CSIQCanadian Solar Inc.

Semiconductors & Related Devices

Revenue: $5.6B; 6.6% YoY
Operating margin: 0.8%; 254% YoY
EBITDA: $598M; 27% YoY
Market cap: $628M
Employees: —
Net debt / EBITDA: 7.8×; $4.6B net debt
AI in 10-K: —

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-2% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
—
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$628M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$63K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.3B	$7.5B	$7.6B	$6.0B	$5.6B	6.6%
Operating income	$190M	$356M	$453M	−$30M	$43M	243%
Net income	—	—	$274M	$36M	−$104M	389%
Operating cash flow	−$408M	$917M	$685M	−$885M	−$253M	71%
Capex	$429M	$627M	$1.1B	$1.1B	$962M	14%
Stock-based comp	$9M	$9M	$55M	$21M	$24M	14%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 27, 2020	Lion Point Capital, LP	SC 13D/A	4.1%	Passive
Oct 28, 2020	Lion Point Capital, LP	SC 13D/A	7.6%	Passive
Jul 23, 2019	Qu Shawn Xiaohua	SC 13D/A	23.2%	Passive
Jun 7, 2019	Lion Point Capital, LP	SC 13D/A	6.5%	Active
May 6, 2019	Lion Point Capital, LP	SC 13D/A	10.6%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $63K · 2
Net: −$63K

Pay vs performance

No pay-versus-performance disclosure yet.