The third edition of the Sinovoltaics Financial Stability Report rankings lists India-based Abhishek Corp, Insolartion Energy, Waaree Renewable Technologies and Solex Energy, all based in India, followed by US-based First Solar as the top five. Six additional manufacturers entered the global rankings.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance service company, has released its third quarter earnings Ranking of PV module manufacturers, which has a global reach and includes 65 panel suppliers, 6 more than the previous ranking. The report can be downloaded for free. Results are calculated based on publicly available information from September 2021 through June 2024 to provide insight into the stability of scores over time.
In this edition, the analysts highlighted four module makers that have made improvements, such as US-based Mission Solar moving to tenth from twelfth, India-based Tata Power Solar rising from 37 to 30, and Taiwan-based established Ritek that rose from 47th place to 30th. 44.
At the top of the financial stability chart are four manufacturers from India: Abhishek Corp, Insolartion Energy, Waaree Renewable Technologies, Solex energy, followed by US-based First Solar, which moved up from sixth to fifth. Next up is Taiwan-based Tainergy, which held the top spot last quarter and is now in position six. It is followed by Eterbright Solar Corporation, Taiwan-based TSEC and two newcomers to the top ten: Vietnam’s Boviet Solar and US-based Mission Solar.
Sinovoltaics’ financial stability ranking uses a so-called Altmann Z-score, a quantitative formula that relies on various operating income and balance sheet values to measure a company’s financial health. It assesses a company’s financial strength based on public information through a credit strength test based on profitability, leverage, liquidity, solvency and activity ratios. A score of 1.1 or lower indicates a higher likelihood of bankruptcy within the next two years, while a higher score of 2.6 or higher indicates a solid financial position.
Sinovoltaics analysts note that while the rankings say nothing about the actual quality of PV equipment, buyers and other industry stakeholders, such as financial institutions, can use the ranking reports as part of the due diligence process or to identify financially stable partners to help identify. .
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