SK hynix Inc.
- Growing?
- Yes: revenue went from KRW 44.62T in FY22 to KRW 97.15T in FY25.
- Expensive?
- P/E (trailing) 8.8×. Priced 74% below the peer median of 33.8x (excludes 1 unprofitable peer).
- Analysts?
- 93% of 15 say buy; average 12-month target $261, 89% above today's price.
SK hynix Inc. is a South Korea–based semiconductor manufacturer focused on memory products, primarily DRAM and NAND flash, including advanced HBM (High Bandwidth Memory) used in AI and high-performance computing systems.
More about SK hynix
It generates revenue mainly from selling memory components and related solutions to device makers and data-center customers worldwide.
Market Position
SK hynix is one of the world’s leading memory suppliers, competing primarily with Samsung Electronics and Micron in DRAM and NAND, and is a key supplier of HBM for AI accelerators and data centers. Its differentiation is driven by leading-edge memory process technology and advanced packaging capabilities for high-performance memory.
How has the stock done?
Over the past month SKHY fell 15.1%; the semiconductor ETF (SMH) fell 15.1% and the S&P 500 fell 2.7%.
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.
Is the business growing?
Revenue went from KRW 44.62T in FY22 to KRW 97.15T in FY25; net income from KRW 2.23T to KRW 42.92T.
Show the data
| Fiscal year | Revenue | Net income |
|---|---|---|
| FY22 | KRW 44.62T | KRW 2.23T |
| FY23 | KRW 32.77T | −KRW 9.11T |
| FY24 | KRW 66.19T | KRW 19.79T |
| FY25 | KRW 97.15T | KRW 42.92T |
Fiscal years: Yahoo Finance.
How it makes money
Of every $100 in revenue, $44.2 ends up as net income. Net margin rose from 5.0% to 44.2% over the past 3 years.
+25.4 pts over 3 years
+33.3 pts over 3 years
+39.2 pts over 3 years
Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.
Where it is in the chip cycle
Gross margin 83.2% and rising for 4 quarters; inventory at 136 days and falling for 3 years; capital spending 19.3% of revenue over the last 4 quarters.
Show the data
| Period | Gross margin |
|---|---|
| Jun ’25 | 53.9% |
| Sep ’25 | 57.4% |
| Dec ’25 | 68.8% |
| Mar ’26 | 79.3% |
| Jun ’26 | 83.2% |
Chip prices rise and fall with the cycle, and margins move with them: a margin that stops rising is often the first sign the cycle is turning.
Show the data
| Period | Inventory days |
|---|---|
| FY22 | 197 |
| FY23 | 148 |
| FY24 | 141 |
| FY25 | 136 |
How many days of sales are sitting in stock. Rising inventory days often come before a downturn: chips are being made faster than they sell.
Show the data
| Period | Capital spending |
|---|---|
| Jun ’25 | 20.8% |
| Sep ’25 | 21.5% |
| Dec ’25 | 37.3% |
| Mar ’26 | 15.0% |
| Jun ’26 | 14.0% |
Money put into factories and equipment. Heavy spending late in an upswing can leave the industry with too much capacity when demand cools.
Inventory days: year-end inventory over that year's cost of revenue, times 365.
Customers and suppliers
In its prospectus SK hynix buys from SK ecoplant, HITECH Semiconductor, PRISM Energy International Pte. and 5 more; sells to NVIDIA, ESSENCORE; two customers it does not name account for 14.80% and 12.43% of its revenue.
