Who’s Bankable? Top PV and BESS Players Ranked – 2nd Edition 2025

As the solar PV and energy storage industries continue to expand at a rapid pace, the financial stability of manufacturers has become a crucial factor in safeguarding project reliability and long-term returns. The 2nd Edition 2025 Ranking Report by Sinovoltaics delivers a comprehensive assessment of the fiscal health of more than 70 PV module manufacturers, 30 inverter makers, and 40 energy storage system suppliers. Leveraging the widely recognized Altman Z-Score, a benchmark tool for evaluating credit strength—the report offers valuable, data-driven insights into the financial performance of these companies over a 21-month period, from July 2022 through March 2025.

Download the Sinovoltaics Solar Inverter Manufacturer Ranking Report

Download the Sinovoltaics Energy Storage System Manufacturers Ranking Report

What is an Altman Z Score?
Our Altman Z-Score calculator serves as a powerful tool for evaluating the financial strength of solar manufacturers, helping to identify those that are secure versus those facing potential financial distress. For stakeholders involved in PV projects, understanding the fiscal health of PV module, inverter, and energy storage system manufacturers is critical. Selecting components from financially robust suppliers not only minimizes the risk of project disruption but also safeguards your return on investment (ROI)—ensuring greater reliability and long-term success for your solar installation.

Why is the financial stability of solar panel manufacturers crucial?
A PV manufacturer’s financial strength is directly tied to the reliability and enforceability of their product warranties. Given that many inverter and energy storage manufacturers may not remain in operation for the full 25-year project lifespan, securing warranties backed by financially stable companies is crucial—especially for safeguarding your investment over the short to medium term.

As solar projects age, a pressing question often emerges: Who will be responsible for addressing performance issues, declining solar panel efficiency, or replacing faulty battery storage systems or inverters—whether it’s two, five, or ten years down the line?

These reports present Altman Z-Score assessments for more than 40 energy storage companies, 30 inverter, and 70 PV module manufacturers, providing a powerful benchmarking tool for comparing suppliers. They play a critical role in the vendor selection process, helping identify which manufacturers demonstrate strong financial footing—and which may be at risk of bankruptcy within the next two years.

What is a good Altman Z score?

Altman Z score interpretation: A score below 1.1 falls into the Distress Zone, indicating a high likelihood of bankruptcy. Companies with scores above 2.6 are in the Safety Zone, suggesting they are financially stable and not likely to go bankrupt.

Note that companies that have been in the Grey Zone for years may be very stable!

It’s essential to spot the trend and see where a company is heading.

Did you know?
Since early 2016, Sinovoltaics has been publishing its PV Module Manufacturer Ranking Reports using the Altman Z score formula. We are the first and only independent source providing PV Module, Inverter, and Energy Storage System Manufacturers Ranking Reports based on financial stability.

Download the PV Module, Inverter, and Energy Storage Ranking Reports for free.

Be sure to explore the BESSEntial White Paper—a comprehensive quality assurance solution that integrates Factory Acceptance Testing (FAT), Site Acceptance Testing (SAT), and advanced diagnostics to ensure optimal performance and reliability.