Global Solar Module Financial Rankings Reveal Strong Performers And Rising Insolvency Risks—Report

Sinovoltaics has published Edition 3-2026 of its PV Module Manufacturer Ranking Report, providing an updated assessment of the financial health of publicly listed solar module manufacturers around the world. The report evaluates companies across Asia, Europe, and the Americas using financial data collected between September 2023 and June 2026. Its objective is to help developers, investors, project owners, and other industry stakeholders identify manufacturers that are financially stable and those that may face a higher risk of insolvency over the next two years.

The report highlights that financial strength is an important consideration when selecting solar PV module suppliers. Most solar modules come with performance warranties of up to 25 years, but those warranties are only valuable if the manufacturer remains financially viable throughout the warranty period. If a company becomes insolvent or ceases operations, customers may face significant challenges in obtaining warranty support, replacement products, or compensation for performance issues. As a result, choosing financially secure manufacturers helps reduce long-term project risks and protects investment returns.

To evaluate the financial condition of manufacturers, Sinovoltaics uses the Altman Z-Score, a widely recognized financial model designed to estimate the likelihood of corporate insolvency. The model measures five key financial indicators, including working capital, retained earnings, earnings before interest and taxes (EBIT), market value of equity relative to liabilities, and total asset turnover. Based on the calculated score, companies are classified into three categories. A score of 2.6 or above places a company in the Safe Zone, indicating strong financial health. Scores between 1.1 and 2.6 fall into the Grey Zone, reflecting moderate financial risk, while scores of 1.1 or below place companies in the Distress Zone, indicating a higher risk of financial difficulties.

According to the latest report, the overall financial health of the solar manufacturing industry has shown a slight improvement. A total of 15 manufacturers are now classified in the Safe Zone, compared with 14 in the previous edition. Hyundai Heavy Industries secured the top position in the Safe Zone rankings, followed by JG Solar, First Solar, Premier Energies, and Eterbright.

Eterbright continued to strengthen its financial position during the reporting period, reaching an Altman Z-Score of 5.41 in June 2026. DMEGC Solar also maintained consistent financial stability, improving its score to 3.39. India’s Bharat Heavy Electricals Limited (BHEL) recorded steady financial progress and successfully moved from the Grey Zone into the Safe Zone with a score of 2.60.

Despite these positive developments, the report also points to ongoing financial challenges across the industry. Several well-known global solar manufacturers remain under financial pressure due to weaker liquidity and higher debt levels. Major companies including JinkoSolar, Trina Solar, JA Solar, Canadian Solar, and Tongwei Solar were classified in the Distress Zone in June 2026 after recording Altman Z-Scores below 1.1.

Sinovoltaics concludes that buyers should focus on long-term financial trends rather than relying on individual quarterly results. Monitoring a manufacturer’s financial performance over several years provides a clearer understanding of its stability and long-term outlook. The report notes that while some companies continue to strengthen their balance sheets, the presence of several leading brands in the Distress Zone reinforces the importance of conducting detailed financial due diligence before making long-term solar module procurement decisions.