SK hynix Inc.

The grade, in three tenses

Headline 5.3 out of ten, 1 of 9 metrics filed and 8 estimated: past 6.1 out of ten, present 5.0 out of ten, future 5.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2026. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.1 out of ten. CrossAssetData estimate 5.1/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Shareholder treatment (past): 5.9 out of ten. CrossAssetData estimate 5.9/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Financial health (present): 4.8 out of ten. CrossAssetData estimate 4.8/10, confidence 20 of 100 (family median). 50th percentile among 97 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Industry position (present): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 97 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 5.1 out of ten. CrossAssetData estimate 5.1/10, confidence 20 of 100 (family median). 50th percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Growth drivers (future): 5.0 out of ten. CrossAssetData estimate 5.0/10, confidence 20 of 100 (family median). 50th percentile among 93 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Expectations vs reality (future): 5.2 out of ten. CrossAssetData estimate 5.2/10, confidence 20 of 100 (family median). 50th percentile among 88 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.

The filing record

Newest filing: Form 6-K, 2026-09-18. Filings on record since 2026. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 424B4 filed 2026-07-10.

The people

Nohjung Kwak, president and chief executive officer, has sat on the board since March 2022. He came up through manufacturing, having run the Manufacturing and Technology Division and technology and development at the Cheongju fab, and he chairs the SK Group's semiconductor committee. Seon Yong Cha, president and head of research and development and formerly head of DRAM development, joined the board in March 2026. Woo Hyun Kim is chief financial officer, after posts at SK Broadband and SK Telecom. Tae Won Chey, chairman of the SK Group, also holds the title of chairman at SK hynix, guiding its long-term vision. [1, 2, 3, 4]

Independent directors must make up a majority of the board, and six of its ten members are independent; since March 2026 it has been chaired by one of them, Seung Beom Koh, a former chairman of Korea's Financial Services Commission. The SK Group controls the company all the same: SK square holds 20.50% of the shares and must by law keep at least 20%; SK Inc., which Tae Won Chey chairs and 17.90% of which he holds, owns 32.14% of SK square; and the chief executives of SK Inc. (Yong Ho Jang) and SK square (Jung Kyu Kim) sit on the board as non-executive directors. Korea's National Pension Service holds 8.06%. [5, 6, 7, 8, 9, 10, 11]

At March 31, 2026 it had 47,639 full-time employees across the group, 35,321 of them in Korea, 11,333 in China and 591 in the United States; the parent company alone employed 35,929. It has collective bargaining agreements with three unions, the two largest representing 15,684 employees, under two-year agreements in effect since April 2024. A profit-sharing program pays out 10% of operating profit, and the company reports no strike or other material work stoppage in recent years. [12, 13, 14]

How it operates

SK hynix makes memory chips. DRAM, the fast working memory that computers read and write, brought in 77.1% of 2025 revenue, and NAND flash, which keeps data when the power is off and goes into solid state drives, 21.3%. Its prize product is HBM, high-bandwidth memory: several DRAM chips stacked and wired together through microscopic holes in the silicon (TSV), placed right beside the processor. By IDC's count for the first quarter of 2026, it was first in HBM with 56.4% of the market by revenue, second in DRAM with 29.1% and second in NAND flash with 18.5%. It also runs a foundry business, making chips that other companies design, through SK hynix system ic and SK keyfoundry. [15, 16, 17, 18, 19, 20, 21, 22, 23]

Its customers make AI accelerators, servers, PCs, phones, communications equipment and consumer electronics. The two largest took 14.8% and 12.4% of revenue in the first quarter of 2026, and the largest alone took 23.9% of 2025 revenue; in 2023 no customer reached 10%. Outside Korea it sells through its own sales subsidiaries, which deal directly with customers, and quantities and prices are usually agreed at the time of each purchase. By the location of the selling entity, the United States accounted for 66,885 billion won, 68.8% of 2025 revenue, and China for 19.7%; in the first quarter of 2026 China's share rose to 24.3%. [24, 25, 26, 27, 28, 29]

It makes its chips in its own fabs, which run at full utilization around the clock: DRAM at Icheon, Korea (M10, M14, M16) and Wuxi, China (C2, C2F), and NAND flash at Cheongju, Korea (M11, M12, M15) and Dalian, China, the fab bought from Intel in December 2021. The new M15X fab in Cheongju, mainly for HBM and high-performance DRAM, began taking wafers in the first quarter of 2026. Assembly and testing, the back end, happen in Icheon, Cheongju and Chongqing, China. [30, 31, 32, 33]

