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 328% to a record ₩104.6 trillion (about $74B) last quarter at an 80% operating margin, beating consensus, and HBM4 should overtake HBM3E in Q4. 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 27, 2026

$145.36

Market cap

$1.03T

at current price

52-week range

$125–200

closing low / high

P/E (forward)

~4×

consensus, at ADS price · trailing ~8×

Revenue TTM

Q4 2026 outlook

HBM4 > HBM3E

DRAM bits +mid-20% · NAND +mid-single % QoQ · target $243

Next earnings

Late Jan

Q4 2026 · date not yet set, before the Seoul open

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 (Q3 2026: ₩1,418.6 per US$), with gross margin on the right axis (blank where the source shows none). EPS is per ADS (one-tenth of a share); Q3 2026 EPS is my estimate from net profit and Q2's share count.

RevenueGross margin (right axis)Guidance

Q3 2026

₩104.6T

≈ $73.7B · +328% YoY · consensus ₩98.2T

Operating profit

₩83.3T

80% margin · consensus ₩77.0T

Gross margin

85.7%

vs 83.2% in Q2 · 57.4% a year ago

Net profit

₩39.8T

after ₩11.6T FX and ₩22.9T investment losses

DRAM price

+high-20%

QoQ · NAND +mid-20%

Net cash

₩98.7T

cash ₩114.5T · debt ₩15.8T

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 is the lead HBM supplier to NVIDIA. HBM4 12-high is shipping on schedule, M15X will run at full capacity by year-end, and HBM4 should pass HBM3E in shipments and revenue in Q4. 2027 HBM negotiations are finished.

Tailwind

Contracted demand

Long-term agreements with 14 customers now cover more than half of 2027–28 capacity, priced within agreed ranges that track the market. Management expects demand to exceed supply through 2030.

Tailwind

Shareholder returns

About ₩100T is planned for 2026: ₩30T+ of dividends and ₩60T+ of buybacks and cancellations. The Q3 dividend is ₩20,000 a share (₩2,000 per ADS), half of it a special payout from the Kioxia gains.

Watch

ADS premium

The ADS trades roughly 40% above the Seoul shares after currency conversion (about ₩1.37M ÷ 10 ≈ $103 vs $145 on Oct 27). The premium topped 50% in July and could narrow.

Risk

Below-the-line losses

Net profit of ₩39.8T missed the ₩61.4T FactSet consensus: an ₩11.6T currency loss and a ₩22.9T investment-asset loss sat below the record operating line. Q2 had the reverse, a ₩63.3T Kioxia gain.

Risk

Cycle, capex and currency

SK hynix lost money for five straight quarters in 2022–23, and 2027 capex will rise significantly with Yongin Phase 1. The won strengthened from ₩1,549 to ₩1,353 per dollar in Q3, which lifts dollar figures but trims won revenue.

Calendar

Nov 30, 2026

Q3 dividend record date

₩20,000 a share (₩10,000 earnings-based plus ₩10,000 special), paid in December.

Q4 2026

HBM4 becomes mainstream

M15X at full capacity by year-end; 321-layer NAND above half of domestic capacity.

Late Jan 2027

Q4 2026 earnings

Guide: DRAM bits up mid-20% and NAND bits up mid-single digits QoQ. Expect the 2027 capex plan and year-end shareholder returns.

2027

Yongin Phase 1 and HBM4E

Yongin Phase 1 enters full operation and HBM4E volume production is targeted.

The HBM leader, now trading in New York.

Price, last 12 months

Revenue and margins, by quarter

Watch list

HBM leadership

Contracted demand

Shareholder returns

ADS premium

Below-the-line losses

Cycle, capex and currency

Calendar

Q3 dividend record date

HBM4 becomes mainstream

Q4 2026 earnings

Yongin Phase 1 and HBM4E

Sources