CSIQCanadian Solar Inc.
Is it safe?
Caution warranted: heavy debt (BB) and big price swings.
Moderately leveraged. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -89% · now 66% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can CSIQ take a bad year?
Canadian Solar Inc. carries $7.03B of net debt at 11.8× EBITDA: a heavy load to carry through a bad year.
Net debt · as at FY2025 · over four years of earnings before interest, tax and depreciation, heavy
- Net debt / EBITDA
- 11.8×
Net debt / EBITDA · 10.1× a year ago · the load is going up
- Cash runway
- 1.1 years
Cash runway · burning $304M a quarter at the current rate
- Annualised volatility
- 89%
Annualised volatility · three times the market's own swing
Details›
- Total debtFY2025
- $8.40B
- Cash and short-term investments
- $1.37B
- Net debt
- $7.03B
- EBITDA, trailing twelve months
- $598M
- Operating profit, trailing twelve months
- $43M
- Debt / equity
- 2.99×
- Total debt / EBITDA
- 14.0×
- Annualised volatilitytwo years of daily moves
- 89%
- Worst drawdown on file
- −89%
- Below its 52-week high
- 66%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.