Its key equipment comes from a limited number of makers in the Netherlands, the United States and Japan, and in busy times high-end tools take more than a year to arrive. Wafers are its largest raw material cost, about 10% of cost of sales, and most materials come from Korea, Japan and the United States. It reports in Korean won under IFRS accounting; its export sales are mostly in U.S. dollars, while its Chinese fabs add costs in yuan. [34, 35, 36, 37, 38, 39, 40]

The specifics

SK hynix began as Hyundai Electronics Industries, which built its first memory fab in Icheon in 1983, listed in Korea in December 1996 and absorbed the LG Group's memory business in 1999. A collapse in DRAM prices forced a restructuring from 2001, including a swap of debt for equity with its creditors; it was renamed Hynix Semiconductor in March 2001 and separated from the Hyundai Group that August. In February 2012 its creditors sold their stake to SK Telecom, and it took the SK hynix name in March 2012. It agreed in October 2020 to buy Intel's NAND flash and storage business, paying US$6.6 billion in December 2021 and US$2.2 billion in March 2025, and runs it in the United States as Solidigm; in August 2022 it bought SK keyfoundry, formerly the foundry division of Magnachip Semiconductor, for 576 billion won. It has filed with the SEC only since 2026: the document read is the prospectus for its American depositary shares on Nasdaq, each one-tenth of a common share. [41, 42, 43, 44, 45, 46, 47, 48, 49]

Its edge, in its own account, is HBM. It says it was first to develop HBM with TSV stacking, commercialized HBM3E in 2024 and developed HBM4 in 2025, and that it developed core HBM technologies such as MR-MUF, which fills the gaps between stacked chips with a protective liquid that hardens and sheds heat better than film. In NAND it is moving production from 176-layer to 238- and 321-layer technology. It spent 6,466 billion won on research and development in 2025, after adjusting for capitalized costs. In June 2026 it announced a technology partnership with NVIDIA on next-generation memory for NVIDIA's platforms, which also covers supplying memory. [50, 51, 52, 53, 54, 55]

Its named rivals are Samsung Electronics, Micron Technology and CXMT in DRAM, and Samsung Electronics, Kioxia, Micron Technology and Sandisk in NAND flash. It also expects competition from emerging companies and from customers that may develop memory in-house, and notes that governments promoting their own chip industries may intensify competition. It invested in Kioxia through the Bain Consortium in June 2018; in June 2026 the partnership holding those shares sold the last of them. [56, 57, 58, 59, 60]

Rules and courts press on several fronts. The U.S. Commerce Department revoked the blanket Validated End-User status that let U.S. equipment reach its Chinese fabs, effective December 31, 2025, and replaced it with an annual license, granted for 2026. China's market regulator approved the Intel deal on conditions that run five years from December 2021, including a reasonable pricing policy, which the company expects to limit NAND price increases in China in 2026. In the United States, MonolithIC 3D has filed patent complaints at the International Trade Commission; indirect buyers filed an antitrust class action in June 2026 alleging that SK hynix and two other memory makers conspired to restrict conventional DRAM supply; and residents of West Lafayette are suing to void the rezoning for its Indiana plant, with a bench trial set for December 2026. [61, 62, 63, 64, 65, 66, 67]

What drives growth, line by line

DRAM. DRAM brought in 74,904 billion won in 2025, 77.1% of revenue, up 67.5% from 44,732 billion. The filing credits a higher average selling price, on demand for premium products such as HBM and advanced server DRAM for AI accelerators and data centers, higher sales volume, and a weaker won, which raised the won value of dollar sales. The climb steepened: in the first quarter of 2026 DRAM revenue was 40,659 billion won, up 189.7% on the year, again on higher prices and volumes. [68, 69, 15, 70]

NAND Flash. NAND flash brought in 20,690 billion won in 2025, 21.3% of revenue, up only 7.3%: volume rose significantly on demand for high-density eSSDs, the enterprise drives used in servers and data centers, in the second half, and the weaker won helped, but the average selling price fell significantly over the year. Then prices turned: in the first quarter of 2026 NAND revenue rose 258.5% to 11,574 billion won on higher prices and volumes, with demand strong across its major NAND products, particularly high-density eSSDs. [71, 72, 73, 74, 15, 75, 76]

Other Products. Other products, which include foundry work and CMOS image sensors (CIS), fell 29.0% to 1,552 billion won in 2025, 1.6% of revenue, on lower image sensor sales; in March 2025 the company folded its image sensor unit into its AI memory operations. [77, 78, 79, 15]