Their suppliers
Suppliers
SKHYSK hynixCustomers
Partners
Kioxia Holdings KXIAYSK hynix invested in it · Indirect equity investment through special purpose companiesSK South East Asia Investment Pte.SK hynix invested in it · Equity-accounted investmentSK China CompanySK hynix invested in it · Equity-accounted investment
NVIDIA NVDACollaborates on next-generation memory technologySK hynix system ic (Wuxi)Retained investment in jointly controlled companyShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Customer A (unnamed) | customer | “(2) For the three-month period ended March 31, 2026, revenues of W7,780,590 million and W6,536,458 million, or 14.80% and 12.43% of the Group’s revenue, were derived from external Customers A and B, respectively.” |
| Customer B (unnamed) | customer | “(2) For the three-month period ended March 31, 2026, revenues of W7,780,590 million and W6,536,458 million, or 14.80% and 12.43% of the Group’s revenue, were derived from external Customers A and B, respectively.” |
| NVIDIA | customer | “In June 2026, we announced a technology partnership with NVIDIA Corporation (“NVIDIA”) to advance next-generation memory aligned with NVIDIA’s AI infrastructure roadmap, which also includes the supply of memory semiconductors.” |
| NVIDIA | partner · co-develops with it | “In June 2026, we announced a technology partnership with NVIDIA Corporation (“NVIDIA”) to advance next-generation memory aligned with NVIDIA’s AI infrastructure roadmap, which also includes the supply of memory semiconductors. The two companies expect to collaborate on memory technology for NVIDIA’s platforms such as Vera Rubin AI supercomputers, Vera CPUs, RTX Spark-owered PCs and Jetson Thor robotic computing platforms.” |
| ESSENCORE | customer | “Our transactions with ESSENCORE Limited (“ESSENCORE”) consist primarily of sales of our NAND flash memory products....Operating revenues and others received from ESSENCORE amounted to W1,550 billion in the first quarter of 2026 and W347 billion in the first quarter of 2025, and W2,726 billion in 2025, W644 billion in 2024 and W754 billion in 2023.” |
| SK ecoplant | supplier | “Our transactions with SK ecoplant Co., Ltd. (“SK ecoplant” and formerly SK Engineering & Construction Co., Ltd.) consist primarily of SK ecoplant’s construction of facilities and our acquisition of such assets....Our acquisition of assets from SK ecoplant amounted to W986 billion in the first quarter of 2026 and W292 billion in the first quarter of 2025, and W4,708 billion in 2025, W1,068 billion in 2024 and W465 billion in 2023.” |
| HITECH Semiconductor | partner · joint venture with it | “We also utilize a factory operated by HITECH Semiconductor in Wuxi, China, a joint venture company established by us and Wuxi Taiji Industry Co., Ltd. (“Wuxi Taiji Industry”). As of March 31, 2026, we held a 45.0% interest in HITECH Semiconductor.” |
| HITECH Semiconductor | supplier | “Table of Contents of integrated circuit packaging and testing services for semiconductors and was established in November 2009 as a joint venture between us and Wuxi Taiji Industry....Operating expenses and others paid to HITECH Semiconductor amounted to W217 billion in the first quarter of 2026 and W178 billion in the first quarter of 2025, and W789 billion in 2025, W697 billion in 2024 and W712 billion in 2023.” |
| Wuxi Taiji Industry | partner · joint venture with it | “We also utilize a factory operated by HITECH Semiconductor in Wuxi, China, a joint venture company established by us and Wuxi Taiji Industry Co., Ltd. (“Wuxi Taiji Industry”).” |
| PRISM Energy International Pte. | supplier | “Our transactions with PRISM Energy International Pte. Ltd., a subsidiary of SK E&S Co., Ltd., consist primarily of sales by PRISM Energy International Pte. Ltd. of liquified natural gas. Operating expenses and others paid to PRISM Energy International Pte. Ltd. amounted to W173 billion in the first quarter of 2026 and W818 billion in 2025.” |
| Clean Industrial REIT | supplier | “Our transactions with Clean Industrial REIT Co., Ltd., a subsidiary of SK REIT Co., Ltd., consist primarily of our sale of our wastewater management facility located in Icheon, Korea, to Clean Industrial REIT Co., Ltd. in September 2023 for W1,120 billion and the following leaseback of the facility.” |
| Kioxia Holdings | partner · SK hynix invested in it | “In regard to the Group’s interests in KIOXIA through the investments in BCPE Pangea Intermediate Holdings Cayman, L.P. and BCPE Pangea Cayman2 Limited, the equity interests in KIOXIA that the Group may hold, directly or indirectly, are limited to a certain percentage for a specified period following the acquisition.” |
