The high quality assurance agency up to date its inverter manufacturer financial stability ranking with Kstar Science and Technology, APSystems and Delta Electronics within the high three spots. It reported 19 producers displaying “strong financial resilience” primarily based on Altman-Z scores.
Sinovoltaics, a high quality assurance providers agency primarily based in Hong Kong, has launched its newest world PV Inverter Manufacturer Ranking Report, primarily based on Altman-Z scores for 35 inverter producers. It tracked the scores from December 2022 till September 2025.
There had been 19 producers displaying “strong financial resilience,” up from 15 within the earlier report, in line with the Sinovoltaics analysts.
“The financial basis of the inverter business is strengthening, however so is the depth of competitors. This is an indication of a sector shifting towards true maturity, the place sustainable progress will favour corporations with the self-discipline to handle margins, the size to manage prices, and the strategic flexibility to adapt to variations in regional demand. stated Dricus de Rooij, CEO and co-founder of Sinovoltaics, instructed pv magazine.
The high ten scoring corporations had been listed as follows: China-based Kstar Science and Technology, APSystems (Yuneng Technology) and Taiwan-based Delta Electronics, adopted by China’s Sinexcel, Ireland-based Eaton, then China’s Hoymiles Power, adopted by Switzerland-based ABB, adopted by Sungrow, Kehua Hengsheng, and Hopewind, all China-based.
“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,” famous the analysts. Indeed, Sungrow entered the highest ten, as did Kehua Hengsheng.
Sinovoltaics says a rating of 1.1 or decrease signifies the next likelihood of chapter throughout the subsequent two years, whereas a rating of two.6 or higher signifies a strong financial place.
It makes use of the quantitative Altmann Z-scores to look at company revenue and steadiness sheet values to make a financial energy evaluation of public corporations, together with a credit-strength take a look at primarily based on profitability, leverage, liquidity, solvency, and exercise ratios.
The Sinovoltaics financial stability studies are free to obtain. They present an perception into stability scores of publicly traded producers over time and could also be used as a part of due diligence, or to assist establish financially secure companions, however the rankings don’t point out the standard of PV tools.
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