Sinovoltaics, a Hong Kong-headquartered technical compliance and quality assurance provider, has released its latest quarterly PV Module Manufacturer Ranking Report, tracking the Altmann-Z scores for 64 manufacturers from September 2022 to December 2025.

“The sector is still working through one of the worst periods of oversupply and falling prices in its history,” Sinovoltaics CEO, Dricus de Rooij, told pv magazine. “Against that backdrop, a rise from twelve to fourteen manufacturers in the Safe Zone is a real sign that the strongest players are adapting. First Solar is a good example. Staying above a score of five for three years shows what financial discipline looks like in a tough market. But the bigger story is the growing divide. Manufacturers with diverse revenue and strong balance sheets are pulling ahead, while those competing on price alone are being pushed toward distress.”

The top two manufacturers are Indian manufacturers Waare Renewable Technology and Premier Energies, followed by China’s HT-SAAE.

Seven other companies round out the top ten, including U.S.-based First Solar, Taiwan-based Eterbright (HIWIN), India’s Insolation Energy, Japan’s Kyocera, Taiwan’s Tainergy, DMEGC Solar (DMEGC Magnetics Group) and Topray Solar, both based in China.

“For the first time in over a year, the number of manufacturers in the financial Safe Zone has increased, from 12 to 14, with First Solar continuing to lead at an Altman Z-Score of 5.1,” Sinovoltaics said in a statement.

Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about corporate income and balance sheet values to measure the financial health of a company. The financial strength assessment is based on a credit-strength test based on profitability, leverage, liquidity, solvency, and activity ratios.

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 indicates a solid financial position.