VALUFOURYoY+₩ 96.9T · +130.0%
QoQ+₩ 37.6T · +28.1%
KRX · 005930
Samsung Electronics
Memory Manufacturing (DRAM · HBM · NAND) · Foundry · Electronics
- Earnings release date
- 2026.07.30
- Market data date
- 2026.10.13
- Last checked
- 2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown match issuer IR/DART materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01
EARNINGS & GROWTH
Revenue · Profitability · Key Metrics
YoY+₩ 84.8T · +1813.8%
QoQ+₩ 32.3T · +56.4%
YoY+₩ 99.6T · +357.5%
QoQ+₩ 45.8T · +56.0%
YoY+₩ 99.7T · +470.6%
QoQ+₩ 46.1T · +61.6%
02
EARNINGS ANALYSIS
Stock Analysis · Growth Drivers · Business Model
Prices and higher-value products drove growth together
Strong AI-server memory demand and limited supply accompanied rising memory selling prices. A larger share of high-specification server products also supported rapid consolidated revenue growth. This highlights pricing and product mix as ways to generate more revenue from a given production capacity, alongside shipment volumes.
Memory price increases amplified earnings
When memory selling prices rise faster than production costs, additional revenue can translate strongly into operating profit. Expanded sales of high-value server products also supported results. The quarter illustrates how improved pricing and product mix can allow earnings to grow faster than revenue.
Memory led semiconductor business growth
DS includes Foundry and System LSI as well as Memory. Memory price increases and server-oriented product sales led DS revenue growth, which should not be interpreted as uniform growth across semiconductor businesses. Distinguishing memory and non-memory revenue and earnings structures is essential to understanding DS results.
HBM and server memory moved toward higher value
The company reported expanded HBM4 sales and a larger server-product revenue share. HBM is part of DRAM but differs from conventional DRAM in selling prices and product characteristics. HBM share, the server DRAM/NAND product mix and memory price changes therefore matter to revenue and profitability alongside shipment volumes.
03
VALUATION · RETURN CALCULATOR
P/E · Multiples · Long-Term Investing
Ordinary ₩ 232,000 × 5764.19M
See calculation
FY2025 Q3 ₩ 86.061747T
+ FY2025 Q4 ₩ 93.837371T
+ FY2026 Q1 ₩ 133.873444T
+ FY2026 Q2 ₩ 171.499470T
= TTM ₩ 485.272032T
- Current market cap
- ₩ 1,337.3T
- TTM allocated revenue
- ₩ 425.976T
₩ 1,337.3T ÷ ₩ 425.976T = 3.1x
- Current market cap
- ₩ 1,337.3T
- TTM attributable net income
- ₩ 131.381T
₩ 1,337.3T ÷ ₩ 131.381T = 10.2x
K-IFRS TTM parent net margin 30.8%TTM vs. Annualized Revenue
The latest-quarter annualization is a simple quarter-revenue ×4 comparison, not a forecast for the next 12 months.
View high-point comparison
HIGH-POINT COMPARISON
Sources and calculations checkedAll-Time Closing High
2026-06-18Quarter revenue ₩ 133.873T ×4
At peakCurrentChange
TTM revenue₩ 388.339T₩ 485.272T+25.0%
Latest quarter₩ 133.873T₩ 171.5T+28.1%
Information available at the peak Uses finalized results available through FY2026 Q1. Later Q2/Q3 results are not applied retrospectively.
In Q1, AI-server memory demand and supply constraints accompanied higher memory selling prices and expanded high-value product sales. The start of HBM4 and SOCAMM2 sales showed progress in product capabilities. The company’s outlook for strong server DRAM and SSD demand suggested a growth base potentially broader than HBM alone.
Sustaining the valuation at the historical high would have depended in part on memory pricing strength and earnings growth lasting beyond a cyclical upswing. Continued AI-server investment and a greater contribution from high-value products could support profitability. Even if industry capacity were to expand and memory price growth were to moderate, a key condition would be whether HBM adoption and server-product demand could sustain earnings. These are economic conditions that could support the valuation, not verified expectations held by investors at the time.
Closing price ₩ 362,500 × approximately 5.764 billion ordinary shares = market cap at the peak approximately ₩ 2,089.5T
CURRENT MARKET CAP REQUIREMENTS
Current Market Cap BasisRequirements Implied by the Current Market Cap
Implied 2030 Revenue CAGR10.5% annuallyTTM revenue growth +57.3% YoY
Revenue needed to maintain the current market cap under the assumed profitability and valuation multiple.
Share-count changes and dividends are not included in this calculation.
