Canadian Solar Inc. key statistics and ratios

In fiscal 2025, Canadian Solar Inc. had return on equity of -3.7%, an operating margin of 0.8%, debt equal to 299.1% of equity and a current ratio of 1.02. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Canadian Solar Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	12.4%	15.3%	9.6%	7.0%	16.7%	19.6%	16.6%	14.6%	18.8%	20.7%	22.4%	19.8%	17.2%	16.9%	16.8%	16.7%	18.3%
Operating margin	1.0%	8.0%	0.4%	−11.0%	7.9%	12.4%	7.1%	3.3%	7.9%	9.7%	8.1%	6.3%	3.6%	4.8%	6.0%	−0.5%	0.8%
Net margin	3.6%	3.4%	−4.8%	−15.1%	1.9%	8.1%	5.0%	2.3%	2.9%	6.3%	5.4%	4.2%	1.8%	3.2%	3.6%	0.6%	−1.9%
Free-cash-flow margin	−3.4%	−12.9%	−7.7%	−16.1%	12.5%	7.3%	9.3%	−19.8%	−2.2%	−2.7%	—	—	−15.9%	3.9%	−5.7%	−33.3%	−21.7%
Return on equity	4.9%	10.1%	−18.2%	−51.7%	9.3%	43.3%	22.4%	7.7%	10.4%	21.0%	13.1%	9.9%	5.7%	12.8%	12.2%	1.3%	−3.7%
Return on assets	—	3.6%	−5.5%	−9.4%	1.3%	8.7%	4.6%	1.3%	1.8%	4.4%	3.3%	2.4%	1.4%	2.9%	2.6%	0.3%	−0.7%
Asset turnover	—	1.05	1.15	0.63	0.70	1.07	0.93	0.58	0.60	0.69	0.62	0.58	0.76	0.91	0.73	0.47	0.39
Current ratio	—	1.33	1.05	0.94	0.97	1.19	0.85	1.02	0.99	1.04	1.05	1.17	1.18	1.07	1.04	1.09	1.02
Debt to equity	0.0%	114.2%	178.6%	369.0%	238.1%	122.2%	215.3%	315.5%	304.4%	151.6%	140.2%	136.1%	163.3%	190.6%	190.5%	230.1%	299.1%
Interest cover (operating income ÷ interest)	0.7x	5.4x	0.2x	n/m	2.8x	7.5x	4.6x	1.3x	2.3x	3.4x	3.2x	3.1x	3.3x	4.8x	4.0x	n/m	0.2x
Effective tax rate	−6.1%	24.8%	—	—	14.4%	24.1%	22.2%	21.6%	28.5%	20.4%	20.2%	−1.5%	25.9%	20.6%	14.6%	—	—
R&D as % of revenue	0.5%	0.5%	1.0%	1.0%	0.7%	0.4%	0.5%	0.6%	0.8%	1.2%	1.5%	1.3%	1.1%	0.9%	1.3%	2.0%	1.6%
Capital spending as % of revenue	11.4%	9.0%	10.8%	4.7%	1.4%	1.7%	2.6%	10.0%	8.2%	8.4%	—	—	8.1%	8.4%	14.7%	18.6%	17.2%
Free cash flow ÷ net income	−94.1%	−381.3%	—	—	652.0%	90.0%	187.8%	−865.6%	−73.4%	−42.2%	—	—	−878.7%	120.6%	−157.5%	<−999%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · December 31, 2025

What it owns · $15.2bn

Short-term assets $6.0bnLonger-term assets $9.2bn

What it owes, and who funded it · $13.7bn

Short-term liabilities $5.9bnLonger-term liabilities $5.1bnShareholders' equity $2.8bn

Short-term assets cover short-term liabilities $6.0bn of assets due within a year against $5.9bn of liabilities due within a year.
Short-term assets cover long-term liabilities $6.0bn short-term assets against $5.1bn of longer-dated liabilities.
More cash than debt $1.4bn of cash against $8.4bn of debt.
Debt below 40% of shareholders' equity Debt is 299% of equity.
Debt burden no higher than five years ago Debt to equity moved from 60% to 299% over five years.
A year's operating cash flow covers at least 20% of debt −$253m of operating cash flow against $8.4bn of debt.
Operating profit covers interest at least five times over Operating income of $43m against $178m of interest.

From Canadian Solar Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Canadian Solar Inc.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Canadian Solar Inc.