SK hynix (000660)
Fact Summary
SK hynix closed at 1,830,000원 on 2026-07-16, down 9.50% from the previous day. SK hynix reported Q1 2026 revenue of 52조 5,763억 원 and operating profit of 37조 6,103억 원 (a 72% operating margin), an all-time high on a quarterly basis, and listed American Depositary Receipts (ADRs) on Nasdaq on July 10, 2026. On the same day, the Bank of Korea raised its base rate from 2.50% to 2.75%, and the US Philadelphia Semiconductor Index (SOX) fell 4.29% from the previous day.
Price Change Context Note
The reference-date decline occurred amid a spillover from declines in the US semiconductor index (SOX) and Nasdaq into Asian semiconductor stocks, with media reports citing an overseas brokerage report pointing to data center project delays as the backdrop. Over the five trading days leading up to the reference date (2026-07-10 to 2026-07-16), SK hynix went through a phase of heightened volatility marked by its Nasdaq ADR listing and repeated sharp rallies and selloffs.
Business Overview
SK hynix is a comprehensive semiconductor company primarily focused on memory semiconductors such as DRAM and NAND flash, with AI-server HBM (high-bandwidth memory) recently driving its results. Over 90% of revenue comes from DRAM and NAND flash, and as of 2025 sales by region were 68.8% from US-based sales subsidiaries and 19.7% from China-based sales subsidiaries (Korea Economic Daily, 2026-06-25, A).
HBM market share, per Counterpoint Research, fell from 62% (No. 1) in shipment terms in Q2 2025 to 58% in Q1 2026, with the 2026 outlook (E) projected at around 50%, amid an expected pursuit by Samsung Electronics (28%E) and Micron (22%E).
5-Year Financial Trend
| Year | Revenue | Operating Profit | Net Income | Label |
|---|---|---|---|---|
| 2021 | 41조 5,573억 | N/A | N/A | A |
| 2022 | 37조 8,787억 | 7조 6,609억 | N/A | A |
| 2023 | 32조 7,657억 | -7조 7,303억 | -9조 1,375억 | A |
| 2024 | 66조 1,930억 | 23조 4,673억 | N/A | A |
| 2025 | 97조 1,467억 | 47조 2,063억 | 42조 9,479억 | A |
| 2026 Q1 | 52조 5,763억(quarterly) | 37조 6,103억(quarterly) | 40조 3,459억(quarterly) | A |
5-year debt ratio, ROE, ROA, and free cash flow (FCF), as well as segment-level (DRAM/NAND/HBM) revenue breakdown, are not available — verification against original DART financial statements is required.
Competitor Comparison
Micron (FY2026 Q3, A) reported revenue of 414억 5,600만 달러 (approx. 64조원), up 74% quarter-over-quarter, with a gross margin of approximately 85% (compiled from Sejong Voice and Etoday). Samsung Electronics' Q2 2026 consensus (E) is revenue of 170조 4,708억 원 with an operating margin of 50.46%, while SK hynix's consensus (E) operating margin for the same period was reported at 76.53% (Financial News, 2026-06-28).
Valuation
The FY2020–2024 average EV/EBITDA was 10.2배, with a median of 4.7배 (valueinvesting.io); the 22.33배 figure as of 2026-07-10 significantly exceeds this. However, this figure is sourced solely from an aggregator site and has not been cross-checked against a primary source.
Investor Flow Trends
Net buying by investor type on 2026-07-16 (estimate, secondary source, not cross-checked against KRX) was reported as retail +1,067,656주, institutions -628,785주, and foreigners -469,637주. On the same day, across the entire KOSPI market, foreigners net sold -1.38조 원, institutions net sold -2.37조 원, and retail net bought +3.66조 원 (MLQ News; not stock-specific figures).
