Solar and Battery Storage Supplier Financial Rankings | Q2 2025

Evaluating the financial stability of your solar PV module, inverter, and battery storage suppliers is always crucial, but especially at this uncertain time of tariffs and tax credit upheaval. Sinovoltaics, a global technical compliance and quality assurance firm, has published its Q2 2025 Financial Stability Ranking Reports, comprehensive tools for evaluating manufacturer bankability across the solar and energy storage value chains.

“Our goal is to bring clarity to procurement decisions,” said Dricus de Rooij, CEO of Sinovoltaics. “This ranking empowers developers and investors to choose partners with long-term financial health.”

This second edition covers 64 PV module, 58 energy storage, and 35 inverter manufacturers. You can download them here. We will hit some highlights below.

Sinovoltaics metrics

The Sinovoltaics rankings are based on the Altman Z-Score, a quantitative model that uses publicly available income and balance sheet data to assess corporate credit strength. The score reflects five financial categories: profitability, leverage, liquidity, solvency, and activity. A score at or below 1.1 indicates a high risk of bankruptcy within two years. A score of 2.6 or higher signals strong financial stability.

Sinovoltaics emphasizes that while the Altman Z-Score helps identify financially sound manufacturers, the rankings are not an evaluation of PV and BESS product quality. Instead, they provide critical insight into the long-term financial viability of suppliers and the likelihood that warranty commitments will be honored.

The reports include historical Altman Z-Score trends and detailed evaluations by manufacturer and sector. The ranking reports are free to download here.

Battery Storage Financial Rankings for Q2 2025

In the Battery Energy Storage System (BESS) sector, Mustang Battery has remained a solid performer with minimal score fluctuation, and peers like Sacred Sun and Nidec Corporation also exhibited stable trends, signaling operational consistency and long-term dependability. BYD climbed from rank #26 to #12.

Top 5 the Safe Zone:

1. Tesla,
2. Mustang Battery,
3. Kung Long Batteries,
4. Sinexcel,
5. Hyundai Electric

Bottom 5 in the Distress Zone:

• 58. Romeo Power (Nikola)
• 57. Tigo Energy
• 56. Dragonfly Energy
• 55. Microvast
• 54. Varta

PV Module Financial Rankings for Q2 2025

In the PV module manufacturing category, you’ll note a lot of red arrows in the trend column. One bright spot is Waaree Renewable Technologies, which posted a notable score of 10.65 as of March 2025, reinforcing its position as one of the most financially stable manufacturers in the market. JinkoSolar moved from #28 to #26, and AU Optronics also improved from #39 to #32.

Top 6 in the Safe Zone

1. Insolation Energy
2. Waaree Renewable Technology
3. Solex Energy
4. Eterbright
5. First Solar
6. Boviet Solar (now with U.S. manufacturing)

Bottom 5 in the Distress Zone

• 64. SPI Energy
• 63. Meyer Burger (filed for insolvency in Germany this week)
• 62. REC
• 61. Talesun
• 60. JG Solar

Solar Inverter Financial Rankings for Q2 2025

The inverter segment is led by Hoymiles, KSTAR, and APSYSTEMS, all of which maintain consistently strong financials, indicating long-term resilience and reliability. On the other end, Tigo Energy, has had a consistent drop in the scoring each quarter since September 2023 and is now at the bottom of the list.

Top 5 in the Safe Zone

1. Hoymiles
2. Kstar
3. APsystems
4. Sinexcel
5. Eaton

Bottom 5 in the Distress Zone

• 35. Tigo Energy
• 34. Solarbridge (SunPower)
• 33. SolarEdge
• 32. Clou Electronics
• 31. Willings (Carry Co.)

Tags: Sinovoltaics