Altogether revenue rose 46.8% to 97,147 billion won in 2025, from 66,193 billion in 2024 and 32,766 billion in 2023, and gross margin widened to 60.4% from 48.1% as demand and DRAM prices outran costs. Profit was 42,948 billion won, against a loss of 9,138 billion in 2023. In the first quarter of 2026 revenue reached 52,576 billion won, up 198.1%, and gross margin 79.3%. [80, 23, 81, 82, 83]

What comes next, in the company's own words: it plans to raise capital spending considerably in 2026 from the 27,519 billion won it spent on plant and equipment in 2025, and aims to double its wafer production capacity within five years, subject to demand. It expects the first cleanroom at its new Yongin complex to open in the first quarter of 2027, the P&T7 packaging plant in Cheongju to be finished by the end of 2027, and the first cleanroom of its Indiana plant, its first U.S. production site, for packaging HBM, in the second half of 2028. It intends to spend the listing's proceeds on 45.5 trillion won of construction in Korea and about 11.9 trillion won of EUV scanners, which use extreme ultraviolet light to print chip patterns. [84, 85, 86, 87, 88, 89, 90]

What the desk infers (inferred, not filed)

• The customer that took nearly a quarter of 2025 revenue is most likely NVIDIA, buying HBM for its AI accelerators. Because: The largest customer took 23.9% of 2025 revenue, while in 2023 no customer reached 10%; in between, the company says, it substantially increased its sales of HBM. [25, 26, 91] HBM, where it held 56.4% of the market by revenue, serves as the high-speed memory beside AI processors and GPUs. [21, 92] In June 2026 it announced a technology partnership with NVIDIA that also includes the supply of memory. [55] It says it is pursuing customers beyond traditional AI accelerator providers, and calls the United States, where selling entities booked 68.8% of 2025 revenue, its largest market. [93, 29, 89] Confidence 70 of 100. Wrong if: A filing that names the largest customer of 2025 as a company other than NVIDIA.
• SK hynix's earnings swing with memory prices it does not set: prices are agreed purchase by purchase against market conditions, so a company that lost 9,138 billion won in 2023 earned a 79.3% gross margin in the first quarter of 2026. Because: Quantities and prices are usually agreed at the time of purchase, taking into account market conditions and demand. [28] The filing says prices in the memory industry are dictated by worldwide supply and demand. [94] It lost 9,138 billion won in 2023 and earned 42,948 billion won in 2025. [23] Gross margin went from 48.1% in 2024 to 60.4% in 2025 and 79.3% in the first quarter of 2026, as selling prices outpaced costs. [81, 82] NAND revenue grew only 7.3% in 2025 while its average price fell, then 258.5% in the first quarter of 2026 when prices rose. [71, 75] Confidence 80 of 100. Wrong if: A disclosure that most DRAM and NAND revenue is sold under long-term fixed-price contracts.
• A real share of SK hynix's output depends on a yearly U.S. permit: its Chinese fabs, which make DRAM in Wuxi and NAND in Dalian and employ nearly a quarter of its people, can receive U.S. equipment only under an annual license since the blanket authorization was revoked. Because: Its Wuxi fabs (C2, C2F) make DRAM and its Dalian fab makes NAND. [30] Of its 47,639 full-time employees, 11,333 work in China. [12] Its Validated End-User status was revoked effective December 31, 2025, replaced by yearly plans and an annual license, granted for 2026. [61] China booked 19.7% of 2025 revenue by selling entity, and its Chinese fabs add costs in yuan. [29, 40] Confidence 80 of 100. Wrong if: A disclosure that its Chinese fabs need no U.S.-origin equipment, or a U.S. authorization for them that runs for several years.

