Module Shipments
7.9 gigawatts, near the high end of guidance. This was achieved despite challenges in the market.
Energy Storage Shipments
2.2 gigawatt hours, below guidance due to tariff impacts shifting some shipments to the second half.
Revenue
$1.7 billion, impacted by certain project sales delays.
Gross Margin
29.8%, exceeded guidance due to a higher mix of North America module shipments and robust storage performance.
Net Income Attributable to Shareholders
$7 million, or a net loss of $0.08 per diluted share, impacted by nonrecurring operating expenses and PIK accounting for preferred shareholders.
Operating Expenses
$378 million, increased due to nonrecurring items including impairment charges related to solar, storage, and manufacturing assets.
Operating Income
$121 million, supported by a stronger mix of North American module volumes and installation surge in China.
Cash Flow from Operating Activities
$189 million inflow, driven by a decrease in inventory.
Total Debt
$6.3 billion, increased due to new borrowings for project development and operational assets.
Cash Position
$2.3 billion, reflecting disciplined liquidity management.
CSIQ
$23.22+Infinity%1D
Analyst Views on CSIQ
Wall Street analysts forecast CSIQ stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CSIQ is 18.22 USD with a low forecast of 5.58 USD and a high forecast of 37.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
Wall Street analysts forecast CSIQ stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CSIQ is 18.22 USD with a low forecast of 5.58 USD and a high forecast of 37.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
3 Hold
5 Sell
Moderate Sell
Current: 22.910
Low
5.58
Averages
18.22
High
37.00
Current: 22.910
Low
5.58
Averages
18.22
High
37.00
Daiwa
Neutral -> Outperform
upgrade
$13 -> $30
2025-12-02
Reason
Daiwa
Price Target
$13 -> $30
2025-12-02
upgrade
Neutral -> Outperform
Reason
Daiwa upgraded Canadian Solar to Outperform from Neutral with a price target of $30, up from $13, after the company announced plans to establish two new Joint Ventures to run the U.S. solar PV business and the U.S. energy storage business with a controlling 75.1% stake. Daiwa thinks this move will enable Canadian Solar to remain compliant with potential U.S. foreign entity of concern requirements for solar and ESS imports, calling the stock the firm's "preferred China player in the promising US ESS market."
Mizuho
Outperform -> Underperform
downgrade
$15 -> $21
2025-11-19
Reason
Mizuho
Price Target
$15 -> $21
2025-11-19
downgrade
Outperform -> Underperform
Reason
Mizuho double downgraded Canadian Solar to Underperform from Outperform with a price target of $21, up from $15. The stock's recent rally reflects a higher growth multiple for Canadian Solar's battery storage business and solar multiple expansion, the analyst tells investors in a research note. However, the firm says the impact of U.S. factory resolution remains uncertain. Mizuho points out the stock has rallied 108% in the last three months, outperforming peers, due to expectations for battery storage demand to meet load growth and solar multiples bottoming out. "This seems overdone," the firm contends. It believes Canadian Solar's U.S. expansion remains on track, but adds that its Foreign Entity of Concern compliance is still pending.
UBS
Buy
upgrade
$15 -> $37
2025-11-19
Reason
UBS
Price Target
$15 -> $37
2025-11-19
upgrade
Buy
Reason
UBS raised the firm's price target on Canadian Solar to $37 from $15 and keeps a Buy rating on the shares. UBS is increasingly positive on Chinese policy as Beijing intends to curb oversupply, a likely tailwind for Canadian Solar from potential module market share gain or higher average selling prices, the analyst tells investors in a research note.
Mizuho
Outperform -> Underperform
downgrade
$21
2025-11-19
Reason
Mizuho
Price Target
$21
2025-11-19
downgrade
Outperform -> Underperform
Reason
Mizuho downgraded Canadian Solar to Underperform from Outperform with a $21 price target.
About CSIQ
Canadian Solar Inc. is a Canada-based solar technology and renewable energy company. It is a manufacturer of solar photovoltaic modules, a provider of solar energy and battery energy storage solutions, and a developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. It operates through two segments: Recurrent Energy, and CSI Solar. The Recurrent Energy segment is vertically integrated and focuses on greenfield origination, development, financing, execution, operations and maintenance, and asset management. The CSI Solar segment consists of solar module and battery energy storage manufacturing, and delivery of total system solutions, including inverters, solar system kits, and engineering, procurement, and construction (EPC) services. It has developed, built, and connected around 10 Giga Watt peak (GWp) of solar power projects and 3.3 GWh of battery energy storage projects across the world.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
