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Side-by-side financial comparison of Canadian Solar Inc. (CSIQ) and Mastercard (MA). Click either name above to swap in a different company.
Mastercard is the larger business by last-quarter revenue ($8.8B vs $4.5B, roughly 2.0× Canadian Solar Inc.). Mastercard runs the higher net margin — 46.1% vs 1.3%, a 44.8% 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.
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
CSIQ vs MA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.5B | $8.8B |
| Net Profit | $57.6M | $4.1B |
| Gross Margin | 17.5% | — |
| Operating Margin | 2.2% | 55.8% |
| Net Margin | 1.3% | 46.1% |
| Revenue YoY | — | 17.6% |
| Net Profit YoY | — | 21.5% |
| EPS (diluted) | — | $4.52 |
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 | $4.5B | $8.6B | ||
| Q2 25 | $3.0B | $8.1B | ||
| Q1 25 | $1.3B | $7.3B | ||
| Q4 24 | — | $7.5B | ||
| Q3 24 | $5.9B | $7.4B | ||
| Q2 24 | $4.1B | $7.0B | ||
| Q1 24 | — | $6.3B |
| Q4 25 | — | $4.1B | ||
| Q3 25 | $57.6M | $3.9B | ||
| Q2 25 | $63.6M | $3.7B | ||
| Q1 25 | $36.2M | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $366.8M | $3.3B | ||
| Q2 24 | $304.4M | $3.3B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | — | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | 19.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 18.0% | — | ||
| Q2 24 | 18.7% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 55.8% | ||
| Q3 25 | 2.2% | 58.8% | ||
| Q2 25 | 3.3% | 58.7% | ||
| Q1 25 | 3.7% | 57.2% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | 7.7% | 54.3% | ||
| Q2 24 | 9.1% | 58.0% | ||
| Q1 24 | — | 56.8% |
| Q4 25 | — | 46.1% | ||
| Q3 25 | 1.3% | 45.7% | ||
| Q2 25 | 2.1% | 45.5% | ||
| Q1 25 | 2.7% | 45.2% | ||
| Q4 24 | — | 44.6% | ||
| Q3 24 | 6.2% | 44.3% | ||
| Q2 24 | 7.5% | 46.8% | ||
| Q1 24 | — | 47.4% |
| Q4 25 | — | $4.52 | ||
| Q3 25 | — | $4.34 | ||
| Q2 25 | — | $4.07 | ||
| Q1 25 | — | $3.59 | ||
| Q4 24 | — | $3.64 | ||
| Q3 24 | — | $3.53 | ||
| Q2 24 | — | $3.50 | ||
| Q1 24 | — | $3.22 |
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 | $10.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.9B | $7.7B |
| Total Assets | $13.5B | $54.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $10.6B | ||
| Q3 25 | $1.7B | $10.3B | ||
| Q2 25 | $1.7B | $9.0B | ||
| Q1 25 | $1.7B | $7.6B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $1.9B | $11.1B | ||
| Q2 24 | $1.9B | $7.0B | ||
| Q1 24 | — | $7.3B |
| Q4 25 | — | $7.7B | ||
| Q3 25 | $3.9B | $7.9B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | $3.9B | $6.7B | ||
| Q4 24 | — | $6.5B | ||
| Q3 24 | $3.7B | $7.4B | ||
| Q2 24 | $3.7B | $7.4B | ||
| Q1 24 | — | $7.2B |
| Q4 25 | — | $54.2B | ||
| Q3 25 | $13.5B | $53.3B | ||
| Q2 25 | $13.5B | $51.4B | ||
| Q1 25 | $13.5B | $48.5B | ||
| Q4 24 | — | $48.1B | ||
| Q3 24 | $11.9B | $47.2B | ||
| Q2 24 | $11.9B | $42.3B | ||
| Q1 24 | — | $42.6B |
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 | $5.0B |
| Free Cash FlowOCF − Capex | — | $4.9B |
| FCF MarginFCF / Revenue | — | 55.5% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | -3.26× | 1.23× |
| TTM Free Cash FlowTrailing 4 quarters | — | $17.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.0B | ||
| Q3 25 | $-187.7M | $5.7B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $5.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | 55.5% | ||
| Q3 25 | — | 63.8% | ||
| Q2 25 | — | 56.1% | ||
| Q1 25 | — | 30.6% | ||
| Q4 24 | — | 63.3% | ||
| Q3 24 | — | 68.2% | ||
| Q2 24 | — | 43.4% | ||
| Q1 24 | — | 23.9% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 2.5% |
| Q4 25 | — | 1.23× | ||
| Q3 25 | -3.26× | 1.44× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 0.56× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSIQ
Segment breakdown not available.
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
