The Recurrent Energy segment develops, builds, owns, and operates utility-scale solar and battery storage projects, sells electricity, and offers operations, maintenance, and asset management services. The company serves a broad customer base spanning distributors, system integrators, project developers, installers, EPC contractors, utilities, and commercial, industrial, and government end users across Asia, the United States, Europe, and other international markets, primarily under the Canadian Solar brand and related brands including e-STORAGE, SolBank, and EP Cube.

Canadian Solar was incorporated in 2001 and is headquartered in Kitchener, Canada. The integrated manufacturer-plus-developer model is common among large solar players, allowing the company to capture margin across both component supply and downstream project development. Solar module manufacturing and battery energy storage are capital-intensive, highly competitive global sectors, with pricing pressure historically driven by overcapacity and shifts in trade policy.

Headlines to Watch Out For

Solar module ASPs decline amid global supply glut
Battery storage segment scaling with e-STORAGE demand
US IRA tariffs boost domestic manufacturing margins

Piotroski VR-10 (Strict) 1.0

Net Income: -186.3m TTM > 0 and > 6% of Revenue
FCF/TA: -0.10 > 0.02 and ΔFCF/TA 3.93 > 1.0
NWC/Revenue: 3.40% < 20% (prev 9.02%; Δ -5.62% < -1%)
CFO/TA -0.04 > 3% & CFO -568.3m > Net Income -186.3m
Net Debt (6.21b) to EBITDA (527.4m): 11.77 < 3
Current Ratio: 1.02 > 1.5 & < 3
Outstanding Shares: last quarter (67.9m) vs 12m ago 1.41% < -2%
Gross Margin: 16.43% > 18% (prev 18.75%; Δ -2.32% > 0.5%)
Asset Turnover: 32.28% > 50% (prev 39.96%; Δ -7.68% > 0%)
Interest Coverage Ratio: -0.13 > 6 (EBIT TTM -27.7m / Interest Expense TTM 208.9m)

Altman Z'' 0.58

A: 0.01 (Total Current Assets 7.00b - Total Current Liabilities 6.83b) / Total Assets 16.1b
B: 0.09 (Retained Earnings 1.37b / Total Assets 16.1b)
C: -0.00 (EBIT TTM -27.7m / Avg Total Assets 15.5b)
D: 0.23 (Book Value of Equity 2.76b / Total Liabilities 11.9b)
Altman-Z'' = 0.58 = B

Beneish M -2.97

DSRI: 1.05 (Receivables 1.17b/1.33b, Revenue 4.99b/5.92b)
GMI: 1.14 (GM 18.75% / 16.43%)
AQI: 1.00 (AQ_t 0.19 / AQ_t-1 0.19)
SGI: 0.84 (Revenue 4.99b / 5.92b)
TATA: 0.02 (NI -186.3m - CFO -568.3m) / TA 16.1b)
Beneish M = -2.97 (Cap -4..+1) = A

What is the price of CSIQ shares?

As of September 17, 2026, the stock is trading at USD 12.76 with a total of 1,699,673 shares traded. Over the past week, the price has changed by -5.69%, over one month by -19.65%, over three months by -19.04% and over the past year by +18.37%.

Current recommended Stop Loss: 11.60 (which is 9.1% or 1.3 ATR below the current price).

Is CSIQ a buy, sell or hold?

Canadian Solar has received a consensus analysts rating of 3.55. Therefore, it is recommended to hold CSIQ.

StrongBuy: 4
Buy: 0
Hold: 5
Sell: 2
StrongSell: 0

What are the forecasts/targets for the CSIQ price?

Analysts Target Price	17.9	39.9%

Canadian Solar (CSIQ) - Fundamental Data Overview as of 12 September 2026

Market Cap USD = 884.7m (884.7m USD * 1.0 USD.USD)
P/E Forward = 21.5054
P/S = 0.1773
P/B = 0.3317
P/EG = 0.1632
Revenue TTM = 4.99b USD
EBIT TTM = -27.7m USD
EBITDA TTM = 527.4m USD
Long Term Debt = 3.71b USD (from longTermDebt, last quarter)
Short Term Debt = 3.33b USD (from shortTermDebt, last quarter)
Debt = 7.67b USD (from shortLongTermDebtTotal, last quarter) + Leases 360.2m
Net Debt = 6.21b USD (calculated: Debt 7.67b - CCE 1.46b)
Enterprise Value = 7.09b USD (884.7m + Debt 7.67b - CCE 1.46b)
Interest Coverage Ratio = -0.13 (Ebit TTM -27.7m / Interest Expense TTM 208.9m)
EV/FCF = -4.49x (Enterprise Value 7.09b / FCF TTM -1.58b)
FCF Yield = -22.28% (FCF TTM -1.58b / Enterprise Value 7.09b)
FCF Margin = -31.65% (FCF TTM -1.58b / Revenue TTM 4.99b)
Net Margin = -3.73% (Net Income TTM -186.3m / Revenue TTM 4.99b)
Gross Margin = 16.43% ((Revenue TTM 4.99b - Cost of Revenue TTM 4.17b) / Revenue TTM)
Gross Margin QoQ = 13.95% (prev 25.13%)
Tobins Q-Ratio = 0.44 (Enterprise Value 7.09b / Total Assets 16.1b)
Interest Expense / Debt = 2.72% (Interest Expense 208.9m / Debt 7.67b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -21.9m (EBIT -27.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.02 (Total Current Assets 7.00b / Total Current Liabilities 6.83b)
Debt / Equity = 2.78 (Debt 7.67b / totalStockholderEquity, last quarter 2.76b)
Debt / EBITDA = 11.77 (Net Debt 6.21b / EBITDA 527.4m)
Debt / FCF = -3.93 (negative FCF - burning cash) (Net Debt 6.21b / FCF TTM -1.58b)
Total Stockholder Equity = 2.82b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.21% (Net Income -186.3m / Total Assets 16.1b)
RoE = -6.62% (Net Income TTM -186.3m / Total Stockholder Equity 2.82b)
RoCE = -0.42% (EBIT -27.7m / Capital Employed (Equity 2.82b + L.T.Debt 3.71b))
RoIC = -0.18% (negative operating profit) (NOPAT -21.9m / Invested Capital 12.4b)
WACC = 3.37% (E(884.7m)/V(8.55b) * Re(13.92%) + D(7.67b)/V(8.55b) * Rd(2.72%) * (1-Tc(0.21)))
Discount Rate = 13.92% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 3.61 | Cagr: 0.84%
[DCF] Fair Price = unknown (Cash Flow -1.58b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.60 | # QB: 0
Revenue Correlation: -95.66 | Revenue CAGR: -13.59% | SUE: 0.54 | # QB: 0
EPS current Quarter (2026-09-30): EPS=-1.27 | Chg30d=-163.51% | Revisions=-25% | Analysts=3
EPS current Year (2026-12-31): EPS=-4.40 | Chg30d=-77.85% | Revisions=-25% | GrowthEPS=+0.0% | GrowthRev=-3.6%
EPS next Year (2027-12-31): EPS=-3.07 | Chg30d=-599.50% | Revisions=-25% | GrowthEPS=+30.2% | GrowthRev=+28.5%
[Analyst] Revisions Ratio: -50% (up=0, down=3)