Sinovoltaics releases new PV inverter manufacturer financial stability ranking

Sinovoltaics, a quality assurance services firm based in Hong Kong, has released its latest global PV Inverter Manufacturer Ranking Report, based on Altman-Z scores for 35 inverter manufacturers. It tracked the scores from December 2022 until December 2025.

There were 20 manufacturers showing “strong financial resilience,” up from 19 in the previous report, according to the Sinovoltaics analysts.

“What stands out in this edition is momentum. Delta Electronics reaching an Altman Z-Score of 9.35, KSTAR holding above 8, and 20 manufacturers in the Safe Zone all tell us the inverter industry’s financial foundations are solidifying. After years of margin pressure and overcapacity challenges across the broader solar supply chain, that is an encouraging signal: both for the sector and for the developers and financiers who depend on manufacturer longevity to protect their returns,” Dricus de Rooij, CEO and co-founder of Sinovoltaics, told pv magazine.

The top ten scoring companies were listed as follows: Taiwan-based Delta Electronics, China-based Kstar Science and Technology, APSystems (Yuneng Technology) and followed by China’s Sinexcel, China’s Hoymiles Power, then Switzerland-based  ABB, followed by Ireland-based Eaton, China’s Sungrow, US-based Emerson, and China’s Hopewind.

Sinovoltaics says a score of 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a score of 2.6 or greater indicates a solid financial position.

It uses the quantitative Altmann Z-scores to examine corporate income and balance sheet values to make a financial strength assessment of public companies, including a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios.

The Sinovoltaics financial stability reports are free to download. They provide an insight into stability scores of publicly traded manufacturers over time and may be used as part of due diligence, or to help identify financially stable partners, but the rankings do not indicate the quality of PV equipment.