SK Hynix
ConvictionModerate
Vertically-integrated IDM: designs + fabricates + sells memory; HBM sold via multi-year allocation contracts to AI accelerator makers, commodity DRAM/NAND priced spot+contract.
Revenue
₩97.15T FY25~$70B); ₩52.58T 1Q26 alone (first-ever >₩50T quarterRev growth
+198% YoY / +60% QoQ1Q26); +~45% YoY FY25Gross margin
not disclosed separatelyest. >70%; op margin 72% implies itOp margin
72%1Q26 record); 49% FY25Capex intensity
high & rising — 2026 investment 'significantly above' 2025M15X fab, Yongin cluster, EUV); exact figure not disclosedMarket cap
~$1.12T USD~13th globally; up from ~$287B a year ago). US-listed via a sponsored Nasdaq Global Select ADR (SKHY) — SEC F-1/A (CIK 0002120882); ~$29B raise, effective ~Jul 10 2026 (TENTATIVE, not yet trading). Primary listing KRX 000660 retained (dual-listed).Across the boards
The thesis on this name
comp
Memory Super-Cycle
Full context
The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jul 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence