In the latest financial stability ranking of inverter manufacturers, Hoymiles Power Electronics, Eaton, Enphase, Kstar and Delta Electronics are in the top five.
Sinovoltaics, a Hong Kong-based quality assurance services company, has released the third edition of its report Financial stability ranking of Sinovoltaics PV inverter manufacturerwith 32 manufacturers. The ranking is based on publicly available information about listed companies.
The top ten inverter manufacturers are China’s Hoymiles Power Electronics, Irish energy management specialist Eaton, US-based microinverter specialist Enphase Energy, China-based Kstar Science and Technology and Taiwan-based Delta Electronics, followed by China’s Sinexcel, Switzerland-based ABB, China’s Goodwe, France’s Schneider Electric and based in the US Emerson.
In this edition, Schneider Electric is new in the top ten and rises from fifteenth to ninth place.
Sinovoltaics notes that the report, which has a global scope and has been calculated since September 2021, provides insight into how the financial strength of inverter manufacturers has evolved over the past three years. The report can be downloaded for free.
The ranking is based on a so-called Altmann Z-score, a quantitative formula that uses multiple corporate income and balance sheet values to measure a company’s financial health. Sinovoltaics assesses a company’s financial strength through 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.
Sinovoltaics released several other manufacturer rankings this quarter, including reports focused on battery makers and module makers. It notes that the financial ranking does not indicate the quality of the equipment, but rather is intended to be used as part of the due diligence process, or to help identify financially stable partners.
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