Canadian Solar
CSIQ on Nasdaq. Semiconductors & related devices. Market value $759m.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-155.27 of spare cash last year. A savings account pays about $4.
You pay 184.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 4 cents a year. Above 10 is good.
Quality score: 34 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$11.54 a share, 12% above its 1-year low
Over the past year the price has ranged from $10.34 to $34.59.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $5.3bn | $7.5bn | $7.6bn | $6.0bn | $5.6bn |
| Operating margin | |||||
| Operating margin | 3.6% | 4.8% | 6.0% | -0.5% | 0.8% |
| Debt to equity | |||||
| Debt to equity | 1.48 | 1.92 | 1.97 | 2.37 | 3.04 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)1 of 9
- Profit backed by cash (accruals)Yes
- Debt3.04× equity
- Revenue growth, five yearsSlow, 10.0% a year
- Buying back its own sharesNo, 6% more shares since 2021
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 April 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
None of the long-term investors we follow own it. 154 funds in all.
Largest holders overall
- BlackRock$85mAdded
- Mackenzie Financial$74m
- D. E. Shaw$61mAdded
- Invesco$44mAdded
- Legal & General Group$43mAdded
- Polunin Capital Partners$32mAdded
- State Street$25mAdded
- Morgan Stanley$21mCut
- TWO Sigma Investments, LP$19mCut
- Shah Capital Management$15mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- PAG Castle Holdings Pte. Ltd.Passive investorat least 14.1%+3.0 pts(filed with 6 related holders)Since 3 July 2025
- Venture Holding S.a.r.l. SPFPassive investor9.0%−1.8 ptsSince 6 November 2025
- David E. ShawPassive investorat least 8.0%+1.6 pts(filed with 2 related holders)Since 16 July 2026
- BlackRock, Inc.Passive investor7.8%+6.4 ptsSince 30 June 2026
- MACKENZIE FINANCIAL CORPPassive investor6.9%+0.2 ptsSince 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
PAG Castle Holdings Pte. Ltd. Passive investor | at least 14.1%+3.0 pts (filed with 6 related holders) | 3 July 2025 | |
Venture Holding S.a.r.l. SPF Passive investor | 9.0%−1.8 pts | 6 November 2025 | |
David E. Shaw Passive investor | at least 8.0%+1.6 pts (filed with 2 related holders) | 16 July 2026 | |
BlackRock, Inc. Passive investor | 7.8%+6.4 pts | 30 June 2026 | |
MACKENZIE FINANCIAL CORP Passive investor | 6.9%+0.2 pts | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $62,978.
- Chang Leslie Li HsienDirectorSold
- Date
- 26 May 2026
- Shares
- 1,767
- Price
- $19.45
- Value
- $34,368
- Wong Andrew Luen CheungDirectorSold
- Date
- 19 May 2026
- Shares
- 1,752
- Price
- $16.33
- Value
- $28,610
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 May 2026 | Chang Leslie Li Hsien Director | Sold | 1,767 | $19.45 | $34,368 |
| 19 May 2026 | Wong Andrew Luen Cheung Director | Sold | 1,752 | $16.33 | $28,610 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
Canadian Solar doesn’t file a US annual report (10-K), so we haven’t checked it.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.0× its equity.
- It isn't cheap on profits: 184.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.