Fact Summary
SK hynix posted its highest-ever quarterly results in Q1 2026, with revenue of KRW 52.5763 trillion and operating profit of KRW 37.6103 trillion (operating margin of approximately 72%), and for full-year 2025 also recorded its highest-ever annual results, with revenue of KRW 97.1467 trillion and operating profit of KRW 47.2063 trillion (SK hynix Newsroom). On 2026-07-10, it listed American Depositary Shares (SKHY) on the Nasdaq, and the closing price as of 2026-07-21 was KRW 1,872,000 (+1.68% vs. the previous day, volume of 7,912,276 shares) (Toss Securities Open API). On the same day, institutions led net buying of KRW 695.2 billion while foreign investors net sold KRW 439.0 billion, with Q2 2026 results scheduled for release on July 29 (Herald Economy · Financial News).
Price-Change Context Note
Over the month of July 2026, the share price fluctuated significantly — from an intraday all-time high of KRW 2,987,000 on June 25, through a record single-day decline of -14.57% on July 2, to repeated breaches and recoveries of the KRW 2 million and KRW 1.7 million levels between July 13-16 (Herald Economy · Daum News, compiled). During the same period, foreign investors net sold approximately KRW 19.582 trillion over 13 consecutive trading days from June 19 to July 6, lowering the foreign ownership ratio from 53.8% at the start of the year to 50.17% on July 6 (Financial News · Seoul Economic Daily).
Note: Some media outlets (Asia Economy, Segye Ilbo) reported the 2026-07-21 closing price as KRW 1,836,000 (+4.08%); however, this report uses the system's authoritative figure (KRW 1,872,000, +1.68%, Toss Securities Open API).
Q1 2026 Earnings Highlights
Source: SK hynix Newsroom Q1 2026 earnings release (2026-04-23) · Q2 2026 results scheduled for release on July 29, consensus (C) revenue approx. KRW 83.6237 trillion
5-Year Financial Trend
From the 2023 downcycle (operating loss), the company returned to profitability in 2024, achieved record-high results in 2025 (revenue of KRW 97 trillion, operating profit of KRW 47 trillion), and its operating margin rose to 72% in Q1 2026 — the company attributes this to an improved high-value-added product mix, including HBM (A, SK hynix Newsroom).
Business Segment Composition
Source: Compiled from SK hynix Newsroom earnings release materials (A, as-of date unspecified) · HBM's share within the DRAM segment is projected to expand from approx. 17% in 2025 to approx. 22% in 2026 (E)
Competitor Comparison
DRAM Market Share (Q1 2026, A)
SK hynix remains the No. 1 player in the HBM market with a majority share, but its share has trended downward year-over-year as Samsung Electronics began HBM4 mass production and Micron expanded its HBM investment (A/E mixed, compiled from competitors.md).
Price Multiples (Factual)
PBR and BPS cannot be directly calculated due to unconfirmed total equity as of end-Q1 2026 (unconfirmed) · A third-party aggregator reference figure (PBR 12.7x, as of 2026-07-09) has not been cross-checked against a primary source
Investor Flow Trends
| Date | Foreign | Institutional | Notes |
|---|---|---|---|
| 2026-06-19~07-06 (13-trading-day cumulative) | -KRW 19.582 trillion | Unconfirmed | Consecutive net selling; Samsung Electronics saw -KRW 13.265 trillion over the same period (Financial News) |
| 2026-07-08 | +KRW 172.7 billion | Unconfirmed | Top net buyer on the KOSPI market (Daum Finance) |
| 2026-07-21 (as-of date) | -KRW 439.0 billion | +KRW 695.2 billion | Institution-led net buying, share price +1.68% (Herald Economy) |
Securities lending balance rose from approximately KRW 21.5 trillion on 2026-06-08 to approximately KRW 30.5 trillion on 2026-07-07, an increase of approximately KRW 9 trillion in one month, ranking No. 1 on the KOSPI market (Herald Economy). The foreign ownership ratio fell from 53.8% at the start of 2026 to 50.17% on 2026-07-06, its lowest level since May 2023 (Seoul Economic Daily · Financial News). The margin loan balance stood at KRW 5.3049 trillion as of 2026-07-06 (+KRW 1.5866 trillion over one month) (Financial News).