Short-selling ratio (2026-07-16, estimate): 2.26% · Foreign ownership ratio (2026-07-16, secondary source): 52.44% · The investor flow figures above are secondary-source estimates not cross-checked against KRX primary disclosures; primary data collection was blocked because KRX's investor-type trading API now requires login.
Macro Environment
| Factor | Value | Reference Date | Label |
|---|---|---|---|
| Bank of Korea base rate | 2.75% | 2026-07-16 (2.50%→2.75%) | A |
| US Fed funds rate | 3.50~3.75% | 2026-06-17 FOMC hold | A |
| KRW/USD exchange rate | 1,478.82원 | 2026-07-16 | A |
| Philadelphia Semiconductor Index (SOX) | 11,867.50(-4.29%) | 2026-07-16 | A |
| Nasdaq Composite Index | 25,520.24(-1.40%) | 2026-07-16 | A |
| DRAM contract price | QoQ +58~63% | Q2 2026 | A/E mixed |
| NAND contract price | QoQ +70~75% | Q2 2026 | A/E mixed |
The decline on 2026-07-16 was reported as a spillover from the prior day's US SOX and Nasdaq declines into Asian semiconductor stocks, against the backdrop of an overseas brokerage report citing data center project delays. The Bank of Korea's rate hike and a decline in the KRW/USD exchange rate also occurred on the same day (Newspim, Money Today, 2026-07-16).
Governance
The largest shareholder is SK Square Co., Ltd., holding a 20.07% stake (146,115,103주, as of 2025-12-31); SK Square's largest shareholder is SK Inc. (32.14%) (DART business report, A). The board consists of 9 members total (2 executive directors, 2 other non-executive directors, 5 outside directors), with outside directors comprising 55.6% of the board; the board chair is outside director Han Ae-ra.
Foreign ownership fell from 53.8% (1/2) to 51.3% (6/19) during H1 2026 (Seoul Economic Daily, citing KRX data, A). Shareholders reporting holdings of 5% or more include Capital Research and Management Company, BlackRock Fund Advisors, and others (DART substantial shareholding report).
Recent Stock Price Trend
Since its Nasdaq ADR listing on 2026-07-10, SK hynix has seen repeated sharp swings. On 2026-07-13 it plunged in the domestic market, triggering a KOSPI circuit breaker; after a further correction on 2026-07-14, it was reported to have rebounded and recovered to the 200만원대 level on 2026-07-15 (Money Today, Herald Economy, and others). It turned lower again on 2026-07-16. Because reported price-change and closing-price figures vary by outlet for each date (for example, the 2026-07-16 change was reported anywhere from -9.5% to -13% depending on the outlet), this report uses the system's authoritative source (Toss Securities Open API) for its reference-date figures.
On 2026-06-22, SK hynix's market capitalization was reported to have surpassed Samsung Electronics' for the first time, taking the top spot on the KOSPI by market cap, and to have risen intraday to 2,945,000원, marking a 52-week high (Financial News and others, A).
Risk Factors
The items below are based on domestic media reporting of risk factors that SK hynix itself disclosed in filings with US securities regulators in connection with its Nasdaq (ADR) listing (Korea Economic Daily, 2026-06-25, and others, A).
- Top Potential decline in HBM and server memory orders if AI infrastructure investment slows — a risk factor explicitly disclosed by the company
- Cyclicality Over 90% of revenue comes from DRAM and NAND flash; recorded an operating loss of 7조 7,303억 원 in 2023
- Geopolitical US-based sales account for 68.8% of revenue and China-based sales for 19.7% (2025) — exposure to US-China trade tensions
- Investment Large-scale capital investment underway to expand advanced processes including HBM, with potential for schedule delays and cost overruns
- Valuation EV/EBITDA of 22.33배 (2026-07-10) significantly exceeds the 5-year average of 10.2배
- Competition HBM market share trending down from 62% in Q2 2025 to a 2026 outlook of 50%(E), amid pursuit by Samsung Electronics and Micron
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Fact Highlights
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