Sources

1. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Nohjung Kwak was appointed to the Board on March 30, 2022. He currently serves as our President and Chief Executive Officer. Mr. Kwak has an undergraduate degree in 1989, a master’s degree in 1991 and a Ph.D. in 1994 from Korea University. He also serves as the Chairman of the Semiconductor Committee at the SUPEX Council at the SK Group. He previously served as the President of our Manufacturing and Technology Division and the Head of Technology and Development of our Cheongju fab.”
2. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Seon Yong Cha was appointed to the Board on March 25, 2026. He currently serves as our President and Head of Research and Development. Mr. Cha has an undergraduate degree in 1991, a master’s degree in 1995 and a Ph.D. in 2000 in Electrical Engineering from Korea Advanced Institute of Science & Technology. He previously served as the Head of our DRAM Development Team.”
3. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Woo Hyun Kim currently serves as our Vice President and Head of Finance and Chief Financial Officer, overseeing the finance function including treasury, accounting and investor relations. He previously served as Head of Corporate Center at SK Broadband Co., Ltd. and Head of Strategy and Planning Group at SK Telecom Co., Ltd.”
4. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Tae Won Chey currently serves as our Chairman, providing guidance with respect to our long-term vision. He also serves as the Chairman of the SK Group, Representative Director and Chairman of SK Inc., and Chairman of SK Telecom and the Korea Chamber of Commerce and Industry.”
5. SK hynix Inc., Form 424B4 filed 2026-07-10: “We are required to have six or more directors but the number of directors may not exceed ten directors, and independent directors must constitute a majority of the total number of directors in accordance with our articles of incorporation.”
6. SK hynix Inc., Form 424B4 filed 2026-07-10: “Deog Kyoon Jeong Independent director 68 March 2023 March 2029 Zeong Won Kim Independent director 58 March 2023 March 2029 Donghoon Yang Independent director 68 March 2024 March 2027 Hyun Chul Sohn Independent director 65 March 2024 March 2027 Seung Beom Koh Chairperson of the Board; Independent director 64 March 2026 March 2029 Gahng Gook Choi Independent director 57 March 2026 March 2029”
7. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Seung Beom Koh was appointed to the Board on March 25, 2026. He currently serves as our independent director. Mr. Koh has an undergraduate degree in 1985 and a master’s degree in 1988 from Seoul National University, and a Ph.D. in 1995 from American University. He is currently a Senior Advisor at Bae, Kim & Lee LLC. He previously served as Chairman of the FSC.”
8. SK hynix Inc., Form 424B4 filed 2026-07-10: “As of March 31, 2026, Mr. Chey held 17.90% of SK Inc., the holding company of the SK Group, which is listed on the KRX KOSPI Market. Mr. Chey serves as a representative director and chairman of SK Inc. As of March 31, 2026, SK Inc. held 32.14% of SK square, which is also listed on the KRX KOSPI Market, and SK square held 20.50% of us. The Chief Executive Officer of SK square, Mr. Jung Kyu Kim, serves as our non-executive director. Pursuant to the Monopoly Regulation and Fair Trade Act, SK square is required to maintain ownership of at least 20% of our issued shares.”
9. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mr. Yong Ho Jang was appointed to the Board on March 27, 2024. He currently serves as our Non-executive Director. Mr. Jang has an undergraduate degree in 1989 from Seoul National University. He is currently the President and Chief Executive Officer of SK Inc.”
10. SK hynix Inc., Form 424B4 filed 2026-07-10: “SK square(1) 146,100,000 20.50 % National Pension Service(2) 57,439,774 8.06”
11. SK hynix Inc., Form 424B4 filed 2026-07-10: “The Korea Fair Trade Commission has determined us to be a member company of the SK Group, as it has deemed that the above affiliates of the SK Group exercise controlling influence over us.”
12. SK hynix Inc., Form 424B4 filed 2026-07-10: “As of March 31, 2026, we, on a stand-alone basis, had 35,929 full-time employees, and, on a consolidated basis, had 47,639 full-time employees, including 35,321 in Korea, 11,333 in China and 591 in the United States.”
13. SK hynix Inc., Form 424B4 filed 2026-07-10: “In addition, as of March 31, 2026, we had collective bargaining agreements with three labor unions, the two largest of which represented a total of 15,684 employees. Our latest collective bargaining agreements with such labor unions came into effect in April 2024 for a two-year term.”
14. SK hynix Inc., Form 424B4 filed 2026-07-10: “In addition, we operate a profit-sharing incentive program linked to our operating results, which utilizes 10% of our operating profit as determined under K-IFRS. We have not experienced a strike or other material work stoppage in recent years.”
