The quality assurance company has updated the financial stability of its inverter with Apsystems (Yuneng Technology), Sinexcel and Eaton in the top three.
Sinovoltaics, a quality assurance company based in Hong Kong, has released its latest global PV -Omverter manufacturer ranking reportBased on Altman-Z scores for 35 inverter manufacturers, followed every three months from September 2022 to June 2025.
The top ten scoring inverter manufacturers were 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, US-based Emersonand Jiuzhou Electric established in China.
Three manufacturers were emphasized by the analysts as a particularly stable financial growth over time, Eaton, who was in third place, together with Delta Electronics and ABB on sixth and seventh places respectively.
According to the report, the number of companies in the ranking has increased by 2 compared to the report of the last quarter. There were fifteen inverter companies with scores of 2.6 or higher, and six with scores of 1.1 or less this quarter.
Sinovoltaics says that a score of 1.1 or lower indicates a higher chance of bankruptcy within the next two years, while a score of 2.6 or more indicates a solid financial position. It uses the quantitative Altmann Z scores to investigate business income and balance sheets 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 can be downloaded for free. Over time, they offer insight into stability stability scores of listed manufacturers, notes it and can 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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