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 2025.
Three Indian manufacturers retained the top three spots in this quarter’s financial stability ranking, Insolation Energy, Waaree Renewable Technologies, and Solex Energy.
They were followed by U.S.-based First Solar, Taiwan-based Eterbright (HIWIN), Boviet Solar of Vietnam, along with DMEGC Solar (DMEGC Magnetics Group), Phono Solar (SUMEC), HT SAAE, all based in China, and in tenth spot is Kyocera of Japan, nudging out ERA Solar (Yonggao Group), which is now in 13th spot.
Examining the scores over time, the analysts chose to highlight the stability of Eterbright, fifth in the ranking, with a steadily improving score since 2022. They also noted that DMEGC Solar and Phono Solar, ranked seventh and eighth, respectively, have maintained consistent performance over the same period.
There are still just 9 companies in the safe zone with scores of 2.6 or greater, while the number of companies with scores of lower than 1.1 increased from 24 to 26.
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. The Sinovoltaics analysts say that the ranking reports provide an insight into stability scores over time, but they do not necessarily signal the quality of the PV equipment.
The manufacturer ranking reports from Sinovoltaics are free-to-download, global in scope, and cover solar inverter, battery energy storage and PV module manufacturer segments. “Across PV, inverter, and energy storage segments, the companies topping our latest rankings are showing not just stability, but resilience in the face of global market volatility,” said Dricus de Rooij, CEO and co-founder of Sinovoltaics, in a statement.
The reports are meant to assist project developers in financial due diligence, to compare suppliers’ scores, or to help identify “financially stable partners that can stand behind their warranties and products.”
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