Unconfirmed: Short-selling ratio/balance, limit utilization rate, and the daily net-buying time series for 2026-07-09~07-20, which require KRX login access
Governance
Ownership chain: SK Inc. → (32.14%, 2026-03-31) → SK Square Co., Ltd. → (20.50%, 2026-03-31) → SK hynix (DART Q1 2026 report). The combined stake of the largest shareholder and related parties is 20.50% (146,113,730 shares), nearly identical to the largest shareholder's stake alone.
| Reporter | Ownership | As-of Date | Notes |
|---|---|---|---|
| SK Square Co., Ltd. (largest shareholder) | 20.50% | 2026-03-31 | 146,100,000 shares (DART) |
| National Pension Service | 7.35% | 2024-09-25 | Last DART filing; no re-filing required for subsequent changes below 1 percentage point |
| BlackRock Fund Advisors | 5.00% | 2026-02-20 | On-market purchase for simple investment purposes |
| Capital Research and Management | 3.53% | 2026-06-09 | Disposed for investment fund recovery purposes; fell below 5%, ending disclosure obligation |
The foreign ownership ratio is not a primary DART disclosure item, so figures vary across secondary sources (51.3%, 52.37%, 50.17%, etc., listed by source) · The sub-subsidiary ownership ratio is unconfirmed
Macro Environment
| Item | Current Value (as of 2026-07-21) | Trend |
|---|---|---|
| KRW/USD exchange rate | KRW 1,473.40 | -KRW 5.00 vs. previous day (strengthening) |
| Korea base rate | 2.75% (2026-07-16) | +0.25%p hike, first hike in 3 years and 6 months (shift to tightening) |
| US Fed funds rate | 3.50-3.75% (2026-06-17) | Held for the 4th consecutive meeting, hawkish (signaling further hikes) |
| Philadelphia Semiconductor Index (SOX) | 11,743.8 | +0.60% vs. previous day |
A UBS forecast (2026-07-04) projected DDR contract prices to rise QoQ +32% in Q3 2026 (+18% in Q4) and NAND to rise +30% in Q3 (+12% in Q4) — rising memory contract prices are a variable that directly feeds into the company's average selling price (ASP). SK hynix's 2026 HBM revenue is projected at KRW 41.2 trillion with shipment volume of 19.2 billion Gb, and the share of volume destined for Nvidia is projected to decline from 72% in 2025 to 63% in 2026 (E, compiled from SK hynix Newsroom · Newdaily).
News Timeline
| Date | Event |
|---|---|
| 2026-06-25 | Recorded an intraday all-time high of KRW 2,987,000, driven by speculation of an earlier Nasdaq ADR listing schedule and continued foreign net buying (A/E mixed) |
| 2026-07-02 | -14.57% (closed at KRW 2,187,000), a record single-day decline, as news of Meta's entry into the cloud business spread doubts about the memory-shortage narrative |
| 2026-07-10 | Listed American Depositary Shares (SKHY) on the Nasdaq, issuing approximately 178 million ADSs (equivalent to approximately 17.8 million common shares) |
| 2026-07-13~16 | Sharp swings for 4 consecutive trading days (-10.37%/-8.67%/+11.60%/-11 to -13%), with repeated breaches and recoveries of the KRW 2 million and KRW 1.7 million levels. Driven by resurfacing concerns over a slowdown in AI infrastructure investment (citing Morgan Stanley commentary) |
| 2026-07-21 (as-of date) | +1.68% (authoritative figure), driven by strong semiconductor exports (semiconductor exports for July 1-20 up +180.6% YoY) and a rebound in the Philadelphia Semiconductor Index |
Reports indicate that the July share price swings stemmed not from confirmed Q2 results (scheduled for release on July 29) but from repeated overlapping sentiment and supply/demand factors — supply pressure from the new Nasdaq ADR issuance, shifting overseas narratives around the continuation or slowdown of AI infrastructure investment, and geopolitical and interest-rate concerns (Herald Economy · Daum News, compiled).
Risk Factors
- US-China export controls: As of 2025, approximately 68.8% of revenue passed through US-based sales subsidiaries and 19.7% through China-based ones; starting in 2026, VEU (Verified End User) benefits were revoked, requiring case-by-case individual approval for equipment imports to the Wuxi and Dalian plants in China (Korea Economic Daily, 2026-06-25).
- Intensifying HBM market competition: From 2026, the HBM4 market shifts to a three-way competition among SK hynix, Samsung Electronics, and Micron, and HBM market share fell from 69% a year earlier to 56-58% in Q1 2026 (A/E mixed).
- Cyclicality of the memory semiconductor industry: SK hynix has a precedent of a downcycle, having posted an operating loss of KRW 7.7303 trillion in 2023 (A).
- US export controls restrict the import of the latest EUV equipment to China-based plants, which may constrain process node shrinkage and productivity gains (Korea Economic Daily, 2026-06-25).
- Details related to the Yongin semiconductor cluster were not confirmed in research and remain unconfirmed.
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.