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Side-by-side financial comparison of Canadian Solar Inc. (CSIQ) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Canadian Solar Inc. is the larger business by last-quarter revenue ($4.5B vs $2.2B, roughly 2.0× Norwegian Cruise Line Holdings). Canadian Solar Inc. runs the higher net margin — 1.3% vs 0.6%, a 0.7% 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.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
CSIQ vs NCLH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.5B | $2.2B |
| Net Profit | $57.6M | $14.3M |
| Gross Margin | 17.5% | 41.0% |
| Operating Margin | 2.2% | 8.3% |
| Net Margin | 1.3% | 0.6% |
| Revenue YoY | — | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | — | $0.08 |
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 | — | $2.2B | ||
| Q3 25 | $4.5B | $2.9B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $1.3B | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $5.9B | $2.8B | ||
| Q2 24 | $4.1B | $2.4B | ||
| Q1 24 | — | $2.2B |
| Q4 25 | — | $14.3M | ||
| Q3 25 | $57.6M | $419.3M | ||
| Q2 25 | $63.6M | $30.0M | ||
| Q1 25 | $36.2M | $-40.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | $366.8M | $474.9M | ||
| Q2 24 | $304.4M | $163.4M | ||
| Q1 24 | — | $17.4M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | 17.5% | 47.1% | ||
| Q2 25 | 18.0% | 42.1% | ||
| Q1 25 | 19.0% | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | 18.0% | 45.2% | ||
| Q2 24 | 18.7% | 38.7% | ||
| Q1 24 | — | 36.7% |
| Q4 25 | — | 8.3% | ||
| Q3 25 | 2.2% | 25.5% | ||
| Q2 25 | 3.3% | 16.8% | ||
| Q1 25 | 3.7% | 9.4% | ||
| Q4 24 | — | 10.2% | ||
| Q3 24 | 7.7% | 24.6% | ||
| Q2 24 | 9.1% | 14.4% | ||
| Q1 24 | — | 10.0% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | 1.3% | 14.3% | ||
| Q2 25 | 2.1% | 1.2% | ||
| Q1 25 | 2.7% | -1.9% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | 6.2% | 16.9% | ||
| Q2 24 | 7.5% | 6.9% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.86 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $-0.09 | ||
| Q4 24 | — | $0.55 | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | — | $0.35 | ||
| Q1 24 | — | $0.04 |
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 | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $3.9B | $2.2B |
| Total Assets | $13.5B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $209.9M | ||
| Q3 25 | $1.7B | $166.8M | ||
| Q2 25 | $1.7B | $184.0M | ||
| Q1 25 | $1.7B | $184.4M | ||
| Q4 24 | — | $190.8M | ||
| Q3 24 | $1.9B | $332.5M | ||
| Q2 24 | $1.9B | $594.1M | ||
| Q1 24 | — | $559.8M |
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
| Q4 25 | — | $2.2B | ||
| Q3 25 | $3.9B | $2.2B | ||
| Q2 25 | $3.9B | $1.6B | ||
| Q1 25 | $3.9B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $3.7B | $1.1B | ||
| Q2 24 | $3.7B | $693.1M | ||
| Q1 24 | — | $362.1M |
| Q4 25 | — | $22.5B | ||
| Q3 25 | $13.5B | $22.2B | ||
| Q2 25 | $13.5B | $21.6B | ||
| Q1 25 | $13.5B | $21.4B | ||
| Q4 24 | — | $20.0B | ||
| Q3 24 | $11.9B | $19.8B | ||
| Q2 24 | $11.9B | $20.1B | ||
| Q1 24 | — | $19.8B |
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 33.16× |
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 | $459.1M |
| Free Cash FlowOCF − Capex | — | $21.5M |
| FCF MarginFCF / Revenue | — | 1.0% |
| Capex IntensityCapex / Revenue | — | 19.5% |
| Cash ConversionOCF / Net Profit | -3.26× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $459.1M | ||
| Q3 25 | $-187.7M | $236.6M | ||
| Q2 25 | — | $714.9M | ||
| Q1 25 | — | $679.2M | ||
| Q4 24 | — | $399.3M | ||
| Q3 24 | — | $172.5M | ||
| Q2 24 | — | $670.9M | ||
| Q1 24 | — | $807.2M |
| Q4 25 | — | $21.5M | ||
| Q3 25 | — | $-726.5M | ||
| Q2 25 | — | $381.2M | ||
| Q1 25 | — | $-846.0M | ||
| Q4 24 | — | $155.8M | ||
| Q3 24 | — | $-195.5M | ||
| Q2 24 | — | $330.2M | ||
| Q1 24 | — | $548.3M |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | -24.7% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | -39.8% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | -7.0% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 25.0% |
| Q4 25 | — | 19.5% | ||
| Q3 25 | — | 32.8% | ||
| Q2 25 | — | 13.3% | ||
| Q1 25 | — | 71.7% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 14.4% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | — | 32.21× | ||
| Q3 25 | -3.26× | 0.56× | ||
| Q2 25 | — | 23.83× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 0.36× | ||
| Q2 24 | — | 4.10× | ||
| Q1 24 | — | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSIQ
Segment breakdown not available.
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