| SPC 2 | partner · SK hynix invested in it | “In addition, we invested W1,279 billion to acquire a convertible bond issued by a second special purpose company, BCPE Pangea Cayman2 Limited (“SPC 2”), which is convertible into an approximately 15.0% equity interest in SPC 2.” |
| SK hynix system ic (Wuxi) | partner · joint venture with it | “The fair value of remaining shares has been recognized as an investment in a joint venture....In the first quarter of 2026, we recorded share of loss of equity-accounted investees of W27 billion primarily due to our share of loss of W30 billion from SK hynix system ic (Wuxi) Co., Ltd., which was partially offset by our share of gain of W3 billion from HITECH Semiconductor (Wuxi) Co., Ltd.” |
| Hystars Semiconductor (Wuxi) | partner · joint venture with it | “(8) As of March 31, 2026, the Group provides a payment guarantee amounting to KRW 153,396 million (RMB 701 million) to Wuxi Xinfa Group Co., Ltd. on behalf of Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture.” |
| Hystars Semiconductor (Wuxi) | supplier | “W6,967 million) and W5,438 million (2025: W6,967 million), respectively, and lease payments to HITECH Semiconductor (Wuxi) Co., Ltd. and Hystars Semiconductor (Wuxi) Co., Ltd., a joint venture for the three-month period ended March 31, 2026 amount to W14,107 million (2025: W18,400 million).” |
| SiFive | partner · SK hynix invested in it | “W25 billion in loss reflecting the difference between the book value and the recoverable amount of our investment in SiFive Inc., the aggregate impact of which was partially offset by our share of gain of W18 billion from HITECH Semiconductor.” |
| SK South East Asia Investment Pte. | partner · SK hynix invested in it | “In the first quarter of 2025, we recorded share of loss of equity-accounted investees of W41 billion primarily due to our share of losses of W27 billion from SK hynix system ic (Wuxi) Co., Ltd. and W13 billion from SK South East Asia Investment Pte. Ltd.” |
| SK China Company | partner · SK hynix invested in it | “In 2023, we recorded share of profit of equity-accounted investees of W15 billion primarily due to our share of gains of W17 billion from HITECH Semiconductor and W12 billion from SK China Company Limited, the aggregate impact of which was partially offset by our share of loss of W11 billion from SiFive, Inc.” |
| SK Airplus | supplier | “The right-of-use assets and lease liabilities recognized regarding the lease agreements with other related parties including SK Airplus Inc. (formerly, SK Materials Airplus Inc.) for the year ended December 31, 2025, increased by W110,681 million(2024:” |
| SK Broadband | supplier | “The right-of-use assets and lease liabilities recognized regarding the lease agreements with other related parties including SK Broadband Co., Ltd. for the three-month period ended March 31, 2026 increased by W1,013 million (2025:” |
| SK Aircore | supplier | “W32 million increased), respectively, and lease payments to the other related parties including SK Aircore Co., Ltd. for the three-month period ended March 31, 2026 amount to W45,552 million (2025:” |
| Lam Research (10-K filed Aug 7, 2026) | calls it a customer | “Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.” |
| NVIDIA (10-K filed Feb 25, 2026) | calls it a supplier | “We purchase memory from SK Hynix Inc., Micron Technology, Inc., and Samsung.” |
| Penguin Solutions (10-K filed Oct 20, 2026) | calls it a supplier | “Our semiconductor suppliers include many of the world’s largest memory manufacturers, including Samsung Semiconductor, Inc., Micron Technology, Inc., SK hynix, Inc., International Business Machines Corporation, and Kioxia Holdings Corporation.” |
| Silicon Motion Technology (20-F filed Apr 30, 2026) | calls it a customer | “Our customers constituting more than 10% of our net revenue were (i) Micron, SK Hynix and AFASTOR in 2023, (ii) Micron, Kioxia, PHISEMI and AFASTOR in 2024 and (iii) PHISEMI, Kioxia, AFASTOR, and Micron in 2025.” |
Only the companies SK hynix names in its prospectus (424B4) filed Jul 10, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.
Is it expensive?
P/E of 8.8x, below the peer median of 33.8x, with earnings still growing.
Priced 74% below the peer median of 33.8x (excludes 1 unprofitable peer).
Show the data
| Company | P/E (trailing) |
|---|---|
| AMD · Advanced Micro Devices, Inc. | 127× |
| AVGO · Broadcom Inc. | 46.5× |
| NVDA · NVIDIA Corporation | 21× |
| MU · Micron Technology, Inc. | 10.8× |
| SKHY · SK hynix Inc. | 8.8× |
| INTC · Intel Corporation | Loss |
What analysts expect
The average analyst price target is $261, 89% above the current price; 93% of 15 analysts rate it a buy.
Buy or Strong Buy: 14 analysts (93%). Sell or Strong Sell: 0.
