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Canadian Solar Balance Sheet 2025-2008 | CSIQ
Brief overview of Canadian Solar 's assets and capital
The review uses the five latest available annual reports between 2021 and 2025.
Assets rose from $7.4 billion to $15.2 billion, a gain of +105.3%, while CAGR was about 19.7%. The balance sheet expanded rapidly.
Assets and liabilities changed at similar rates, +105.3% and +107.2%. The funding mix did not shift sharply.
The equity ratio equals 18.5%, with a starting level of 24.4%. Stable cash flow is important under this structure.
Net debt to equity is high at 1.66x; refinancing risk and borrowing costs become more important.
The cash share moved from 11.8% to 9%. A higher figure generally provides more room in an adverse scenario.
Retained earnings are $1.5 billion versus $1 billion initially. The direction shows how results contributed to equity.
Conclusion
Taken together, Canadian Solar 's balance sheet indicators point to elevated risk. Asset growth does not offset weak funding sources.
Annual Balance Sheet Canadian Solar
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
4.67 B | 2.92 B | 1.15 B | 1.29 B | 167 M | -1.16 B | -567 M | 1.37 B | 1.93 B | 1.71 B | 1.36 B | 460 M | 702 M | 932 M | 489 M | -219 M | - | - |
Long Term Debt |
6.01 B | 4.6 B | 3.07 B | 2.26 B | 1.02 B | 2.37 M | 619 M | 394 M | 531 M | 619 M | 757 M | 284 M | 151 M | 215 M | 89.2 M | 69.5 M | - | - |
Long Term Debt Current |
26.8 M | 21.3 M | 20.2 M | 9.81 M | 12.2 M | 15.2 M | 18.8 M | 107 M | 861 M | 676 M | 107 M | 37.2 M | 136 M | 17.5 M | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | - | 671 M | 722 M | 786 M | 928 M | 394 M | 274 M | 417 M | 176 M | - | - | - |
Total Current Liabilities |
5.85 B | 5.42 B | 5.86 B | 5.26 B | 4.04 B | 3.59 B | 3.09 B | 2.95 B | 4.11 B | 3.72 B | 2.66 B | 1.95 B | 1.78 B | 1.54 B | 1.24 B | 775 M | - | - |
Total Liabilities |
10.9 B | 9.36 B | 8.19 B | 6.73 B | 5.26 B | 4.64 B | 4.04 B | 3.62 B | 4.83 B | 4.51 B | 3.58 B | 2.34 B | 2.05 B | 1.96 B | 1.41 B | 888 M | - | - |
Deferred Revenue |
163 M | 205 M | 392 M | 335 M | 136 M | 189 M | 135 M | 39 M | 51.7 M | 90.1 M | 76.2 M | 112 M | 75.3 M | 18.7 M | 65.2 M | - | - | - |
Retained Earnings |
1.48 B | 1.59 B | 1.55 B | 1.28 B | 1.04 B | 940 M | 794 M | 622 M | 384 M | 284 M | 219 M | 47 M | -193 M | -224 M | -28.7 M | 62.1 M | - | - |
Total Assets |
15.2 B | 13.5 B | 11.9 B | 9.04 B | 7.39 B | 6.54 B | 5.47 B | 4.89 B | 5.89 B | 5.41 B | 4.42 B | 3.07 B | 2.45 B | 2.26 B | 1.88 B | 1.42 B | - | - |
Cash and Cash Equivalents |
1.37 B | 1.7 B | 1.94 B | 981 M | 870 M | 1.18 B | 1.21 B | 444 M | 562 M | 511 M | 553 M | 550 M | 228 M | 142 M | 344 M | 289 M | 160 M | 116 M |
Book Value |
4.27 B | 4.15 B | 3.71 B | 2.31 B | 2.13 B | 1.89 B | 1.43 B | 1.27 B | 1.06 B | 899 M | 833 M | 730 M | 401 M | 302 M | 467 M | 535 M | - | - |
Total Shareholders Equity |
2.81 B | 2.82 B | 2.56 B | 1.94 B | 1.8 B | 1.57 B | 1.43 B | 1.23 B | 1.03 B | 885 M | 819 M | 717 M | 391 M | 291 M | 466 M | 534 M | 466 M | 332 M |
All numbers in USD currency
Quarterly Balance Sheet Canadian Solar
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | 2009-Q4 | 2008-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
