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 10 scoring inverter manufacturers are 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, United States-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 two compared to the last quarter’s report. There were 15 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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.