Sinovoltaics provides update to PV inverter manufacturer ranking
Sinovoltaics, a Hong Kong-headquartered technical compliance and quality assurance service firm, has released its latest global PV Inverter Manufacturer Ranking Report, providing Altman-Z scores tracked quarterly from March 2022 to December 2024 for 33 companies.
“The Altman-Z Scores in this report are based on Q4-2024 financials. With the energy landscape being reshaped under the new US administration, inverter manufacturers must now prove both technological innovation and financial resilience,” Niclas D. Weimar, CTO of Sinovoltaics, told pv magazine.
“Our latest report identifies the companies best positioned to navigate these changes. However, as new policies take shape, developers and engineering, procurement, and construction (EPCs) should closely monitor future rankings to assess how publicly listed inverter manufacturers adapt to evolving U.S. and global energy policies and tariffs.”
According to the report, the number of firms tracked stayed stable compared to the last quarter's report.
The top scoring inverter manufacturers are China’s Hoymiles Power Electronics, followed by Irish energy management specialist Eaton, then three China-based firms APSystems (Yuneng Technology), Kstar Science and Technology, and Sinexcel.
Next on the list are and U.S.-based Emerson, Taiwan-based Delta Electronics, Switzerland-based ABB, and France’s Schneider Electric and Jiuzhou Electric, based in China.
Sinovoltaics notes that Altmann Z-scores are based on a quantitative formula that considers corporate income and balance sheet values when measuring the financial health of a publicly traded company.
The financial strength assessment includes a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios. A score that is 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a higher score of 2.6 or greater indicates a solid financial position.
The Sinovoltaics financial stability reports provide an insight into stability scores over time, and may be used by buyers or industry stakeholders, such as financial institutions, as part of due diligence, or to help identify financially stable partners, according to Sinovoltaics. It also notes that the rankings do not indicate the quality of PV equipment.
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