6.01 B | 4.6 B | 3.07 B | - | - | - | - | 1.02 B | - | - | - | 935 M | - | - | - | 1.02 B | - | - | - | 394 M | - | - | - | 404 M | - | - | - | 493 M | - | - | - | 607 M | - | - | - | 134 M | - | - | - | 151 M | - | - | - | 215 M | - | - | - | 88.2 M | - | - | - | 69.5 M | - | - |
Total Liabilities |
10.9 B | 9.36 B | 8.19 B | - | - | - | - | 5.26 B | - | - | - | 4.64 B | - | - | - | 4.04 B | - | - | - | 3.62 B | - | - | - | 4.83 B | - | - | - | 4.51 B | - | - | - | 3.58 B | - | - | - | 2.34 B | - | - | - | 2.04 B | - | - | - | 1.91 B | - | - | - | 1.41 B | - | - | - | 888 M | - | - |
Deferred Revenue |
163 M | 205 M | 392 M | - | - | - | - | 136 M | - | - | - | 189 M | - | - | - | 135 M | - | - | - | 39 M | - | - | - | 51.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
1.48 B | 1.59 B | 1.55 B | - | - | - | - | 1.04 B | - | - | - | 940 M | - | - | - | 794 M | - | - | - | 622 M | - | - | - | 384 M | - | - | - | 284 M | - | - | - | 219 M | - | - | - | 47 M | - | - | - | -193 M | - | - | - | -224 M | - | - | - | -28.7 M | - | - | - | 62.1 M | - | - |
Total Assets |
15.2 B | 13.5 B | 11.9 B | - | - | - | - | 7.39 B | - | - | - | 6.54 B | - | - | - | 5.47 B | - | - | - | 4.89 B | - | - | - | 5.89 B | - | - | - | 5.41 B | - | - | - | 4.41 B | - | - | - | 3.07 B | - | - | - | 2.45 B | - | - | - | 2.26 B | - | - | - | 1.88 B | - | - | - | 1.42 B | - | - |
Cash and Cash Equivalents |
1.37 B | 1.7 B | 1.94 B | - | - | - | - | 870 M | - | - | - | 1.18 B | - | - | - | 669 M | - | - | - | 444 M | - | - | - | 562 M | - | - | - | 511 M | - | - | - | 553 M | - | - | - | 550 M | - | - | - | 228 M | - | - | - | 142 M | - | - | - | 344 M | - | - | - | 289 M | 160 M | 116 M |
Book Value |
4.27 B | 4.15 B | 3.71 B | - | - | - | - | 2.13 B | - | - | - | 1.89 B | - | - | - | 1.43 B | - | - | - | 1.27 B | - | - | - | 1.06 B | - | - | - | 899 M | - | - | - | 833 M | - | - | - | 732 M | - | - | - | 412 M | - | - | - | 347 M | - | - | - | 467 M | - | - | - | 535 M | - | - |
Total Shareholders Equity |
2.81 B | 2.82 B | 2.56 B | - | - | - | - | 1.8 B | - | - | - | 1.57 B | - | - | - | 1.39 B | - | - | - | 1.23 B | - | - | - | 1.03 B | - | - | - | 885 M | - | - | - | 819 M | - | - | - | 717 M | - | - | - | 391 M | - | - | - | 291 M | - | - | - | 466 M | - | - | - | 534 M | 466 M | 332 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Canadian Solar , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Solar
| Issuer | Price | % 24h | Market Cap | Country | |
|---|---|---|---|---|---|
 |
Maxeon Solar Technologies, Ltd.
MAXN
|
- | - | $ 4.86 M |  Singapore |
 |
Sunnova Energy International
NOVA
|
- | - | $ 27.3 M |  USA |
 |
First Solar
FSLR
|
$ 204.46 | 2.02 % | $ 21.9 B | USA |
 |
SPI Energy Co., Ltd.
SPI
|
- | -12.26 % | $ 19.9 M |  China |
 |
JinkoSolar Holding Co., Ltd.
JKS
|
$ 13.54 | 0.3 % | $ 2.82 B | China |
 |
Sunworks
SUNW
|
- | -40.48 % | $ 1.97 M | USA |
 |
Array Technologies
ARRY
|
$ 4.59 | 0.54 % | $ 700 M | USA |
 |
SolarEdge Technologies
SEDG
|
$ 31.41 | 1.3 % | $ 1.85 B |  Israel |
 |
Shoals Technologies Group
SHLS
|
$ 7.14 | 1.5 % | $ 1.19 B | USA |
 |
Sunrun
RUN
|
$ 8.78 | 0.38 % | $ 2.02 B | USA |
 |
SunPower Corporation
SPWR
|
$ 0.29 | 0.3 % | $ 50.4 M | USA |
 |
Enphase Energy
ENPH
|
$ 37.25 | 2.17 % | $ 4.89 B | USA |
 |
Beam Global
BEEM
|
$ 1.47 | 25.74 % | $ 24.7 K | USA |