Deep Value: cash covers more than 100% of the stock price

This company holds roughly $1.7B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Canadian Solar

CSIQ

Solar · Technology

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Canadian Solar makes solar panels and builds large solar power plants. It sells solar panels to homeowners, businesses, and utilities around the world. The company also develops, builds, and sometimes operates big solar farms that generate electricity — making it one of the largest solar companies globally by shipment volume.

Canadian Solar earns money two ways: selling solar modules (the physical panels) and selling completed solar energy projects to investors and utilities. It operates across more than 20 countries, with major activity in North America, Asia, and Europe, and reported roughly $1.1 billion in market cap as of mid-2026. Its scale gives it some cost advantages in manufacturing, but the business faces intense price competition from Chinese rivals, thin operating margins, and exposure to trade tariffs and policy changes. The biggest risk is continued panel price pressure, which squeezes profits even as demand for solar energy keeps growing.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+31.9% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

29.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~13 months

$1.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Revenue declining

Canadian Solar's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

25.1%

Modest — 25.1% gross margin

Profit after running costs

Operating Margin

6.8%

Modest — 6.8% operating margin

Return on the money invested

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-6.6%

Shrinking sales (-6.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-25.7%

Burning cash (-25.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.63

Heavy debt load (2.63)

Covers its interest

Interest Cover

0.90x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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