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Side-by-side financial comparison of Canadian Solar Inc. (CSIQ) and Enphase Energy (ENPH). Click either name above to swap in a different company.
Canadian Solar Inc. is the larger business by last-quarter revenue ($4.5B vs $282.9M, roughly 15.8× Enphase Energy). Canadian Solar Inc. runs the higher net margin — 1.3% vs -2.6%, a 3.9% gap on every dollar of revenue.
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.
Enphase Energy, Inc. is an American energy technology company headquartered in Fremont, California, that develops and manufactures solar micro-inverters, battery energy storage, and EV charging stations primarily for residential customers. Enphase was established in 2006 and is the first company to successfully commercialize solar micro-inverters, which convert the direct current (DC) power generated by solar panels into grid-compatible alternating current (AC) for use or export.
CSIQ vs ENPH — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.5B | $282.9M |
| Net Profit | $57.6M | $-7.4M |
| Gross Margin | 17.5% | 35.5% |
| Operating Margin | 2.2% | — |
| Net Margin | 1.3% | -2.6% |
| Revenue YoY | — | -20.6% |
| Net Profit YoY | — | -124.9% |
| EPS (diluted) | — | $-0.06 |
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.
| Q1 26 | — | $282.9M | ||
| Q4 25 | — | $343.3M | ||
| Q3 25 | $4.5B | $410.4M | ||
| Q2 25 | $3.0B | $363.2M | ||
| Q1 25 | $1.3B | $356.1M | ||
| Q4 24 | — | $382.7M | ||
| Q3 24 | $5.9B | $380.9M | ||
| Q2 24 | $4.1B | $303.5M |
| Q1 26 | — | $-7.4M | ||
| Q4 25 | — | $38.7M | ||
| Q3 25 | $57.6M | $66.6M | ||
| Q2 25 | $63.6M | $37.1M | ||
| Q1 25 | $36.2M | $29.7M | ||
| Q4 24 | — | $62.2M | ||
| Q3 24 | $366.8M | $45.8M | ||
| Q2 24 | $304.4M | $10.8M |
| Q1 26 | — | 35.5% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | 17.5% | 47.8% | ||
| Q2 25 | 18.0% | 46.9% | ||
| Q1 25 | 19.0% | 47.2% | ||
| Q4 24 | — | 51.8% | ||
| Q3 24 | 18.0% | 46.8% | ||
| Q2 24 | 18.7% | 45.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | 2.2% | 16.1% | ||
| Q2 25 | 3.3% | 10.2% | ||
| Q1 25 | 3.7% | 9.0% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | 7.7% | 13.1% | ||
| Q2 24 | 9.1% | 0.6% |
| Q1 26 | — | -2.6% | ||
| Q4 25 | — | 11.3% | ||
| Q3 25 | 1.3% | 16.2% | ||
| Q2 25 | 2.1% | 10.2% | ||
| Q1 25 | 2.7% | 8.3% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | 6.2% | 12.0% | ||
| Q2 24 | 7.5% | 3.6% |
| Q1 26 | — | $-0.06 | ||
| Q4 25 | — | $0.29 | ||
| Q3 25 | — | $0.50 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.22 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $0.33 | ||
| Q2 24 | — | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $497.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.9B | $1.1B |
| Total Assets | $13.5B | $2.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $497.5M | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $1.9B | $1.8B | ||
| Q2 24 | $1.9B | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $1.1B | ||
| Q4 25 | — | $1.1B | ||
| Q3 25 | $3.9B | $995.0M | ||
| Q2 25 | $3.9B | $880.6M | ||
| Q1 25 | $3.9B | $810.7M | ||
| Q4 24 | — | $833.0M | ||
| Q3 24 | $3.7B | $931.4M | ||
| Q2 24 | $3.7B | $884.5M |
| Q1 26 | — | $2.7B | ||
| Q4 25 | — | $3.5B | ||
| Q3 25 | $13.5B | $3.3B | ||
| Q2 25 | $13.5B | $3.2B | ||
| Q1 25 | $13.5B | $3.1B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | $11.9B | $3.3B | ||
| Q2 24 | $11.9B | $3.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.21× | ||
| Q2 25 | — | 1.37× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | — | 1.47× |
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 | $-187.7M | $102.9M |
| Free Cash FlowOCF − Capex | — | $83.0M |
| FCF MarginFCF / Revenue | — | 29.3% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -3.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $145.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $102.9M | ||
| Q4 25 | — | $47.6M | ||
| Q3 25 | $-187.7M | $13.9M | ||
| Q2 25 | — | $26.6M | ||
| Q1 25 | — | $48.4M | ||
| Q4 24 | — | $167.3M | ||
| Q3 24 | — | $170.1M | ||
| Q2 24 | — | $127.1M |
| Q1 26 | — | $83.0M | ||
| Q4 25 | — | $37.8M | ||
| Q3 25 | — | $5.9M | ||
| Q2 25 | — | $18.4M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $159.2M | ||
| Q3 24 | — | $161.6M | ||
| Q2 24 | — | $117.4M |
| Q1 26 | — | 29.3% | ||
| Q4 25 | — | 11.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | 41.6% | ||
| Q3 24 | — | 42.4% | ||
| Q2 24 | — | 38.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 2.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 3.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.23× | ||
| Q3 25 | -3.26× | 0.21× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | — | 2.69× | ||
| Q3 24 | — | 3.72× | ||
| Q2 24 | — | 11.73× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
