Lausanne, Switzerland – July 21, 2026 – Tesla, Delta Electronics and Hyundai Electric hold the top three spots in the latest edition of a financial stability ranking that tracks Altman Z-scores for 65 energy storage manufacturers. The report, developed by technical engineering firm Sinovoltaics, is the third edition published this year, and it also finds a growing gap between diversified industrial suppliers and single-segment battery, solar and storage-integration companies.
The ranking covers September 2023 to June 2026. It reports 30 companies in the safe zone (scores above 2.6), up from 26 at the start of the tracking period. Another 18 companies sit in the grey zone (1.1 to 2.6). The remaining 17 fall below 1.1, the threshold associated with elevated bankruptcy risk over the following two years, including 6 with negative scores signaling severe financial distress. That compares with 14 companies below 1.1 at the outset, pointing to a modest improvement rather than a broad recovery.
Diversified industrial and energy-management suppliers, companies with revenue spread across multiple end markets rather than tied to one storage product line, are pulling away from the rest of the field, according to the report. This group, including Tesla, ABB, Delta Electronics, Eaton, Siemens Energy and GE Vernova, posted an average Z-score of 5.54 last quarter, comfortably inside the safe zone. Inverter and power-conversion-system makers followed at 3.26, also inside the safe zone. Battery cell and pack manufacturers averaged 2.03, placing that segment in the grey zone, while solar module makers averaged 1.13, just above the threshold for elevated bankruptcy risk.
“What we’re seeing is a maturing market rewarding balance-sheet depth over pure growth,” Arthur Claire, Director of Technology at Sinovoltaics said. “Companies that diversified beyond a single product line are compounding that advantage, while suppliers exposed to one segment, whether that’s cells, modules or storage integration, are absorbing the full force of the current margin compression.”
The top ten in the latest ranking: Tesla, Delta Electronics, Hyundai Electric, Kung Long Batteries, Zhongtian Technology, Sinexcel, ABB, Generac, EnerSys and Yuasa Battery.
Solar module makers and standalone storage integrators remain the weakest cohorts. Module makers, including JinkoSolar, Trina Solar, Canadian Solar and Risen Energy, averaged 1.13, consistent with ongoing oversupply and margin pressure in global module manufacturing, though the segment average still sits in the grey zone rather than below the elevated-risk threshold. Storage integrators fared worse, averaging 0.08, below the 1.1 threshold. Eos Energy Enterprises, Stem Inc and ESS Tech all posted negative scores, indicating severe financial distress, with ESS Tech falling from -2.29 to -27.95, the sharpest decline in the ranking.
Not every company starting from a weak position lost ground. GE Vernova, Hyperstrong and SolaX Power all moved from scores near zero into safe-zone territory, and Eos Energy Enterprises, despite remaining in severe distress, improved from -10.38 to -3.77, pointing to balance-sheet repair even where risk stays elevated.
The Altman Z-score is a financial model that combines profitability, leverage, liquidity, solvency and activity ratios into a single composite indicator of financial health. A score above 2.6 is considered safe, a score between 1.1 and 2.6 is classified as grey, and a score below 1.1 is associated with elevated bankruptcy risk over the following two years. Scores below zero indicate severe financial distress.
The full report is available on Sinovoltaics’ website and is intended for use by project developers, EPC contractors, investors, financiers and procurement professionals evaluating supplier bankability and long-duration warranty risk in BESS projects. Sinovoltaics’PV Module Manufacturer and PV Inverter Manufacturer Ranking Reports are also available on the company’s website.
About Sinovoltaics
Since 2010, Sinovoltaics, a Dutch-German Battery Energy Storage (BESS) and solar photovoltaic (PV) technical compliance and quality assurance service firm, has been a pioneer in the BESS and solar photovoltaic industries. With innovative software solutions such as SELMA® and BESSecure, Sinovoltaics’ mission is to eliminate all photovoltaic and BESS product defects, enabling investors and the world to succeed with minimal investment risks.
Sinovoltaics’ services include quality assurance inspections, factory audits, Environmental, Social, and Governance (ESG) reporting, and traceability audits for utility-scale solar and BESS developers and investors. The company maintains a global presence with offices in Switzerland, the United States, Hong Kong, Mainland China and Vietnam, as well as factory inspection and audit teams strategically located in China, Vietnam, Türkiye, Thailand, India and other key manufacturing bases.
Media Contact
Rasa Jakaitis
Media Manager
rasa@sinovoltaics.com
+37060152349
Lithuania
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