Canadian Solar vs First Solar
Canadian Solar and First Solar are similar in size: $5.60bn and $5.22bn of revenue in their latest fiscal years. First Solar grew faster (24.1% against -6.6%). First Solar kept more of each dollar of sales as profit: a net margin of 29.3% against -1.9%. First Solar carries less debt relative to equity (5.2% against 299.1%).
| Latest fiscal year | Canadian SolarCSIQ, 2025 | First SolarFSLR, 2025 |
|---|---|---|
| Revenue | $5.60bn | $5.22bn |
| Revenue growth | -6.6% | 24.1% |
| Net income | −$104m | $1.53bn |
| Operating margin | 0.8% | 30.6% |
| Net margin | -1.9% | 29.3% |
| Return on equity | -3.7% | 17.4% |
| Free cash flow | −$1.21bn | $1.19bn |
| Cash | $1.37bn | $2.80bn |
| Total debt | $8.40bn | $499m |
| Debt to equity | 299.1% | 5.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $70.1m | — |
| Employees | — | 7,900 |
| Market value | $690m | $20.14bn |
| Price vs our value range | — | Above our value range |
| Moat score | — | 34 (Weak) |
| Insider trades, 12 months | 0 buys, 2 sales | 0 buys, 164 sales |