Doing some research...
Statement
Assets, liabilities and equity aligned across the annual filing history, in USD millions.
Assets
+12.3% YoYReported for FY 2025
Liabilities
+16.5% YoYReported for FY 2025
Equity
-0.3% YoYReported for FY 2025
Equity mix
-2.6 ppEquity share of the capital base
Table view
Balance sheet, reported dollar amounts — FY 2025
Every figure is the balance as filed. Each filing badge opens the SEC index page for that fiscal year.
Structure
Assets plotted against the liabilities and equity stack, so you can see how the balance sheet is financed.
Liabilities and equity stack to the capital base; assets are the dashed reference line.
Composition
The same split read as a share of total capital rather than in absolute dollars.
Percentages are measured against total capital for each fiscal year.
Trend
How assets, liabilities and equity have moved across the annual balance sheet window.
Switching between bar and line keeps the selected year order.
Commentary
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Earlier AI snapshot · Generated Jun 8, 2026. The filing-backed figures above are the current source of truth.
Canadian Solar Inc. expanded its balance sheet meaningfully over the five-year period, with total assets rising from about $7.4 billion in 2021 to $15.2 billion in 2025, more than doubling overall. Liabilities also climbed steadily from about $5.3 billion to $10.9 billion, reflecting a higher operating and financing footprint as the company scaled. Equity increased from about $2.1 billion in 2021 to a peak of $3.7 billion in 2023, before easing to roughly $2.8 billion in 2024–2025, suggesting that balance-sheet growth has been accompanied by some compression in residual value for shareholders. The most notable fluctuation is the decline in equity after 2023 despite continued asset growth. That pattern indicates leverage increased faster than equity, which can happen in capital-intensive sectors like solar manufacturing and project development, where firms often fund expansion with debt or project-level financing. Overall, the company appears to have grown significantly, but the trend toward higher liabilities relative to equity points to a more leveraged financial position in recent years, which may warrant attention if margins or cash generation become more volatile.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.