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Side-by-side financial comparison of Canadian Solar Inc. (CSIQ) and Vistra Corp. (VST). Click either name above to swap in a different company.
Vistra Corp. is the larger business by last-quarter revenue ($4.8B vs $4.5B, roughly 1.1× Canadian Solar Inc.). Vistra Corp. runs the higher net margin — 4.8% vs 1.3%, a 3.6% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
CSIQ vs VST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.5B | $4.8B |
| Net Profit | $57.6M | $233.0M |
| Gross Margin | 17.5% | — |
| Operating Margin | 2.2% | 9.9% |
| Net Margin | 1.3% | 4.8% |
| Revenue YoY | — | 31.2% |
| Net Profit YoY | — | -47.2% |
| EPS (diluted) | — | $0.55 |
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 | — | $4.8B | ||
| Q3 25 | $4.5B | $4.8B | ||
| Q2 25 | $3.0B | $3.8B | ||
| Q1 25 | $1.3B | $4.3B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $5.9B | $4.3B | ||
| Q2 24 | $4.1B | $3.6B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | — | $233.0M | ||
| Q3 25 | $57.6M | $652.0M | ||
| Q2 25 | $63.6M | $327.0M | ||
| Q1 25 | $36.2M | $-268.0M | ||
| Q4 24 | — | $441.0M | ||
| Q3 24 | $366.8M | $1.9B | ||
| Q2 24 | $304.4M | $365.0M | ||
| Q1 24 | — | $-35.0M |
| 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 | — | 9.9% | ||
| Q3 25 | 2.2% | 21.7% | ||
| Q2 25 | 3.3% | 13.7% | ||
| Q1 25 | 3.7% | -2.8% | ||
| Q4 24 | — | 16.4% | ||
| Q3 24 | 7.7% | 59.6% | ||
| Q2 24 | 9.1% | 22.5% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 4.8% | ||
| Q3 25 | 1.3% | 13.6% | ||
| Q2 25 | 2.1% | 8.7% | ||
| Q1 25 | 2.7% | -6.3% | ||
| Q4 24 | — | 12.0% | ||
| Q3 24 | 6.2% | 43.5% | ||
| Q2 24 | 7.5% | 10.1% | ||
| Q1 24 | — | -1.1% |
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
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 | $785.0M |
| Total DebtLower is stronger | — | $15.8B |
| Stockholders' EquityBook value | $3.9B | $5.1B |
| Total Assets | $13.5B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $785.0M | ||
| Q3 25 | $1.7B | $602.0M | ||
| Q2 25 | $1.7B | $458.0M | ||
| Q1 25 | $1.7B | $561.0M | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $1.9B | $905.0M | ||
| Q2 24 | $1.9B | $1.6B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $15.8B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.5B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $13.9B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $14.7B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $3.9B | $5.2B | ||
| Q2 25 | $3.9B | $4.8B | ||
| Q1 25 | $3.9B | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | $3.7B | $5.4B | ||
| Q2 24 | $3.7B | $5.6B | ||
| Q1 24 | — | $5.7B |
| Q4 25 | — | $41.5B | ||
| Q3 25 | $13.5B | $38.0B | ||
| Q2 25 | $13.5B | $38.1B | ||
| Q1 25 | $13.5B | $38.2B | ||
| Q4 24 | — | $37.8B | ||
| Q3 24 | $11.9B | $37.9B | ||
| Q2 24 | $11.9B | $39.1B | ||
| Q1 24 | — | $38.2B |
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | — | $596.0M |
| FCF MarginFCF / Revenue | — | 12.4% |
| Capex IntensityCapex / Revenue | — | 17.4% |
| Cash ConversionOCF / Net Profit | -3.26× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $-187.7M | $1.5B | ||
| Q2 25 | — | $572.0M | ||
| Q1 25 | — | $599.0M | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $312.0M |
| Q4 25 | — | $596.0M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $-118.0M | ||
| Q1 25 | — | $-169.0M | ||
| Q4 24 | — | $923.0M | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $698.0M | ||
| Q1 24 | — | $-153.0M |
| Q4 25 | — | 12.4% | ||
| Q3 25 | — | 21.1% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | -4.0% | ||
| Q4 24 | — | 25.2% | ||
| Q3 24 | — | 23.4% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | -4.8% |
| Q4 25 | — | 17.4% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 18.4% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 13.8% | ||
| Q1 24 | — | 14.7% |
| Q4 25 | — | 6.15× | ||
| Q3 25 | -3.26× | 2.25× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 3.28× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSIQ
Segment breakdown not available.
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