Conditional Business Scenarios
Conservative · Base · OptimisticCurrent TTM₩ 485.272T
Latest-quarter annualized₩ 686.0T
Assumed 2030 revenue₩ 918.1TRevenue CAGR from TTM +17.3%
CAGR from annualized latest-quarter revenue +7.6%
- Assumed 2030 net margin
- 35.6%Current 30.8%
- Assumed 2030 P/E
- 6.0xCurrent 10.2x
- Converted P/S
- 2.1x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap₩ 1,696.6TVs. current +26.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.17BVs. current -10.2%Reflects company-specific share-count assumptions.
Conditional Implied Share Value₩ 327,868Current ₩ 232,000 · +41.3%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+71.5%Implied Share Value Change +41.3% · Dividend Contribution +30.2% ppAnnualized +13.6%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- ₩ 1,337.3T₩ 1,696.6T
- Shares
- 5.76B5.17B
- Implied Share Value Change
- +41.3%
- Implied Share Value Change
- +41.3%
- Dividend Contribution
- +30.2 pp
- Conditional Total Shareholder Return
- +71.5%
Assumes softer server-memory demand and less favorable DRAM/NAND selling-price conditions. The scenario retains the same modeled DRAM and HBM physical output as the other scenarios, while including NAND and non-memory business contributions under the existing model assumptions.
Assumed 2030 revenue₩ 951.0TRevenue CAGR from TTM +18.3%
CAGR from annualized latest-quarter revenue +8.5%
- Assumed 2030 net margin
- 37.0%Current 30.8%
- Assumed 2030 P/E
- 6.5xCurrent 10.2x
- Converted P/S
- 2.4x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap₩ 1,984.0TVs. current +48.4%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.20BVs. current -9.8%Reflects company-specific share-count assumptions.
Conditional Implied Share Value₩ 381,442Current ₩ 232,000 · +64.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+96.0%Implied Share Value Change +64.4% · Dividend Contribution +31.5% ppAnnualized +17.2%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- ₩ 1,337.3T₩ 1,984.0T
- Shares
- 5.76B5.20B
- Implied Share Value Change
- +64.4%
- Implied Share Value Change
- +64.4%
- Dividend Contribution
- +31.5 pp
- Conditional Total Shareholder Return
- +96.0%
Assumes baseline server-memory demand and DRAM/NAND selling-price conditions. The model uses the same DRAM and HBM physical output assumptions across scenarios. NAND and non-memory businesses also contribute to consolidated revenue and profitability.
Assumed 2030 revenue₩ 983.8TRevenue CAGR from TTM +19.3%
CAGR from annualized latest-quarter revenue +9.4%
- Assumed 2030 net margin
- 38.4%Current 30.8%
- Assumed 2030 P/E
- 7.0xCurrent 10.2x
- Converted P/S
- 2.7x
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap₩ 2,293.8TVs. current +71.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.23BVs. current -9.4%Reflects company-specific share-count assumptions.
Conditional Implied Share Value₩ 438,997Current ₩ 232,000 · +89.2%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+122.1%Implied Share Value Change +89.2% · Dividend Contribution +32.9% ppAnnualized +20.8%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- ₩ 1,337.3T₩ 2,293.8T
- Shares
- 5.76B5.23B
- Implied Share Value Change
- +89.2%
- Implied Share Value Change
- +89.2%
- Dividend Contribution
- +32.9 pp
- Conditional Total Shareholder Return
- +122.1%
Assumes stronger server-memory demand and more favorable DRAM/NAND selling-price conditions. The scenario does not assume additional DRAM or HBM physical output relative to the other scenarios. Higher realized prices support stronger memory revenue and profitability, while other businesses remain included under the existing model assumptions.
This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.
Conditional Shareholder Return Calculator
P/E and P/S are linked through the assumed net margin.
Conditional Shareholder Return BridgeImplied Share Value Change Shareholder Return Components
Conditional Market Cap₩ 1,984.0TVs. current +48.4%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.20BVs. current -9.8%Reflects company-specific share-count assumptions.
Conditional Implied Share Value₩ 381,442Current ₩ 232,000 · +64.4%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+96.0%Implied Share Value Change +64.4% · Dividend Contribution +31.5 ppAnnualized +17.2%
View Conditional Shareholder Return Details
Shows the relationship among market cap, share count, implied share value, and shareholder return.
- Market Cap
- ₩ 1,337.3T₩ 1,984.0T
- Shares
- 5.76B5.20B
- Implied Share Value Change
- +64.4%
- Implied Share Value Change
- +64.4%
- Dividend Contribution
- +31.5 pp
- Conditional Total Shareholder Return
- +96.0%
This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.
