The newest ranking based on Altmann-Z scores sees Insolation Energy-based in India, where Renewable Technologies and Solex Energy retain the top three places. But further below in the ranking, analysts see more companies with lower scores compared to the last quarter.
Sinovoltaics, a technical compliance and quality assurance service company established in Hong Kong, has its first quarter 2025 free to download, in scope, released, released, Ranking PV module manufacturers. It shows that insulation energy based in India, where renewable technologies and Solex Energy have retained their place as the top three.
The altmann Z-score-based rankings includes listed module manufacturers from March 2022 to December 2024. This quarter follows the report 63 suppliers, Down two since the previous quarter.
The analysts said there is a “growing gap” between financially strong and risky manufacturers. “Although some market leaders remain stable, much more have moved to the gray zone, indicating potential instability,” they said in a statement, referring to their graphic color codes, which assign the gray to companies with an Altmann Z score of less than 2.6 but larger than 1.1. The latter are color -coded red.
Other changes are three newcomers who go up the ranks in the top ten, namely Phono Solar (SUMEC), HT Saae and Era Solar (Yonggao Group), all located in China.
The newest top ten positions are in the possession of Insolation Energy, where and Solex Energy, followed by Taiwan-based Eeterbright (Hiwin), the American first solar energy, accompanied by Boviet Solar, DMEGC Solar, Phono Solar, ERA Solar and HT Saaae, all based in China.
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.
“With the increasing risk of bankruptcies and disappearing guarantee coverage, Financial Due Diligence has never been so critical,” said Dricus de Rooij, CEO of Sinovoltaics, in a statement.
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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