VALUFOUR
Source ↗
NASDAQ · SKHY

SK hynix

Memory Manufacturing (DRAM · HBM · NAND)

Results released
2026.10.28
Published
2026.10.30
close$142.25
CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current market cap $1.00T · 54.2% assumed parent net margin × 6.0x assumed P/E
This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions. Share-count changes and dividends are not included in this calculation.

Required 2030 revenue$308.8B
TTM revenue
$199.51B
Implied 2030 Revenue CAGR
11.5%

Conditional Business Scenarios

Conservative · Base · Optimistic
SKHY Conditional Assumptions
Current TTM$199.51B
Conservative
Assumed 2030 revenue$486.8BRevenue CAGR from TTM 25.0%
Assumed 2030 net margin
54.2%Current 70.1%*
Assumed 2030 P/E
6.0xCurrent 7.2x*
Conditional Shareholder Return Bridge
Conditional Market Cap$1.58TVs. current +57.6%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.11BVs. current -27.5%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$309.47Current $142.25 · +117.6%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+151.8%Implied Share Value Change +117.6% · Dividend Contribution +34.3%pAnnualized +26.0%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.00T$1.58T
Shares
7.06B5.11B
Implied Share Value Change
+117.6%
Shareholder Return Components
Implied Share Value Change
+117.6%
Dividend Contribution
+34.3%p
Conditional Total Shareholder Return
+151.8%

Slower Demand Growth and Normalizing Profitability
This scenario assumes that AI memory demand continues to grow, but supply expansion and price competition slow growth as elevated profitability gradually normalizes.

Base
Assumed 2030 revenue$496.2BRevenue CAGR from TTM 25.6%
Assumed 2030 net margin
54.3%Current 70.1%*
Assumed 2030 P/E
6.5xCurrent 7.2x*
Conditional Shareholder Return Bridge
Conditional Market Cap$1.75TVs. current +74.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.24BVs. current -25.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$333.99Current $142.25 · +134.8%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+169.1%Implied Share Value Change +134.8% · Dividend Contribution +34.3%pAnnualized +28.1%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.00T$1.75T
Shares
7.06B5.24B
Implied Share Value Change
+134.8%
Shareholder Return Components
Implied Share Value Change
+134.8%
Dividend Contribution
+34.3%p
Conditional Total Shareholder Return
+169.1%

AI Memory Growth and Sustained Competitiveness
This scenario assumes continued AI server investment and adoption of high-performance memory. SK hynix remains competitive and benefits from market growth, while high profitability gradually normalizes.

Optimistic
Assumed 2030 revenue$505.6BRevenue CAGR from TTM 26.2%
Assumed 2030 net margin
54.4%Current 70.1%*
Assumed 2030 P/E
7.0xCurrent 7.2x*
Conditional Shareholder Return Bridge
Conditional Market Cap$1.93TVs. current +91.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.36BVs. current -24.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$359.45Current $142.25 · +152.7%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+187.1%Implied Share Value Change +152.7% · Dividend Contribution +34.4%pAnnualized +30.2%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.00T$1.93T
Shares
7.06B5.36B
Implied Share Value Change
+152.7%
Shareholder Return Components
Implied Share Value Change
+152.7%
Dividend Contribution
+34.4%p
Conditional Total Shareholder Return
+187.1%

Stronger Competitive Advantage in High-Value Memory
This scenario assumes sustained demand for next-generation HBM and server DRAM, with favorable product mix and pricing supporting high profitability over an extended period.

* Current net margin and P/E include non-operating investment gains and losses and are not directly comparable with the scenarios’ operating profitability assumptions.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

View scenario history

Conditional Shareholder Return Calculator

Conditional Shareholder Return Bridge
Conditional Market Cap$1.75TVs. current +74.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.24BVs. current -25.7%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$333.99Current $142.25 · +134.8%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+169.1%Implied Share Value Change +134.8% · Dividend Contribution +34.3%pAnnualized +28.1%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.00T$1.75T
Shares
7.06B5.24B
Implied Share Value Change
+134.8%
Shareholder Return Components
Implied Share Value Change
+134.8%
Dividend Contribution
+34.3%p
Conditional Total Shareholder Return
+169.1%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2026-09-09
Sources and calculations checked
Peak close$198.63
Market cap at peak$1.43T
P/S at peak10.2x
P/E at peak11.9x
Trailing twelve months at the peakTTM revenue at the peak$140.13B

Annualized latest quarter at the peak$235.02B

Quarter revenue $58.75B ×4

Public guidance at the peakNo guidance provided

At peakCurrentChange
TTM revenue$140.13B$199.51B+42.4%
Latest quarter$58.75B$77.49B+31.9%

Only information available at the peak is used. Only FY2026 Q2 results available at the September 9, 2026 closing high were used.

Key Variables Disclosed at the High Point

As AI data center investment expanded, demand for HBM and server DRAM strengthened. Expectations of prolonged supply shortages raised earnings expectations for memory companies. SK hynix’s competitive position in high-performance memory and expectations of improved profitability from higher prices also supported the stock’s higher valuation at the time.

Growth and Profitability Conditions Embedded in the High-Point Multiple

The share price reflected expectations that AI infrastructure investment and demand for high-value memory would sustain high profitability beyond a temporary cyclical upturn. Subsequent valuation assessments should consider whether those growth expectations translate into actual results, alongside the cyclical nature of memory prices.

NASDAQ SKHY ADR post-listing closing high: $198.63.

Original Sources

Q3 2026 earnings presentation · product revenue mix p17
Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

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

  1. We provide the same information to every user.
  2. We do not recommend buying, selling or holding a security.
  3. We do not provide personalized investment advice.
  4. Valuation and shareholder-return results are conditional calculations based on input assumptions.
  5. We distinguish facts disclosed in filings from analytical assumptions.
  6. Advertising and affiliate relationships do not influence the analysis results.
  7. 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.

K-IFRS

SK hynix prepares its consolidated financial results under K-IFRS.

ADS-equivalent shares

One common share equals ten ADS. ADS-equivalent shares are distinct from ADS actually issued.

USD

Reported results and scenarios use KRW 1,350 per USD. Current and high-point market caps use dated economic shares derived from official trades, distinct from legal cancellation.