Original Sources
KRW is the KRX trading currency; T KRW denotes KRW trillion. The model’s USD/KRW 1,350 normalizes business inputs, not a current market FX quote; public amounts remain KRW. The approved 2026-10-13 ordinary reference price is ₩ 232,000 with official shares as of 2026-06-30. Latest Quarter and TTM use finalized information through Q2. The 2026-10-08 Q3 Pre-Earnings Guidance estimates revenue of ₩ 195T and operating profit of ₩ 107.4T, excluded from finalized TTM. Q3 preliminary actuals cover an ended quarter and are not forward revenue guidance. Current and peak-date numeric forward company-wide revenue guidance is treated as not provided. The pre-peak 2026-04-07 Q1 estimate of ₩ 133T was superseded by finalized Q1 results. Requirements use a static market-cap inverse with fixed Conservative margin, 6.0x P/E and approved C terminal attribution. Share-count changes, dividends and returns are not recalculated; the denominator differs from Current P/S on ordinary-allocated revenue. The DRAM 31% ordinary-only ledger and approved Extra-C/O, automatic P/E and annual dynamic ledger are applied; FY2026E remains conditional annual revenue. The 2026 ₩ 100T return, 2027 settlement, employee timing, future execution prices and capital returns are conditional assumptions, not completed actions. Peak-date eligible shares reconcile Q1 outstanding shares, remaining April purchases and April 24/H1 treasury balances. The all-listing closing high is cross-checked as of 2026-10-08. The January 9, 2020 reports identify ₩ 58,600 as the adjusted record since the 1975 listing. This overlaps the KRX prospectus window of 2006-07-28–2026-07-28, whose maximum is ₩ 362,500 and the existing 2006-07-10–2026-10-08 close comparison. The 2017 pre-split ₩ 2,861,000 record equals ₩ 57,220 after the 2018 50:1 split. This bridges overlapping historical maxima rather than downloading a new full daily series. The badge checks peak-close sources, peak-date shares and market-cap/P/E/P/S formulas. Q2 commentary uses the July 30 issuer release for server mix, expanded HBM4 sales and price increases. Cost leverage and business-model distinctions are conditional economic explanations, not undisclosed segment cost/profit disclosures. Peak commentary uses the April 30 Q1 report: pricing, supply and product sales are company facts; profitability persistence and multiple implications are VALUFOUR conditional interpretation. ₩ 374,500 on 2026-06-19 was an intraday high; the close was ₩ 354,000. Peak source facts: issued ordinary 5,846,278,608 · treasury 82,086,705 · eligible ordinary 5,764,191,903 · preferred 802,371,203 · ordinary market cap ₩ 2,089.5195648375T · attributable NI then ₩ 73.1511531735T · allocated revenue then ₩ 340.8875824107T.
Methodology, Terms and Operating Principles
What is K-IFRS?
Samsung prepares its consolidated financial statements under IFRS as adopted in Korea (K-IFRS). The TTM net margin is calculated as profit attributable to owners of the parent divided by consolidated revenue. It is an analytical ratio, not a separately reported financial statement line item.
Company-Specific Valuation Assumptions
VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.
VALUFOUR Operating Principles
- We provide the same information to every user.
- We do not recommend buying, selling or holding a security.
- We do not provide personalized investment advice.
- Valuation and shareholder-return results are conditional calculations based on input assumptions.
- We distinguish facts disclosed in filings from analytical assumptions.
- Advertising and affiliate relationships do not influence the analysis results.
- Official filings and each user’s own judgment should take precedence over VALUFOUR’s analysis.
Advertising and Use of Index Names
Analysis cards are clearly separated from advertising, and we do not place affiliate ads that encourage purchases of specific securities. Index names, exchange names and company names are used only as references to describe the subjects of analysis and sources. We do not use wording or logos that imply official affiliation, endorsement or sponsorship.
Ordinary and Preferred Shares
This analysis values Samsung Electronics ordinary shares (005930). For P/E and P/S calculations, profit attributable to owners of the parent and consolidated revenue are allocated between ordinary and preferred shares on an equal per-share basis for analytical purposes. These allocations are not separately reported financial items and do not imply identical dividend rights. The current-market-cap requirements calculation holds the approved allocation fixed and excludes changes in share count and dividends.
Conditional Dividends and Repurchases
Dividends distinguish ordinary/preferred rights; retirement buybacks purchase ordinary shares. Employee transactions are separate. Future capital returns are conditional assumptions, not committed company execution plans.