The quality assurance company has updated its financial stability ranking of inverter manufacturers, with Kstar Science and Technology, APSystems and Delta Electronics in the top three. It reported 19 manufacturers that showed “strong financial resilience” based on Altman-Z scores.
Sinovoltaics, a quality assurance company based in Hong Kong, has released its latest global version PV inverter manufacturer ranking reportbased on Altman-Z scores for 35 inverter manufacturers. It tracked the scores from December 2022 to September 2025.
According to Sinovoltaics analysts, there were 19 manufacturers that showed “strong financial resilience”, compared to 15 in the previous report.
“The financial foundation of the inverter industry is strengthening, but so is the intensity of competition. This is a sign of an industry moving towards true maturity, where sustainable growth will favor 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. pv magazine.
The top ten ranking 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 Eatonthen China’s Hoymiles Power, followed by Switzerland-based ABB, followed by Sungrow, Kehua Hengsheng and Hopewind, all based in China.
“KSTAR and APsystems continue to be the strongest performers, followed by Delta Electronics. China’s Sungrow has also shown notable improvement, with its Altman Z-score increasing to 4.81 since June 2025,” the analysts said. Sungrow did indeed enter the top ten, as did Kehua Hengsheng.
Sinovoltaics says a score of 1.1 or lower indicates a greater likelihood of bankruptcy within the next two years, while a score of 2.6 or higher indicates a solid financial position.
It uses the quantitative Altmann Z-scores to examine company earnings and balance sheet values to create an assessment of the financial strength of publicly traded companies, including a credit strength test based on profitability, debt load, liquidity, solvency and activity ratios.
Sinovoltaics’ financial stability reports can be downloaded for free. They provide insight into the stability scores of publicly traded manufacturers over time 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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