The provider of quality assurance reported insolation energy based in India, where Renewable Technologies and Solex Energy maintained their top three places in the ranking this quarter. The number of companies with healthier Altmann-Z-Scores remained the same at nine.
Sinovoltaics, a technical compliance and quality assurance by Hong Kong-head office supplied, has released its last quarter PV -module manufacturer ranking reportFollowing the Altmann-Z scores for 64 manufacturers from September 2022 to June 2025.
Three Indian manufacturers retained the top three places in the financial stability ranking of this quarter, Insolation -EnergyWhere Renewable Technologies and Solex Energy.
They were followed by us-based first solar, taiwan-based eaterbright (hiwin), boviet solar or vietnam, along with dmegc solar (dmegc magnetics group), phono solar (sumec), ht saae, and in china, and and in china, and and in china, and and in china, and and in china, and and in china, and and in china, and and in china, and and in china, and and in china, and and in china, ERA Solar (Yonggao Group), which is now in 13th spot.
By examining the scores over time, the analysts chose to emphasize the stability of Eeterbright, fifth in the ranking, with a steadily improving score since 2022. They also noticed that DMEGC Solar and Phono Solar, in the seventh and eighth, have held a consistent performance in the same period.
There are still only 9 companies in the safe zone with scores of 2.6 or higher, while the number of companies with scores of lower than 1.1 increased from 24 to 26.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that depends on publicly available information about business income and balance values to measure the financial health of a company. The assessment of the financial strength is based on a credit test test based on profitability, leverage, liquidity, solvency and activity ratios.
A score that is 1.1 or lower indicates a higher chance of bankruptcy within the next two years, while a higher score of 2.6 or more indicates a solid financial position. The Sinovoltaics analysts say that the ranking reports provide insight into stability scores over time, but they do not necessarily indicate the quality of the PV equipment.
The reports from the Sinovoltaics manufacturer can be downloaded for free, global range and cover the segments of the segments for solar energy, battery energy storage and PV module. “About PV, inverter and energy storage segments, the companies that exceed our latest rankings not only show stability, but also resilience in the light of global market volatility,” said Dricus De Rooij, CEO and co-founder of Sinovoltaics, in an explanation.
The reports are intended to help project developers with financial due diligence, to compare the scores of suppliers or to “identify financially stable partners who can support their guarantees and products”.
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