CSI Solar - Public Comps and Valuation Multiples

CSI Solar Overview

About CSI Solar

CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production.

Founded

2009

HQ

Employees

15.8K+

Website

cn.csisolar.com

Sectors

Energy Equipment
Solar
EnergyTech
Industry 4.0
DeepTech
ClimateTech

Financials

LTM Revenue $5.9B

LTM EBITDA $785M

EV

$9.4B

Valuation Multiples

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CSI Solar Financials

As of December 2025, CSI Solar reported last 12-month revenue of $5.9B and EBITDA of $785M.

In the same period, CSI Solar generated $730M in LTM gross profit and $222M in net income.

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CSI Solar P&L

In the most recent fiscal year, CSI Solar reported revenue of $6.6B and EBITDA of $929M.

CSI Solar expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$5.9B	XXX	$6.6B	XXX	XXX	XXX
Gross Profit	$730M	XXX	$993M	XXX	XXX	XXX
Gross Margin	12%	XXX	15%	XXX	XXX	XXX
EBITDA	$785M	XXX	$929M	XXX	XXX	XXX
EBITDA Margin	13%	XXX	14%	XXX	XXX	XXX
EBIT	$219M	XXX	$620M	XXX	XXX	XXX
EBIT Margin	4%	XXX	9%	XXX	XXX	XXX
Net Profit	$222M	XXX	$322M	XXX	XXX	XXX
Net Margin	4%	XXX	5%	XXX	XXX	XXX
Net Debt	XXX	XXX	$379M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CSI Solar including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.9B. EBITDA for the last twelve months was $785M. In the most recent fiscal year, CSI Solar achieved $6.6B in revenue and $929M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$5.9B	Analyst estimates available to subscribers	$6.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$730M	Analyst estimates available to subscribers	$993M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	12.3% gross margin	Analyst estimates available to subscribers	15.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$785M	Analyst estimates available to subscribers	$929M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	13.3% EBITDA margin	Analyst estimates available to subscribers	14.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$219M	Analyst estimates available to subscribers	$620M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	3.7% EBIT margin	Analyst estimates available to subscribers	9.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$222M	Analyst estimates available to subscribers	$322M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	3.7% net profit margin	Analyst estimates available to subscribers	4.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$379M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CSI Solar

This financial data table provides comprehensive performance metrics for CSI Solar, a company based in China. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CSI Solar generated $5.9B in revenue over the last twelve months.
The company achieved $785M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $730M.
Net income over the last twelve months reached $222M.

Fiscal Year Performance

In the most recent fiscal year, CSI Solar reported $6.6B in total revenue.
Fiscal year EBITDA was $929M.
The company maintained a gross profit margin of 15.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 14.0%.
Net profit margin reached 4.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CSI Solar. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CSI Solar Stock Performance

CSI Solar has current market cap of CNY 59.8B (or $8.6B), and EV of CNY 65.6B (or $9.4B).

Market Cap Evolution

CSI Solar Stock Data

As of January 29, 2026, CSI Solar's stock price is CNY 16 (or $2).

See CSI Solar trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$9.4B	$8.6B	XXX	XXX	XXX	XXX	$0.06

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CSI Solar Valuation Multiples

CSI Solar's trades at 1.6x EV/Revenue multiple, and 12.0x EV/EBITDA.

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CSI Solar Financial Valuation Multiples

As of January 29, 2026, CSI Solar has market cap of $8.6B and EV of $9.4B.

Equity research analysts estimate CSI Solar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CSI Solar has a P/E ratio of 38.7x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$8.6B	XXX	$8.6B	XXX	XXX	XXX
EV (current)	$9.4B	XXX	$9.4B	XXX	XXX	XXX
EV/Revenue	1.6x	XXX	1.6x	XXX	XXX	XXX
EV/EBITDA	12.0x	XXX	12.0x	XXX	XXX	XXX
EV/EBIT	43.0x	XXX	43.0x	XXX	XXX	XXX
EV/Gross Profit	12.9x	XXX	n/a	XXX	XXX	XXX
P/E	38.7x	XXX	38.7x	XXX	XXX	XXX
EV/FCF	-10.9x	XXX	-10.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CSI Solar Margins & Growth Rates

CSI Solar's last 12 month revenue growth is 14%

CSI Solar's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $24K for the same period.

CSI Solar's rule of 40 is 26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CSI Solar's rule of X is 49% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CSI Solar Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	14%	XXX	18%	XXX	XXX	XXX
EBITDA Margin	13%	XXX	13%	XXX	XXX	XXX
EBITDA Growth	30%	XXX	-3%	XXX	XXX	XXX
Rule of 40	26%	XXX	28%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	49%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$24K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	6%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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