The fourth edition of the reports analyzes 64 PV module manufacturers, 35 inverter producers, and 60 energy storage companies.

Switzerland, Lausanne, November 18, 2025 — The latest Sinovoltaics 2025 Financial Stability Ranking Reports reveal that financial stability is returning across the PV module, inverter, and energy storage sectors, marking a phase of growing maturity in the global solar industry.

The fourth edition of the reports analyzes 64 PV module manufacturers, 35 inverter producers, and 60 energy storage companies. Three Indian PV manufacturers, Insolation Energy, Waaree Renewable Technologies, and Solex Energy, retain the top three positions for the second consecutive quarter. Although Insolation Energy's Altman Z-score has slightly declined since December 2024, it continues to lead the ranking. In the PV module category, 11 producers are now considered financially sound, up from 9 previously, while the number of companies in the distress zone has risen slightly from 26 to 27.

In the inverter market, 19 manufacturers show strong financial resilience, compared with 15 in the previous edition. KSTAR and APsystems maintain the strongest performance, followed by Delta Electronics. China's Sungrow has also demonstrated notable improvement, with its Altman Z-score rising to 4.81 since June 2025.

The energy storage sector continues to strengthen as well, with 23 companies now in the safe zone, up from 21. Firms such as Sinexcel, Sacred Sun, EnerSys, and Yuasa Batteryhave maintained steady financial positions. However, Albemarle, based in the United States, is experiencing margin tightening and increased leverage pressure.

According to Dricus de Rooij, CEO of Sinovoltaics, "Financial resilience is now the new competitive edge in the industry. Amid oversupply and market consolidation, the ability to sustain profitability and honor long-term warranties will separate reliable manufacturers from the rest."
Sinovoltaics uses the Altman Z-score to assess financial health based on profitability, leverage, liquidity, solvency, and activity ratios. A score below 1.1 indicates a higher risk of bankruptcy within two years, while a score of 2.6 or higher reflects strong financial stability.

The ranking reports are global in scope and available for free download. They provide valuable insights for project developers and investors seeking financially stable partners capable of supporting long-term commitments and warranties.

About Sinovoltaics

Since 2009, Sinovoltaics, a Dutch-German Battery Energy Storage (BESS) and solar photovoltaic (PV) technical compliance and quality assurance service firm, has been a pioneer in the BESS and solar photovoltaic industries. With innovative software solutions such as SELMA® (Sinovoltaics EL Mass Analysis) software, and BESSential® (100% Battery Pack Analysis), Sinovoltaics' mission is to eliminate all photovoltaic and BESS product defects, enabling investors and the world to succeed with minimal investment risks.

Sinovoltaics' services include quality assurance inspections, factory audits, Environmental, Social, and Governance (ESG) reporting, and traceability audits for utility-scale solar and BESS developers and investors. The company maintains a global presence with offices in Switzerland, the United States, Hong Kong, mainland China and Vietnam, as well as factory inspection and audit teams strategically located in Vietnam, Türkiye, Thailand, China, Malaysia, Cambodia, South Korea, India, U.S., and other key manufacturing bases.