The global solar industry is showing signs of increasing financial resilience, according to the Sinovoltaics 2025 Financial Stability Ranking Reports, which highlight improving performance across PV modules, inverters, and energy storage manufacturers.
The fourth annual edition assessed the financial health of 64 PV module makers, 35 inverter producers, and 60 energy storage companies, revealing broad recovery and maturing market dynamics.
For the second consecutive quarter, Indian manufacturers Insolation Energy, Waaree Renewable Technologies, and Solex Energy secured the top three positions in the PV module category. While Insolation Energy’s Altman Z-score dipped slightly from December 2024, it continues to lead the global ranking. The number of financially stable module producers rose from 9 to 11, although companies categorized in the distress zone increased marginally from 26 to 27.
In the inverter segment, financial robustness improved significantly, with 19 firms now classified as financially strong, up from 15 in the previous report. KSTAR and APsystems maintained their lead, followed by Delta Electronics. China’s Sungrow recorded notable progress, increasing its Altman Z-score to 4.81, its highest since June 2025.
The energy storage sector also continued strengthening, with 23 companies now in the safe zone compared to 21 earlier. Manufacturers including Sinexcel, Sacred Sun, EnerSys, and Yuasa Battery retained stable financial standings. However, U.S.-based Albemarle is facing mounting pressure due to tightening margins and higher leverage.
“Financial resilience is now the new competitive edge in the industry,” said Dricus de Rooij, CEO of Sinovoltaics. “Amid oversupply and consolidation, manufacturers capable of sustaining profitability and supporting long-term warranties will stand out as reliable partners.”
Sinovoltaics applies the Altman Z-score model, which evaluates profitability, leverage, liquidity, solvency, and activity ratios. Companies scoring below 1.1 face high bankruptcy risk within two years, while scores above 2.6 indicate strong financial stability.
The global ranking reports are available for free download and serve as a critical tool for developers and investors seeking dependable, financially robust manufacturers capable of supporting long-term project commitments.
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