The latest financial stability ranking has Tesla, Mustang Battery, and Solid Power holding the top three spots in a report that tracks Altmann-Z scores for 57 manufacturers over the past three years.
Technical compliance consultancy Sinovoltaics, has published its latest Energy Storage Manufacturer Ranking Report 3Q2025, which tracks the financial stability of public battery-making companies based on Altman-Z Scores.
The report published by the Hong Kong-based company, which is available to download for free, covers 57 manufacturers, up from 55 in the previous edition. The scores are tracked over the period September 2022-June 2025 to provide insights into financial stability.
Two U.S.-based companies are in the top three this quarter, namely Tesla in first and Solid Power in third, with China’s Mustang Battery in the second spot.
The top ten for the quarter are as follows: Tesla, Mustang Battery, Solid Power, Taiwan-based Kung Long Batteries, South Korea-based Hyundai Electric, China-based Sinexcel, U.S.-based Eaton, followed by China-based Sacred Sun (Shandong Sacred Sun Power Sources Co Ltd), U.S.-based Yuasa Battery, and Simplo Technology, headquartered in Taiwan.
Three other manufacturers were highlighted by the analysts for demonstrating stable scores over the 3-year period covered in the report, namely Sebang Global Battery, based in Korea, and two Chinese manufacturers, Zhongtian Technology (ZTT) and Camel Group, respectively ranked 12th, 14th and 15th, respectively.
The Sinovoltaics analysts noted that the energy storage market is emerging with a “grand variety of existing and research-in-progress technologies” and a number of new entrants to the market.
“In such a new market with average warranties that vary widely between 2-10 years, the financial stability of an energy storage manufacturer is crucial as it is geared to the validity and enforceability of the warranty policies on its products.”
The Altmann Z-scores are a balance sheet-based model that uses publicly available financial information to track financial and credit strength. The credit-strength test is based on profitability, leverage, liquidity, solvency, and activity ratios, according to Sinovoltaics.
A score that is 1.1 or lower indicates a higher probability of bankruptcy within the next two years, while a higher score of 2.6 or greater is considered in the “safe zone.”
This quarter, there were 21 companies with a score over 2.6, the same number as the last edition.
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