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Side-by-side financial comparison of Coupang, Inc. (CPNG) and Canadian Solar Inc. (CSIQ). Click either name above to swap in a different company.
Coupang, Inc. is the larger business by last-quarter revenue ($8.8B vs $4.5B, roughly 2.0× Canadian Solar Inc.). Canadian Solar Inc. runs the higher net margin — 1.3% vs -0.3%, a 1.6% gap on every dollar of revenue.
Coupang, Inc. is an American Delaware-incorporated technology and online retail company headquartered in Seattle, Washington. Founded in 2010 by Bom Kim, the company operates a retail business, food delivery service, and OTT streaming service, with offices and operations in South Korea, Taiwan, the United States, India, Japan and Singapore.
Canadian Solar Inc. is a global renewable energy company. Headquartered in Kitchener, Ontario, the company manufactures solar PV modules, provides battery energy storage solutions and develops utility-scale solar power and battery energy storage projects.
CPNG vs CSIQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $4.5B |
| Net Profit | $-26.0M | $57.6M |
| Gross Margin | 28.8% | 17.5% |
| Operating Margin | 0.1% | 2.2% |
| Net Margin | -0.3% | 1.3% |
| Revenue YoY | 10.9% | — |
| Net Profit YoY | -116.7% | — |
| EPS (diluted) | $-0.02 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.8B | — | ||
| Q3 25 | $9.3B | $4.5B | ||
| Q2 25 | $8.5B | $3.0B | ||
| Q1 25 | $7.9B | $1.3B | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $7.9B | $5.9B | ||
| Q2 24 | $7.3B | $4.1B | ||
| Q1 24 | $7.1B | — |
| Q4 25 | $-26.0M | — | ||
| Q3 25 | $95.0M | $57.6M | ||
| Q2 25 | $32.0M | $63.6M | ||
| Q1 25 | $107.0M | $36.2M | ||
| Q4 24 | $156.0M | — | ||
| Q3 24 | $70.0M | $366.8M | ||
| Q2 24 | $-77.0M | $304.4M | ||
| Q1 24 | $5.0M | — |
| Q4 25 | 28.8% | — | ||
| Q3 25 | 29.4% | 17.5% | ||
| Q2 25 | 30.0% | 18.0% | ||
| Q1 25 | 29.3% | 19.0% | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 28.8% | 18.0% | ||
| Q2 24 | 29.3% | 18.7% | ||
| Q1 24 | 27.1% | — |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 1.7% | 2.2% | ||
| Q2 25 | 1.7% | 3.3% | ||
| Q1 25 | 1.9% | 3.7% | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 1.4% | 7.7% | ||
| Q2 24 | -0.3% | 9.1% | ||
| Q1 24 | 0.6% | — |
| Q4 25 | -0.3% | — | ||
| Q3 25 | 1.0% | 1.3% | ||
| Q2 25 | 0.4% | 2.1% | ||
| Q1 25 | 1.4% | 2.7% | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 0.9% | 6.2% | ||
| Q2 24 | -1.1% | 7.5% | ||
| Q1 24 | 0.1% | — |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.05 | — | ||
| Q2 25 | $0.02 | — | ||
| Q1 25 | $0.06 | — | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | $0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $0.00 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.3B | $1.7B |
| Total DebtLower is stronger | $648.0M | — |
| Stockholders' EquityBook value | $4.6B | $3.9B |
| Total Assets | $17.8B | $13.5B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3B | — | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $6.8B | $1.7B | ||
| Q1 25 | $6.1B | $1.7B | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.8B | $1.9B | ||
| Q2 24 | $5.5B | $1.9B | ||
| Q1 24 | $5.2B | — |
| Q4 25 | $648.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $988.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.7B | $3.9B | ||
| Q2 25 | $4.7B | $3.9B | ||
| Q1 25 | $4.4B | $3.9B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.2B | $3.7B | ||
| Q2 24 | $3.9B | $3.7B | ||
| Q1 24 | $4.1B | — |
| Q4 25 | $17.8B | — | ||
| Q3 25 | $18.7B | $13.5B | ||
| Q2 25 | $17.8B | $13.5B | ||
| Q1 25 | $16.0B | $13.5B | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $16.3B | $11.9B | ||
| Q2 24 | $15.2B | $11.9B | ||
| Q1 24 | $14.9B | — |
| Q4 25 | 0.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.24× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $82.0M | $-187.7M |
| Free Cash FlowOCF − Capex | $-278.0M | — |
| FCF MarginFCF / Revenue | -3.1% | — |
| Capex IntensityCapex / Revenue | 4.1% | — |
| Cash ConversionOCF / Net Profit | — | -3.26× |
| TTM Free Cash FlowTrailing 4 quarters | $522.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $82.0M | — | ||
| Q3 25 | $792.0M | $-187.7M | ||
| Q2 25 | $545.0M | — | ||
| Q1 25 | $354.0M | — | ||
| Q4 24 | $676.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $664.0M | — | ||
| Q1 24 | $212.0M | — |
| Q4 25 | $-278.0M | — | ||
| Q3 25 | $439.0M | — | ||
| Q2 25 | $246.0M | — | ||
| Q1 25 | $115.0M | — | ||
| Q4 24 | $462.0M | — | ||
| Q3 24 | $-46.0M | — | ||
| Q2 24 | $486.0M | — | ||
| Q1 24 | $105.0M | — |
| Q4 25 | -3.1% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | 6.6% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | 4.1% | — | ||
| Q3 25 | 3.8% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 4.8% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | 8.34× | -3.26× | ||
| Q2 25 | 17.03× | — | ||
| Q1 25 | 3.31× | — | ||
| Q4 24 | 4.33× | — | ||
| Q3 24 | 4.77× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 42.40× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CPNG
| Products | $6.6B | 75% |
| Third Party Merchant Services | $1.9B | 22% |
| Service Other | $296.0M | 3% |
CSIQ
Segment breakdown not available.
