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, tracked quarterly from September 2022 to June 2025.
The top ten scoring inverter manufacturers were listed as follows: China-based APSystems (Yuneng Technology) and Sinexcel, followed by Ireland-based Eaton, then China’s Kstar Science and Technology, Hoymiles Power, followed by Taiwan-based Delta Electronics, Switzerland-based ABB, then China’s Hopewind, U.S.-based Emerson, and China-based Jiuzhou Electric.
Three manufacturers were highlighted by the analysts as demonstrating particularly stable financial growth over time, Eaton, which was in third place, along with Delta Electronics and ABB in sixth and seventh spots, respectively.
According to the report, the number of firms in the ranking increased by 2 compared to the last quarter’s report. There were fifteen inverter companies with scores of 2.6 or higher, and six with scores of 1.1 or less this quarter.
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, it notes, 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.
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