In the quality assurance services provider’s latest financial stability rankings, Tesla, Mustang Battery and Solid Power are once again in the top three, in a report that tracks manufacturers’ Altmann-Z scores over the past three years.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance services provider, has released its latest financial stability rankings for battery energy storage system (BESS) manufacturers, based on Altmann-Z scores of 60 manufacturers over the past three years. Tesla, China-based Mustang Battery and American Solid Power retain the top three of the rankings in this edition.
The newest Energy Storage Manufacturer Ranking Report 4Q2025covers the period December 2022 to September 2025. It reports 23 companies in the safe zone, with scores greater than 2.6, compared to 21 companies in the previous edition.
“The BESS sector is clearly strengthening, with global deployment reaching new records and battery prices continuing to decline. Large integrated players are benefiting from the huge economies of scale created by the EV industry, giving them healthier margins and stronger investment capacity. At the same time, smaller and mid-sized companies are making meaningful progress even as they face a more competitive and margin-tight environment,” said Dricus de Rooij, CEO and co-founder of Sinovoltaics. pv magazineadding that a maturing market “paves the way for more stable and sustainable growth across the storage value chain.”
The top ten for the quarter is as follows: Tesla, Mustang Battery and Solid Power, followed by the companies from South Korea Hyundai Electricbased in China Sinexcel, Taiwan-based Kung Long Batteries, then US-based Eaton and Yuasa Battery, with China-based Sacred Sun (Shandong Sacred Sun Power Sources Co Ltd) and US-based Enersys in ninth and tenth place.
“Companies such as Sinexcel, Sacred Sun, EnerSys and Yuasa Battery have maintained a stable financial position. Albemarlebased in the United States, is facing tighter margins and increasing debt pressure,” the analysts said.
The ranking reports are worldwide in scope and available free of charge. Sinovoltaics notes that the Altmann Z-scores are a balance sheet-based model that uses publicly available financial information to track financial and credit strength. The credit strength test is based on profitability, leverage, liquidity, solvency and activity ratios. A score of 1.1 or lower indicates a greater likelihood of bankruptcy within the next two years, while a higher score of 2.6 or higher is considered a ‘safe zone’.
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