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. It tracked the scores from December 2022 until September 2025.
There were 19 manufacturers showing “strong financial resilience,” up from 15 in the previous report, according to the Sinovoltaics analysts.
“The financial foundation of the inverter industry is strengthening, but so is the intensity of competition. This is a sign of a sector moving toward true maturity, where sustainable growth will favour companies with the discipline to manage margins, the scale to control costs, and the strategic flexibility to adapt to variations in regional demand. said Dricus de Rooij, CEO and co-founder of Sinovoltaics, told pv magazine.
The top ten scoring companies were listed as follows: China-based Kstar Science and Technology, APSystems (Yuneng Technology) and Taiwan-based Delta Electronics, followed by China’s Sinexcel, Ireland-based Eaton, then China’s Hoymiles Power, followed by Switzerland-based ABB, followed 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,” noted the analysts. Indeed, Sungrow entered the top ten, as did Kehua Hengsheng.
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 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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