Sinovoltaics has released the third edition of its PV inverter manufacturer ranking report based on Altman Z-scores. The report has analyzed financial data from September 2022 to June 2025 for over 30 publicly listed inverter manufacturers. APSYSTEMS, Sinexcel, Eaton, KSTAR, and Hoymiles Power Electronics have ranked among the top five in financial strength. Eaton has demonstrated consistent Z-score improvement since 2022, indicating sustained financial recovery. The report has emphasized that many current inverter manufacturers may not remain operational over the next five to ten years. According to Sinovoltaics, long-term reliability of inverter suppliers is linked to warranty enforcement, service continuity, and project bankability. Companies in the report were categorized into Safe, Grey, or Distress zones depending on financial stability and quarterly Z-score trends.