15. SK hynix Inc., Form 424B4 filed 2026-07-10: “DRAM W 40,659 77.3 % W 14,037 79.6 % W 74,904 77.1 % W 44,732 67.6 % W 20,769 63.4 % NAND Flash 11,574 22.0 3,229 18.3 20,690 21.3 19,274 29.1 9,653 29.5 Other Products 343 0.7 373 2.1 1,552 1.6 2,187 3.3 2,344 7.2”
16. SK hynix Inc., Form 424B4 filed 2026-07-10: “DRAMs are a type of random access memory semiconductor and are the highest density and lowest cost per bit memory component generally available for high-speed digital data storage and retrieval.”
17. SK hynix Inc., Form 424B4 filed 2026-07-10: “NAND flash memory is a non-volatile memory device, which retains memory content even when power is turned off.”
18. SK hynix Inc., Form 424B4 filed 2026-07-10: “High-Bandwidth Memory (“HBM”) A high-performance memory product that vertically interconnects multiple DRAM chips and increases data processing speed relative to traditional DRAM products.”
19. SK hynix Inc., Form 424B4 filed 2026-07-10: “Through-Silicon Via (“TSV”) Packaging Technology A packaging technology that connects vertically stacked chips by forming microscopic holes through the silicon and linking the layers with vertical electrodes.”
20. SK hynix Inc., Form 424B4 filed 2026-07-10: “Typically, HBMs are placed very close to the processors, allowing a wide data pathway and shorter communication distance.”
21. SK hynix Inc., Form 424B4 filed 2026-07-10: “In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1% in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC.”
22. SK hynix Inc., Form 424B4 filed 2026-07-10: “We operate our foundry business through SK hynix system ic and SK keyfoundry, our wholly-owned subsidiaries. Our foundry business primarily produces non-memory semiconductors hat have been designed by our customers.”
23. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our revenue was W52,576 billion in the first quarter of 2026 and W17,639 billion in the first quarter of 2025, and W97,147 billion in 2025, W66,193 billion in 2024 and W32,766 billion in 2023. We recorded profit for the period of W40,346 billion in the first quarter of 2026 and W8,108 billion in the first quarter of 2025, and profit for the year of W42,948 billion in 2025 and W19,797 billion in 2024 and loss for the year of W9,138 billion in 2023.”
24. SK hynix Inc., Form 424B4 filed 2026-07-10: “We have a global customer base consisting of leading manufacturers and OEMs of consumer electronics products, AI accelerators, communications equipment, PCs, servers and workstations.”
25. SK hynix Inc., Form 424B4 filed 2026-07-10: “two largest customers represented 14.8% and 12.4%, respectively, of our total revenue in the first quarter of 2026 and our largest customer represented 23.9% of our total revenue in 2025.”
26. SK hynix Inc., Form 424B4 filed 2026-07-10: “For the year ended December 31, 2023, no revenue derived from a single customer reached over 10% of the Group’s revenue.”
27. SK hynix Inc., Form 424B4 filed 2026-07-10: “Sales outside of Korea are primarily conducted through our overseas sales subsidiaries, including those located in the United States, Europe, China, Japan, India, Taiwan, Singapore and Hong Kong. Our sales subsidiaries typically sell directly to our customers.”
28. SK hynix Inc., Form 424B4 filed 2026-07-10: “Specific quantities and pricing are typically determined through mutual agreement at the time of purchase, taking into account market conditions and demand.”
29. SK hynix Inc., Form 424B4 filed 2026-07-10: “The following table sets forth our revenue by region based on the location of sales entities and the related percentage data for the periods indicated. Three Months Ended March 31, Year Ended December 31, 2026 2025 2025 2024 2023 Revenue % Revenue % Revenue % Revenue % Revenue % (In billions of Won, except for percentages) United States W 33,999 64.7 % W 12,795 72.5 % W 66,885 68.8 % W 41,961 63.4 % W 15,390 47.0 % China 12,797 24.3 2,694 15.3 19,136 19.7 15,534 23.5 10,110 30.9”
30. SK hynix Inc., Form 424B4 filed 2026-07-10: “Icheon, Korea M10 DRAM Second quarter of 2005 M14 DRAM Third quarter of 2015 M16 DRAM First quarter of 2021 Cheongju, Korea M11 NAND flash Second quarter of 2008 M12 NAND flash Second quarter of 2012 M15 NAND flash Fourth quarter of 2018 Wuxi, China C2 DRAM Third quarter of 2006 C2F DRAM Second quarter of 2019 Dalian, China Dalian NAND Purchased from Intel in December 2021”
31. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our fabs operate at full utilization, 365 days a year, 24 hours a day on a three-shift, eight hours per shift basis, providing capacity to support expected growth while maintaining operational flexibility.”
32. SK hynix Inc., Form 424B4 filed 2026-07-10: “Cheongju M15X: M15X is a next-generation extension fab in Cheongju, Korea that is dedicated primarily to the production of HBM and high-performance DRAM products.”
