SK hynix Inc. · Nasdaq ADS (10 ADS = 1 Seoul share) · Icheon, South Korea

The HBM leader, now trading in New York.

SK hynix makes most of the high-bandwidth memory stacked next to NVIDIA's AI chips. Revenue rose 257% to ₩79.3 trillion (about $53B) last quarter at a 76% operating margin, and HBM4 entered mass production. The Nasdaq ADS listed in July in a record $26.5B offering and trades at a large premium to the Seoul shares, so the two prices are not interchangeable.

Last close · Oct 9, 2026

$169.03

Market cap

$1.20T

at current price

52-week range

$125–200

closing low / high

P/E (forward)

~5×

consensus, at ADS price · trailing ~11×

Revenue TTM

Analyst target

$252

14 analysts · strong buy consensus

Next earnings

Late Oct

Q3 2026 · date not yet announced

Price, last 12 months

Daily closes of the Nasdaq ADS with the 50-day average. The ADS began trading on July 10, 2026, so the history is short; the technical section below can also show the Seoul listing.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

2.39

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, converted from won at each quarter's average rate, with gross margin on the right axis (blank where the source shows none). EPS is per ADS (one-tenth of a share).

RevenueGross margin (right axis)Guidance

Q2 2026

₩79.3T

≈ $52.8B · +257% YoY

Operating profit

₩60.5T

76% margin · record

Gross margin

83.2%

vs 53.9% a year ago

Net cash

₩69.4T

cash ₩88T · debt ₩18.6T

DRAM price

~+30%

QoQ · NAND +mid-50%

2026 capex

high-₩40T

for HBM4 and NAND

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

HBM leadership

SK hynix holds roughly 60% of HBM supply and is the lead supplier to NVIDIA. HBM4 is in mass production with yields near mature HBM3E, and HBM4E samples have shipped.

Tailwind

Contracted demand

Long-term supply agreements with about 10 customers, with DRAM bit shipments guided up about 10% in Q3 and demand growth in the mid-20s for the year.

Watch

ADS premium

The ADS trades about 35% above the Seoul shares after currency conversion (₩1,681,000 ÷ 10 ≈ $124 vs $169). The premium topped 50% in July and could narrow.

Watch

One-off gains

Q2 net profit of ₩93.9T included ₩63.3T of investment gains, mainly the Kioxia stake sale, so trailing P/E flatters the business.

Risk

Memory cycle

SK hynix lost money for five straight quarters in 2022–23. Q2 2026 already missed consensus by about 5%, and HBM is sold on fixed contracts that lag spot prices.

Risk

Currency

Results are in won. The won strengthened from about ₩1,500 to ₩1,353 per dollar since June, which lifts dollar figures but trims won revenue from exports.

Calendar

Late Oct 2026

Q3 2026 earnings

DRAM bit shipments were guided up about 10% sequentially, NAND up low single digits; HBM4 ramp is the key variable.

2H 2026

HBM4 ramp

Production ramps through the second half after first mass shipments in Q2.

2027

HBM4E mass production

Samples completed in the first half of 2026; volume production targeted for 2027.