Sinovoltaics updates solar module manufacturer financial stability ranking

Sinovoltaics, a Hong Kong-headquartered technical compliance and quality assurance provider, has released its latest quarterly PV Module Manufacturer Ranking Report, tracking the Altmann-Z scores for 64 manufacturers from September 2022 to June 2026.

“Hyundai Heavy Industries, JG Solar and First Solar hold the top three spots in the latest edition of the financial stability ranking that tracks and ranks the Altman Z-scores for 64 solar module manufacturers,” the company said in a statement.

Sinovoltaics stressed that 26 companies have now fallen below the 1.1 threshold associated with elevated bankruptcy risk, including six already classified as being in severe distress.

Regional performance reveals a sharp divergence in financial resilience. US and European manufacturers record the weakest average score at -0.96, dragged lower by a small number of companies facing severe distress, while Mainland China’s vertically integrated giants average only 0.70, placing them much closer to the elevated-risk zone. By comparison, manufacturers in India, as well as Korea, Japan, and Taiwan, remain comfortably positioned in the safe range, with average scores of 2.93 and 2.89, respectively.

Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about corporate income and balance sheet values to measure the financial health of a company. The financial strength assessment is based on a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios.

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

“What the data shows is a module manufacturing sector under sustained financial strain, with the strain landing very unevenly by region,” said Sinovoltaics CEO Dricus de Rooij. “Some manufacturers have used this period to strengthen their balance sheets, but the vertically-integrated giants that dominate global module supply are, on average, sitting in a weaker credit position than they were three years ago.”