Since Aug 4, 2026 the average of the analysts' latest price targets went from $245.50 to $252.67 (+3%), while SKHY went from $154.38 to $137.71 (−11%). In the past three months targets were raised 3 times and cut once. No firm upgraded or downgraded it over the year.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 28, 2026 | RBC Capital | Target kept | Outperform | $200.00 |
| Oct 28, 2026 | Rosenblatt | Target raised | Buy | $400.00, was $320.00 |
| Oct 28, 2026 | Cantor Fitzgerald | Target kept | Overweight | $250.00 |
| Oct 28, 2026 | Needham | Target raised | Buy | $235.00, was $220.00 |
| Oct 26, 2026 | Cantor Fitzgerald | Target cut | Overweight | $250.00, was $300.00 |
| Sep 10, 2026 | JP Morgan | Began coverage | Overweight | $245.00 |
| Aug 24, 2026 | Needham | Target raised | Buy | $220.00, was $200.00 |
| Aug 4, 2026 | Wolfe Research | Began coverage | Outperform | $200.00 |
| Aug 4, 2026 | RBC Capital | Began coverage | Outperform | $200.00 |
| Aug 4, 2026 | Cantor Fitzgerald | Began coverage | Overweight | $300.00 |
| Aug 4, 2026 | Rosenblatt | Began coverage | Buy | $320.00 |
| Aug 4, 2026 | Needham | Began coverage | Buy | $200.00 |
| Aug 4, 2026 | William Blair | Began coverage | Outperform | — |
| Aug 4, 2026 | Stifel | Began coverage | Buy | $240.00 |
| Jul 30, 2026 | Barclays | Target cut | Overweight | $300.00, was $330.00 |
| Jul 30, 2026 | UBS | Began coverage | Buy | $204.00 |
| Jul 14, 2026 | Barclays | Began coverage | Overweight | $330.00 |
For the quarter ending Dec 2026, analysts expect adjusted earnings of $8.96 a share. For the fiscal year ending Dec 2027, they expect adjusted earnings of $42.30 a share.
Adjusted. Range $8.21 to $9.78; 3 analysts
Adjusted. The year to Dec 2026: $26.89 expected, with a quarter far from its estimate; range $33.29 to $52.70; 5 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026 | EPS (adjusted) | $8.96 | $8.21 to $9.78 | 3 | — | — |
| Year ending Dec 2026 | EPS (adjusted) | $26.89 | $25.44 to $27.99 | 5 | — | — |
| Year ending Dec 2027 | EPS (adjusted) | $42.30 | $33.29 to $52.70 | 5 | $26.89 (expected, year to Dec 2026) | — |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Where the cash goes
Generated KRW 90.43T in free cash flow over the year, of which KRW 520B went back to shareholders (dividends plus buybacks), leaving KRW 89.91T in the company.
Show the data
| Line | Amount |
|---|---|
| Op. cash flow | KRW 126.93T |
| Capex | −KRW 36.50T |
| Free cash flow | KRW 90.43T |
| Dividends | −KRW 520B |
| Buybacks | — |
| Cash retained | KRW 89.91T |
Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.
Financial health
Current ratio 1.9, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.
Assets that can be turned into cash soon are 1.9x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.
For every $1 of shareholder funds, there is $0.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.
Cash and short-term investments of KRW 35.14T against debt of KRW 22.25T. Lease obligations of KRW 2.51T are not counted: they are rent owed, not money borrowed.
Latest fiscal year balance sheet. Source: Yahoo Finance.
Who holds it
1 portfolio Hunch tracks holds SKHY. It is 3.7% of UNICOM Systems's portfolio (2.2% as filed).
SKHY's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 4 held SKHY at the end of their latest quarter, Q3 2026. Over that quarter 4 bought new. The largest of them is UNICOM Systems, 178,600 shares worth $32.9M at Sep 30, 2026.
4 of them new holders
Over their latest quarter
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| UNICOM Systems | Q3 2026 | 178,600 | $32.9M | +178,600 | New | Oct 13, 2026 |
| Baillie Gifford & | Q3 2026 | 177,116 | $32.6M | +177,116 | New | Nov 9, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 100,695 | $18.5M | +100,695 | New | Nov 3, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 42,908 | $7.9M | +42,908 | New | Oct 28, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SKHY at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.
Logo: Nvidia, Apache License 2.0.
