In Sinovoltaics’ latest financial stability ranking of inverter manufacturers, Hoymiles Power Electronics, APSystems (Yuneng Technology) and Eaton are in the top three.
Sinovoltaics, a technical compliance and quality assurance services provider headquartered in Hong Kong, has announced the fourth edition of its global PV Inverter Manufacturer Ranking Report. It tracks financial stability scores over time, from December 2021 to September 2024.
Highlights this quarter, according to Sinovoltaics, include India-based Sineng Electric rising from 18 to 16, China’s Ginlong (Solis) Technologies rising from 29 to 25, and General Electric climbing from 19 to 21.
The first place was retained by China’s Hoymiles Power Electronics and one more company was added compared to the previous edition, bringing the total to 33 inverter manufacturers.
The top 10 group includes Hoymiles Power Electronics and APSystems (Yuneng Technology), both based in China, followed by Irish energy management specialist Eaton and US-based Enphase Energy. China-based Kstar Science and Technology and Sinexcel, Switzerland-based ABB, Taiwan-based Delta Electronics, France’s Schneider Electric and China-based Sungrow round out the top 10.
The global ranking report can be downloaded for free. It is based on the Altmann Z-scores of listed manufacturers.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about company revenues and balance sheet values to measure a company’s financial health.
The financial strength assessment is based on a credit strength test 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 indicates a solid financial position.
The reports can be used by buyers or industry stakeholders, such as financial institutions, as part of due diligence or to help identify financially stable partners. Sinovoltaics also notes that the rankings say nothing about the actual quality of PV equipment.
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