Sinovoltaics, a Netherlands-based PV and energy storage advisory firm, has released its fourth edition 2025 ranking report. According to Sinovoltaics, the report assesses financial stability of more than 60 PV module manufacturers worldwide. The assessment is based on Altman Z-Scores calculated quarterly using publicly available financial data. As per the report, the evaluation period spans from December 2022 through September 2025. Manufacturers are classified into Safe Zone, Grey Zone, and Distress Zone categories based on scores. As of September 2025, 11 manufacturers were placed in the Safe Zone category. Insolation Energy led the rankings with an Altman Z-Score of 13.92, followed by Waaree Renewable Technologies at 13.6. Solex Energy Ltd ranked third with 5.72, ahead of First Solar at 4.9 and Eterbright at 4.02. This compares with nine manufacturers recorded in the Safe Zone during the previous reporting period. According to Sinovoltaics, the ranking aids supplier evaluation by focusing on financial strength and long-term warranty enforceability.