Solar and Battery Storage Supplier Financial Rankings | Q3 2025
Sinovoltaics’ Q3 2025 Financial Stability Rankings for solar module, inverter, and battery storage suppliers, shows Tigo slipping into the Distress Zone, while Waaree, APsystems, and Tesla remain in strong positions
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, recently published its Q3 2025 Financial Stability Ranking Reports, to help you evaluate 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.”
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.
Solar Inverters
Top 5
- APsystems
- Sinexcel
- Eaton
- Kstar
- Hoymiles
Since Sinovoltaics started tracking APsystems (Yuneng Technology), they have had held the top financial score. Hoymiles has also consistently been in the safe zone, but has dropped from very high scores (27 to 20 for over a year) to 4.95 this quarter. Enphase, had been comfortable in the Safe Zone in the rankings at 13.19 in September 2022, and started to slowly drop each quarter. This is the first Grey Zone ranking (2.22) for Enphase.
Bottom 5
31. Willings
32. CLOU Electronics
33. SolarEdge
34. SolarBridge (Sunpower)
35. Tigo Energy
Of the inverter companies in the Distress Zone, SolarEdge and Tigo have shown the sharpest downward trendlines:
Energy Storage
Top 5
- Tesla
- Mustang Battery
- Solid Power
- Kung Long Batteries
- Hyundai Electric
Tesla usually sits fairly comfortably atop these rankings (score of 14.41). And its score is still much higher than most, but Mustang Battery rose sharply from the previous quarter to sit right behind them (14.05).
Bottom 5
53. Microvast
54. CBAK Energy
55. Dragonfly Energy
56. Tigo Energy
57. Romeo Power (Nikola)
The drop in Tigo’s score is the most notable trendline change in the Sinovoltaics’ rankings this year. From December 22, when Sinovoltaics started charting Tigo’s financials, the score has dropped from a high of 5.44 in Sept. 2023 to -3.45 in June 2025 (which is up from -3.8 in March).
PV Module Manufacturers
Top 5
- Insolation Energy
- Waaree
- Solex Energy
- First Solar
- Eterbright
Waaree continues to have an impressive 2025. Waaree is one of the only companies in PVEL’s Module Reliability Scorecard to score Top Performer status in multiple categories in addition to the PAN Performance test, and it has now risen to second in Sinovoltaics’ financial rankings – one of only 9 companies in the “safe zone”. First Solar continues to benefit from United States domestic manufacturing tax credits and the increase in tariffs on imports, but also sits comfortably in these financial rankings. Insolation Energy is new to the rankings as of March 2024, and maintained the top spot fairly consistently, despite a drop in its score from December 2025to now.
Bottom 5
60. Eging PV
61. Solartron
62. JG Solar
63. Meyer Burger
64. SPI Energy
Doesn’t take these rankings to know that Meyer Burger is having trouble. Meyer Burger shut down its module production facility in Goodyear, Arizona, and the U.S. operations filed for voluntary Chapter 11 bankruptcy protection on June 25, 2025. Other downward trends: Many solar module manufacturers hover in the Grey Zone, but some are slowly dropping into the Distress Zone. Canadian Solar has trended down fairly consistently the last 12 quarters – going from 1.41 in September 2022 to 0.64 in June 2025. Hanwha Qcells was in a similar position, but rose in this last quarter from 0.57 to 0.66. Trina Solar is another recent entrant in the Distress Zone after several quarters of drops in their score.
