Sinovoltaics Releases Q2 Financial Ranking Reports for Solar, Storage, and Inverter Companies

Sinovoltaics, a leader in quality assurance, ESG, and traceability for the solar photovoltaic and battery energy storage system industries, announced the release of its second quarterly financial ranking reports for 2024. The reports evaluate the financial stability of publicly listed manufacturers of PV modules, energy storage, and inverters across the U.S., Europe, and Asia. 

Since 2016, Sinovoltaics has collected publicly available financial data to rank companies using the Altman Z-Score, a widely recognized financial assessment tool. This tool measures a company’s financial health through profitability, leverage, liquidity, solvency, and activity ratios. Scores at or below 1.1 suggest a higher risk of bankruptcy within two years, while scores above 2.6 indicate strong financial health. The full reports for solar modules, energy storage, and inverters are available as free downloads on the Sinovoltaics website. 

“Due to overcapacity along the solar supply chain, many Tier 1 manufacturers are operating at a loss, resulting in a decline in the Altman Z-scores across several factories,” said Dricus de Rooij, co-founder and CEO of Sinovoltaics. "While quarterly fluctuations are normal, our data from June 2021 to March 2024 offers long-term insights into the financial trends of manufacturers, aiding developers in sourcing and comparing the financial stability of manufacturers.” 

Unlike the Bloomberg PV Module Tier 1 List, which factors in criteria like bankability and production capacity, Sinovoltaics focuses solely on financial health based on the Altman Z-Score. This approach provides a transparent, apples-to-apples comparison of financial stability, benefiting reporters, developers, and manufacturers alike.  

Solar developers, procurement managers, and financiers can use these rankings to evaluate and compare publicly traded manufacturers’ financial stability and evaluate the strength of enforceable warranties. In addition, with increasing price competition for Asian suppliers and new manufacturing facilities being built in the U.S. due to the Inflation Reduction Act (IRA), Sinovoltaics also recommends solar and energy storage developers conduct thorough factory audits and quality inspections to mitigate investment risks and technical failures. 

Sinovoltaics |