The quality assurance firm updated its inverter manufacturer financial stability ranking with Kstar Science and Technology, APSystems and Delta Electronics in the top three spots. It reported 20 manufacturers showing “strong financial resilience” based on Altman-Z scores.
Sinovoltaics, a quality assurance services firm based in Hong Kong, has released its latest global PV Inverter Manufacturer Ranking Report, based on Altman-Z scores for 35 inverter manufacturers. It tracked the scores from December 2022 until December 2025.
There were 20 manufacturers showing “strong financial resilience,” up from 19 in the previous report, according to the Sinovoltaics analysts.
“What stands out in this edition is momentum. Delta Electronics reaching an Altman Z-Score of 9.35, KSTAR holding above 8, and 20 manufacturers in the Safe Zone all tell us the inverter industry’s financial foundations are solidifying. After years of margin pressure and overcapacity challenges across the broader solar supply chain, that is an encouraging signal: both for the sector and for the developers and financiers who depend on manufacturer longevity to protect their returns,” Dricus de Rooij, CEO and co-founder of Sinovoltaics, told pv magazine.
