Canadian Solar Inc. (CSIQ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-11058.8%

-$1,031.23

vs $9.41 price

Levered DCF

-$1,704.17

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.47

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-15.34×	20.59×	6.14×	8.28×	20.19×	20.83×	7.67×	3.7×
P/B	0.57×	0.26×	0.67×	1.02×	1.07×	1.94×	0.95×	0.71×
P/S	0.29×	0.12×	0.23×	0.27×	0.37×	0.88×	0.41×	0.23×
EV / EBITDA	12.44×	7.9×	5.12×	7.59×	9×	10.37×	6.23×	4.9×
Gross margin	18.3%	16.7%	16.8%	16.9%	17.2%	19.8%	22.4%	20.7%
Operating margin	0.8%	-0.5%	6.0%	4.8%	3.6%	6.3%	8.1%	9.7%
Net margin	-1.9%	0.6%	3.6%	3.2%	1.8%	4.2%	5.4%	6.3%
Current ratio	0.93×	0.97×	1.04×	1.07×	1.18×	0.96×	0.86×	1.04×
Debt / equity	2.73×	2.1×	1.75×	2.08×	1.81×	1.84×	1.79×	1.78×
Interest coverage	0.24×	-0.22×	3.97×	4.79×	3.27×	3.07×	3.18×	3.44×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.7%	1.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.7%	1.3%	10.7%	12.4%	5.3%	9.3%	12.3%	19.3%
Return on invested capital	0.3%	-0.2%	4.3%	4.3%	2.5%	4.3%	5.8%	7.7%
Return on assets	-0.7%	0.3%	2.3%	2.7%	1.3%	2.2%	3.1%	4.8%
Free cash flow yield	-102.7%	-372.0%	-49.0%	14.5%	-43.5%	-14.9%	23.4%	-11.4%
Earnings yield	-6.5%	4.9%	16.0%	12.1%	4.9%	4.8%	13.0%	27.1%
Enterprise value	$7.4B	$4.4B	$4.3B	$5B	$4.3B	$4.3B	$2.6B	$2.6B
Net debt / EBITDA	9.73×	6.57×	3.06×	4.6×	4.98×	3.02×	3.1×	3.26×
Cash conversion cycle (days)	124	101	79	103	119	105	70	46