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World's #2 memory-chip maker, producing DRAM and NAND flash, and the leading supplier of HBM used in AI accelerators.
World's #2 memory-chip maker, producing DRAM and NAND flash, and the leading supplier of HBM used in AI accelerators.
Earns almost all of its income from memory, so results follow memory prices, but HBM, the stacked memory sold alongside AI processors, now carries a far bigger share than a few years ago, largely through Nvidia. Part of the SK group, a South Korean conglomerate. It added Intel's flash-memory business, now Solidigm, in a deal begun in 2020.
In one line: Korea's Micron — but the current global leader in AI-critical HBM memory..
Moat: wide (scale, process know-how, IP/patents). Current leading HBM supplier qualified into Nvidia's AI GPU supply chain, a technically hard-to-replicate position.
Headquarters: Icheon, South Korea · Founded: 1983 · Employees: 34,549
Size SK hynix (000660.KS) is a South Korea Information Technology company (Semiconductors) with a market value of $608B, the 2nd largest of 495 South Korea companies the cockpit tracks. Shares closed at ₩1,132,000 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against -12.7% for the median peer and -24.5% for the South Korea market (cap-weighted) — 7th highest of 14 in its peer set.
Growth Revenue grew 220.3% over the last twelve months (peer median +29.4%); the operating margin is 74.5% (peer median 37.2%).
Valuation It trades at 3.1× forward earnings against a peer median of 22.4× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 109.2 points above its cost of capital (13.2% WACC).
Credit SK hynix has 6 bonds outstanding ($4.45B), rated A- by the agencies and trading like BBB+ at a weighted spread of 76 bp.
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₩269T | ₩97.1T | ₩66.2T | ₩32.8T | ₩44.6T |
| Revenue growth | — | +47% | +102% | -27% | — |
| Gross profit | n/a | ₩57.9T | ₩31.3T | -₩1.12T | ₩14.9T |
| EBITDA | n/a | ₩61.1T | ₩36.0T | ₩5.89T | ₩21.0T |
| Net income | ₩189T | ₩42.9T | ₩19.8T | -₩9.11T | ₩2.23T |
| Free cash flow | n/a | ₩25.9T | ₩13.9T | -₩4.05T | -₩4.23T |
| Capital expenditure | n/a | ₩28.6T | ₩16.7T | ₩8.78T | ₩19.7T |
| Total debt | n/a | ₩24.8T | ₩25.5T | ₩32.5T | ₩24.8T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SK hynix 000660.KS | $608B | -12% | +220% | 74% | 3.1× | -3.1% |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| Micron Technology MU | $781B | -8% | +256% | 75% | 3.9× | 7.1% |
| Kioxia 285A.T | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000660.KS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.3% | -24.5% | 4th lowest of 15 |
| 6-month return | -12.0% | -12.7% | 7th highest of 14 |
| Distance from 52-week high | -62.1% | -37.1% | lowest of 15 |
| Revenue growth (TTM) | +220.3% | +29.4% | 2nd highest of 15 |
| Operating margin | 74.5% | 37.2% | 2nd highest of 15 |
| Forward P/E | 3.1× | 22.4× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -3.1% | 25.0% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +24.9% | +14.5% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | -28.1 pp | +10.6 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +109.2 pp | +11.0 pp | highest of 15 |
| Bond spread | 76 bp | 78 bp | 5th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 30.0× | 60.9% | +28.8% |
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 3.9× | 7.1% | +36.9% |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 4.0× | -7.2% | +7.1% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| Broadcom AVGO | United States | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% | +21.7% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| Taiwan Semiconductor Manufactur 2330.TW | Taiwan | $1.67T | -5% | +36% | 58% | 15.0× | 10.1% | +23.3% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
SK hynix has 6 bonds outstanding with $4.45B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.35%, a spread of 76 bp over government bonds.