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Side-by-side financial comparison of Canadian Solar Inc. (CSIQ) and Eaton Corporation (ETN). Click either name above to swap in a different company.
Eaton Corporation is the larger business by last-quarter revenue ($7.1B vs $4.5B, roughly 1.6× Canadian Solar Inc.). Eaton Corporation runs the higher net margin — 16.0% vs 1.3%, a 14.7% 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.
Eaton Corporation plc is an Irish multinational power management company, with a primary administrative center in Beachwood, Ohio. Eaton has more than 85,000 employees and sells products to customers in more than 175 countries.
CSIQ vs ETN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.5B | $7.1B |
| Net Profit | $57.6M | $1.1B |
| Gross Margin | 17.5% | 36.8% |
| Operating Margin | 2.2% | 18.3% |
| Net Margin | 1.3% | 16.0% |
| Revenue YoY | — | 13.1% |
| Net Profit YoY | — | 16.5% |
| EPS (diluted) | — | $2.90 |
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 | — | $7.1B | ||
| Q3 25 | $4.5B | $7.0B | ||
| Q2 25 | $3.0B | $7.0B | ||
| Q1 25 | $1.3B | $6.4B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | $5.9B | $6.3B | ||
| Q2 24 | $4.1B | $6.3B | ||
| Q1 24 | — | $5.9B |
| Q4 25 | — | $1.1B | ||
| Q3 25 | $57.6M | $1.0B | ||
| Q2 25 | $63.6M | $982.0M | ||
| Q1 25 | $36.2M | $964.0M | ||
| Q4 24 | — | $971.0M | ||
| Q3 24 | $366.8M | $1.0B | ||
| Q2 24 | $304.4M | $993.0M | ||
| Q1 24 | — | $821.0M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | 17.5% | 38.3% | ||
| Q2 25 | 18.0% | 37.0% | ||
| Q1 25 | 19.0% | 38.4% | ||
| Q4 24 | — | 38.9% | ||
| Q3 24 | 18.0% | 38.6% | ||
| Q2 24 | 18.7% | 38.0% | ||
| Q1 24 | — | 37.3% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | 2.2% | 18.2% | ||
| Q2 25 | 3.3% | 16.9% | ||
| Q1 25 | 3.7% | 18.5% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | 7.7% | 19.0% | ||
| Q2 24 | 9.1% | 18.8% | ||
| Q1 24 | — | 16.8% |
| Q4 25 | — | 16.0% | ||
| Q3 25 | 1.3% | 14.5% | ||
| Q2 25 | 2.1% | 14.0% | ||
| Q1 25 | 2.7% | 15.1% | ||
| Q4 24 | — | 15.6% | ||
| Q3 24 | 6.2% | 15.9% | ||
| Q2 24 | 7.5% | 15.6% | ||
| Q1 24 | — | 13.8% |
| Q4 25 | — | $2.90 | ||
| Q3 25 | — | $2.59 | ||
| Q2 25 | — | $2.51 | ||
| Q1 25 | — | $2.45 | ||
| Q4 24 | — | $2.45 | ||
| Q3 24 | — | $2.53 | ||
| Q2 24 | — | $2.48 | ||
| Q1 24 | — | $2.04 |
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 | $803.0M |
| Total DebtLower is stronger | — | $8.8B |
| Stockholders' EquityBook value | $3.9B | $19.4B |
| Total Assets | $13.5B | $41.3B |
| Debt / EquityLower = less leverage | — | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $803.0M | ||
| Q3 25 | $1.7B | $565.0M | ||
| Q2 25 | $1.7B | $584.0M | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.9B | $2.0B | ||
| Q2 24 | $1.9B | $2.8B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | — | $8.8B | ||
| Q3 25 | — | $8.8B | ||
| Q2 25 | — | $8.8B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $8.5B | ||
| Q3 24 | — | $8.7B | ||
| Q2 24 | — | $8.6B | ||
| Q1 24 | — | $8.2B |
| Q4 25 | — | $19.4B | ||
| Q3 25 | $3.9B | $18.8B | ||
| Q2 25 | $3.9B | $18.6B | ||
| Q1 25 | $3.9B | $18.5B | ||
| Q4 24 | — | $18.5B | ||
| Q3 24 | $3.7B | $19.1B | ||
| Q2 24 | $3.7B | $19.2B | ||
| Q1 24 | — | $19.3B |
| Q4 25 | — | $41.3B | ||
| Q3 25 | $13.5B | $40.6B | ||
| Q2 25 | $13.5B | $40.5B | ||
| Q1 25 | $13.5B | $39.2B | ||
| Q4 24 | — | $38.4B | ||
| Q3 24 | $11.9B | $39.2B | ||
| Q2 24 | $11.9B | $39.4B | ||
| Q1 24 | — | $38.5B |
| Q4 25 | — | 0.45× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.45× | ||
| Q1 24 | — | 0.42× |
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 | $2.0B |
| Free Cash FlowOCF − Capex | — | $1.6B |
| FCF MarginFCF / Revenue | — | 22.3% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | -3.26× | 1.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $2.0B | ||
| Q3 25 | $-187.7M | $1.4B | ||
| Q2 25 | — | $918.0M | ||
| Q1 25 | — | $238.0M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $946.0M | ||
| Q1 24 | — | $475.0M |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $716.0M | ||
| Q1 25 | — | $91.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $759.0M | ||
| Q1 24 | — | $292.0M |
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 1.4% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 17.7% | ||
| Q2 24 | — | 12.0% | ||
| Q1 24 | — | 4.9% |
| Q4 25 | — | 5.6% | ||
| Q3 25 | — | 2.5% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 3.1% |
| Q4 25 | — | 1.74× | ||
| Q3 25 | -3.26× | 1.34× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.30× | ||
| Q2 24 | — | 0.95× | ||
| Q1 24 | — | 0.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSIQ
Segment breakdown not available.
ETN
| Other | $1.8B | 26% |
| Electrical Global Segment | $1.7B | 24% |
| Aerospace Segment | $1.1B | 16% |
| Vehicle Segment | $586.0M | 8% |
| Original Equipment Manufacturers | $438.0M | 6% |
| Aftermarket Distribution And End User | $403.0M | 6% |
| Commercial | $341.0M | 5% |
| Industrialand Other | $269.0M | 4% |
| Passenger And Light Duty | $244.0M | 3% |
| E Mobility Segment | $124.0M | 2% |
