The global Battery Energy Storage System (BESS) industry is undergoing rapid expansion as demand for energy storage solutions continues to grow worldwide. With BESS projects typically backed by warranties ranging from two to ten years, the financial strength of manufacturers has become an increasingly important consideration for project developers, investors, utilities, and customers. A financially stable supplier is more likely to provide long-term warranty support and reliable after-sales service throughout a project’s lifecycle.
To help evaluate the financial health of BESS manufacturers, financial compliance and inspection firm Sinovoltaics has released Edition 3 (2026) of its BESS Manufacturer Ranking Report. The report assesses the financial stability of more than 60 public and selected private battery energy storage manufacturers across Asia, Europe, and the Americas. It analyzes company performance over a three-year period from September 2023 to June 2026.
The rankings are based on the Altman Z-Score, a widely recognized financial model used to estimate a company’s financial strength and its likelihood of bankruptcy within the next two years. The model evaluates five key financial indicators, including working capital relative to total assets, retained earnings relative to total assets, earnings before interest and taxes (EBIT) relative to total assets, market value of equity relative to total liabilities, and sales relative to total assets. Together, these indicators provide a broad assessment of liquidity, profitability, operating efficiency, leverage, and asset utilization.
Based on their Altman Z-Scores, manufacturers are classified into three categories. Companies with a score of 2.6 or higher are placed in the Safe Zone, indicating strong financial health. Scores between 1.1 and 2.6 fall into the Grey Zone, reflecting moderate financial risk. Companies with scores of 1.1 or below are categorized in the Distress Zone, suggesting a higher probability of financial difficulties over the next two years.
According to the June 2026 report, the number of manufacturers in the Safe Zone increased from 26 in the previous edition to 30, indicating improving financial stability across the industry. Tesla secured the top position with an Altman Z-Score of 17.58, followed by Delta Electronics with 11.66 and Hyundai Electric with 8.30. Other companies maintaining strong financial positions include Kung Long Batteries, Zhongtian Technology, Sinexcel, ABB, Generac, EnerSys, Sungrow, GE Vernova, CATL, and GoodWe.
Several well-known companies were placed in the Grey Zone, including Siemens Energy, Fluence Energy, Ganfeng Lithium, EVE Energy, Samsung SDI, and BYD, indicating moderate financial risk despite their significant market presence.
The Distress Zone includes companies such as Sunwoda, JinkoSolar, Gotion High-Tech, Trina Solar, and Canadian Solar’s e-Storage business. Flow battery developers and energy technology firms including Eos Energy Enterprises, Stem Inc, and ESS Tech Inc recorded some of the lowest scores in the report.
Sinovoltaics also noted that several major private companies, including Huawei Digital Power, Hithium, and Envision Energy/AESC, could not be evaluated because their financial data is not publicly available. The firm emphasized that buyers and investors should focus on long-term financial trends rather than individual quarterly results when selecting BESS suppliers, as long-term financial stability plays a crucial role in ensuring warranty support and reducing investment risk.
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