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CSIQ - Canadian Solar Inc.

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Canadian Solar Inc.

CSIQ

NASDAQ

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc. (CSI) Solar and Global Energy. The CSI Solar segment offers standard solar modules and battery storage solutions, as well as solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories; and engineering, procurement, and construction (EPC) services. The Global Energy segment engages in the development, construction, maintenance, and sale of solar and battery storage projects; operation of solar power plants; and sale of electricity. This segment also provides operation and maintenance (O&M) services, including monitoring, inspections, repair, and replacement of plant equipment; and site management and administrative support services for solar projects, as well as asset management services. As of January 31, 2021, this segment had a fleet of solar power plants in operation with an aggregate capacity of approximately 445 MWp. The company serves distributors, system integrators, project developers, and installers/EPC companies. It sells its products primarily under its Canadian Solar brand name; and on an OEM basis. The company was incorporated in 2001 and is headquartered in Guelph, Canada.

9.55 USD

0.1 (1.05%)

Operating Data

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

3.48B

5.28B

7.47B

7.61B

5.99B

7.1B

8.42B

9.97B

11.82B

14B

Revenue %

-

51.8

41.53

1.94

-21.28

18.5

18.5

18.5

18.5

Ebitda

423.51M

494.31M

675.15M

829.66M

55.17M

602.34M

713.74M

845.76M

1B

1.19B

Ebitda %

12.18

9.37

9.04

10.9

0.92

8.48

8.48

8.48

8.48

Ebit

206.36M

196.62M

430.73M

522.62M

55.17M

329.72M

390.71M

462.97M

548.61M

650.08M

Ebit %

5.94

3.73

5.77

6.86

0.92

4.64

4.64

4.64

4.64

Depreciation

217.15M

297.69M

244.42M

307.04M

-

272.61M

323.03M

382.78M

453.58M

537.48M

Depreciation %

6.25

5.64

3.27

4.03

-

3.84

3.84

3.84

3.84

Balance Sheet

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Total Cash

1.18B

869.83M

981.43M

1.96B

2.25B

1.8B

2.13B

2.53B

3B

3.55B

Total Cash %

33.91

16.48

13.14

25.72

37.59

25.37

25.37

25.37

25.37

Receivables

545.71M

887.54M

1.24B

1.21B

1.49B

1.28B

1.51B

1.79B

2.12B

2.51B

Receivables %

15.7

16.82

16.55

15.89

24.83

17.96

17.96

17.96

17.96

Inventories

695.98M

1.19B

1.52B

1.18B

1.33B

1.43B

1.7B

2.01B

2.38B

2.82B

Inventories %

20.02

22.59

20.41

15.49

22.21

20.14

20.14

20.14

20.14

Payable

514.74M

503M

805.3M

813.68M

1.06B

902.54M

1.07B

1.27B

1.5B

1.78B

Payable %

14.81

9.53

10.78

10.69

17.73

12.71

12.71

12.71

12.71

Cap Ex

-334.94M

-429.5M

-628M

-1.53B

-1.86B

-1.1B

-1.3B

-1.54B

-1.83B

-2.17B

Cap Ex %

-9.63

-8.14

-8.41

-20.04

-31.1

-15.46

-15.46

-15.46

-15.46

Weighted Average Cost Of Capital

Price

9.55

Beta

Diluted Shares Outstanding

66.94M

Costof Debt

3.92

Tax Rate

After Tax Cost Of Debt

-1.72

Risk Free Rate

Market Risk Premium

Cost Of Equity

Total Debt

5.91B

Total Equity

639.27M

Total Capital

6.55B

Debt Weighting

90.24

Equity Weighting

9.76

Wacc

3.15

Build Up Free Cash Flow

Year

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

Revenue

3.48B

5.28B

7.47B

7.61B

5.99B

7.1B

8.42B

9.97B

11.82B

14B

Ebitda

423.51M

494.31M

675.15M

829.66M

55.17M

602.34M

713.74M

845.76M

1B

1.19B

Ebit

206.36M

196.62M

430.73M

522.62M

55.17M

329.72M

390.71M

462.97M

548.61M

650.08M

Tax Rate

143.8

143.8

143.8

143.8

143.8

143.8

143.8

143.8

143.8

143.8

Ebiat

225.11M

135.25M

289.96M

350.77M

-24.16M

199.96M

236.94M

280.77M

332.7M

394.24M

Depreciation

217.15M

297.69M

244.42M

307.04M

-

272.61M

323.03M

382.78M

453.58M

537.48M

Receivables

545.71M

887.54M

1.24B

1.21B

1.49B

1.28B

1.51B

1.79B

2.12B

2.51B

Inventories

695.98M

1.19B

1.52B

1.18B

1.33B

1.43B

1.7B

2.01B

2.38B

2.82B

Payable

514.74M

503M

805.3M

813.68M

1.06B

902.54M

1.07B

1.27B

1.5B

1.78B

Cap Ex

-334.94M

-429.5M

-628M

-1.53B

-1.86B

-1.1B

-1.3B

-1.54B

-1.83B

-2.17B

Ufcf

-619.63M

-846.53M

-471.6M

-488.41M

-2.07B

-672.71M

-1.07B

-1.27B

-1.51B

-1.79B

Wacc

3.15

3.15

3.15

3.15

3.15

Pv Ufcf

-652.17M

-1.01B

-1.16B

-1.33B

-1.53B

Sum Pv Ufcf

-5.69B

Terminal Value

Growth In Perpetuity Method

Long Term Growth Rate

Wacc

3.15

Free Cash Flow T1

-1.82B

Terminal Value

-158.86B

Present Terminal Value

-136.05B

Intrinsic Value

Enterprise Value

-141.74B

Net Debt

3.66B

Equity Value

-145.4B

Diluted Shares Outstanding

66.94M

Equity Value Per Share

-2.17k

Projected DCF

-2172.1 1.004%

DCF Levered

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