Lausanne, Switzerland - June 4, 2025 - Sinovoltaics, a global technical compliance and quality assurance firm, has published its Q2 2025 Financial Stability Ranking Reports, comprehensive tools for evaluating manufacturer bankability across the solar and energy storage value chains.This second edition covers 64 PV module, 58 energy storage, and 35 inverter manufacturers, and is available as a free download.
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The rankings are based on the Altman Z-Score, a quantitative model that uses publicly available income and balance sheet data to assess corporate credit strength.The score reflects five financial categories: profitability, leverage, liquidity, solvency, and activity.
A score at or below 1.1 indicates a high risk of bankruptcy within two years.A score of 2.6 or higher signals strong financial stability. In the Battery Energy Storage System (BESS) sector, Mustang Battery has remained a solid performer with minimal score fluctuation, and peers like Sacred Sun and Nidec Corporation also exhibited stable trends, signaling operational consistency and long-term dependability. In the PV module manufacturing category, Waaree Renewable Technologies posted a notable score of 10.65 as of March 2025, reinforcing its position as one of the most financially stable manufacturers in the market. The inverter segment is led by Hoymiles, KSTAR, and APSYSTEMS, all of which maintain consistently strong financials, indicating long-term resilience and reliability. "Our goal is to bring clarity to procurement decisions," said Dricus de Rooij, CEO of Sinovoltaics."This ranking empowers developers and investors to choose partners with long-term financial health." Sinovoltaics emphasizes that while the Altman Z-Score helps identify financially sound manufacturers, the rankings are not an evaluation of PV and BESS product quality.
Instead, they provide critical insight into the long-term financial viability of suppliers and the likelihood that warranty commitments will be honored. The reports include historical Altman Z-Score trends and detailed evaluations by manufacturer and sector.The ranking reports are free to download here. 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 our BESSential service, we provide end-to-end quality assurance for BESS projects, from factory audits and component inspections to system-level testing.Complementing this, our SELMA (Sinovoltaics EL Mass Analysis) software and industry-leading Zero Risk Solar guarantee support our mission 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) reports, and traceability audits for utility 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.
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