APsystems has been recognized as the world's most profitable photovoltaic microinverter manufacturer, according to the 2025 edition of the report by Sinovoltaics, a consultancy specializing in financial analysis of companies in the photovoltaic sector.
The survey, based on the Altman Z-score model (a benchmark in corporate financial risk assessment), considered 35 inverter manufacturers, with data from September 2022 to June 2025.
“Being ranked number one globally by Sinovoltaics is not just an honor, it is a validation of our long-term vision and commitment to excellence,” said Olivier Jacques, Global President of APsystems, in a press release.
"We built APsystems based on innovation, strong profitability, a market-relevant ecosystem, and stability, factors that are very important to our customers, partners, and financiers," he added.
According to the Sinovoltaics report, APsystems not only led the industry with the highest score, but also demonstrated consistent financial strength throughout the three-year analysis period, from 2022 to 2025. "Financial viability is crucial in the solar industry," said Zhi-min Ling, co-founder and president of APsystems.
"Installers, EPCs, and financiers need to be confident that the technology they deploy today will be supported tomorrow. Our customers rely on us not only for performance and innovation, but also for long-term reliability. This report confirms that APsystems will be there, year after year, to deliver on that promise," he added.
How does the ranking work?
The Sinovoltaics Inverter Manufacturer Ranking is the most comprehensive independent financial ranking of the inverter manufacturing industry. Using the Altman Z-score, a predictive model that evaluates working capital, retained earnings, EBIT, market value, and sales, it assesses each manufacturer's financial stability and their likelihood of survival over the next two to ten years.
Manufacturers are categorized into three zones: "safe zone," "gray zone," and "danger zone." APsystems achieved the highest Altman Z-Score, placing it firmly in the safe zone and differentiating itself from dozens of its global competitors.
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