Samsung Electronics
ConvictionModerate
Vertically integrated IDM: designs + fabricates + sells memory and logic chips (Device Solutions), plus consumer devices (Device eXperience), displays (Samsung Display), and Harman audio/auto; cyclical commodity-memory pricing is the dominant earnings swing factor.
Revenue
TTM ~$255BKRW ~333.6T FY25; Q1 FY26 KRW 133.9T, +43% q/q all-time highRev growth
FY25 ~ +9% y/yQ1 FY26 +43% q/q (memory ASP +~146% vs FY25 avgGross margin
not disclosed at group level for Q1 FY26memory gross margin estimated very high given ASP surgeOp margin
~43%in Q1 FY26 (OP KRW 57.2T on revenue KRW 133.9T) — vs low-teens in FY25Capex intensity
Very high — ~KRW110T$73.2B) semiconductor capex+R&D budgeted for 2026, +128% vs FY25's KRW47.5T; largest single-year semiconductor investment everMarket cap
~$1.4TKRW ~2,070-2,290T; Jun 2026 — highly volatile, briefly crossed by SK Hynix on 22 Jun 2026 before a ~12% KOSPI selloff on 23 JunAcross 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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Full financial intelligence for Samsung Electronics
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 financial advice — analyst work product for a qualified professional.