33. SK hynix Inc., Form 424B4 filed 2026-07-10: “We own and operate wafer fabs in Icheon and Cheongju, Korea and Wuxi and Dalian, China. We also own and operate assembly and testing facilities for back-end processing of our products in Icheon and Cheongju, Korea and Chongqing, China.”
34. SK hynix Inc., Form 424B4 filed 2026-07-10: “Like other memory semiconductor manufacturers, we also depend on a limited number of manufacturers in the Netherlands, the United States and Japan for our key equipment.”
35. SK hynix Inc., Form 424B4 filed 2026-07-10: “In periods of high market demand, the lead times from order to delivery of such equipment can be over one year.”
36. SK hynix Inc., Form 424B4 filed 2026-07-10: “Wafers are the most significant raw material in terms of cost, representing approximately 10% of our cost of sales in recent years. The other principal raw materials used in the assembly of our products include substrates, gold wire, wafer backside lamination tape and printed circuit boards. We source most of our raw materials, including wafers, from suppliers in Korea, Japan and the United States.”
37. SK hynix Inc., Form 424B4 filed 2026-07-10: “In this prospectus, references to “Won” or “W” are to the currency of Korea and references to “U.S. dollars” or “US$” are to the currency of the United States of America”
38. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our Audited Financial Statements were prepared in accordance with the IFRS Accounting Standards as issued by the IASB.”
39. SK hynix Inc., Form 424B4 filed 2026-07-10: “Appreciation of the Won may materially and adversely affect our results of operations because, among other things, it reduces the Won value of our export sales, which are primarily denominated in U.S. dollars”
40. SK hynix Inc., Form 424B4 filed 2026-07-10: “In particular, our investments in manufacturing facilities in China have increased the proportion of our expenses that are incurred in Chinese Yuan, while our sales in China are denominated in U.S. dollars.”
41. SK hynix Inc., Form 424B4 filed 2026-07-10: “In 1983, our predecessor, Hyundai Electronics Industries Co., Ltd. (“Hyundai Electronics Industries”), entered the memory semiconductor industry with the construction of its first fab in Icheon, Korea. In December 1996, Hyundai Electronics Industries became a public company through an initial public offering and listing of its common shares on the KRX KOSPI Market. In May 1999, Hyundai Electronics Industries acquired the memory semiconductor business of the LG Group, and such business was subsequently merged into Hyundai Electronics Industries.”
42. SK hynix Inc., Form 424B4 filed 2026-07-10: “In response to a substantial decline in global DRAM prices as a result of worldwide oversupply, Hyundai Electronics Industries underwent a corporate restructuring starting in 2001, including divestment of non-core businesses and a restructuring of its debt through debt cancellations, extensions of maturities and reductions of interest rates as well as a debt-to-equity swap with its creditors.”
43. SK hynix Inc., Form 424B4 filed 2026-07-10: “In March 2001, Hyundai Electronics Industries changed its name to Hynix Semiconductor Inc. (“Hynix Semiconductor”), and the Korea Fair Trade Commission approved its disaffiliation from the former Hyundai Group in August 2001. In February 2012, the former creditors of Hynix Semiconductor sold their remaining interest in us to SK Telecom Co., Ltd. (“SK Telecom”). Hynix Semiconductor changed its name to SK hynix Inc. in March 2012.”
44. SK hynix Inc., Form 424B4 filed 2026-07-10: “in October 2020, we agreed to acquire the NAND flash memory and storage business of Intel, including the NAND flash memory manufacturing facility in Dalian, China, NAND flash memory and SSD-related intellectual property and research and development personnel. As consideration for the Intel NAND Business Acquisition, we paid US$6.6 billion in December 2021 and US$2.2 billion in March 2025.”
45. SK hynix Inc., Form 424B4 filed 2026-07-10: “We created a subsidiary in the United States to operate the acquired business under the brand name “Solidigm.””
46. SK hynix Inc., Form 424B4 filed 2026-07-10: “acquired SK keyfoundry (formerly, the foundry division of Magnachip Semiconductor) in August 2022 for W576 billion.”
47. SK hynix Inc., Form 424B4 filed 2026-07-10: “This is a public offering of American Depositary Shares, or “ADSs,” representing common shares of SK hynix Inc., organized under the laws of the Republic of Korea, or “Korea.” We are offering 177,900,000 ADSs. Each ADS represents one-tenth of a share of our common stock”
48. SK hynix Inc., Form 424B4 filed 2026-07-10: “We have been approved to list the ADSs on the Nasdaq Global Select Market (the “Nasdaq”) under the symbol “SKHY.””
49. The record on this page: the filing record (the EDGAR submissions feed)
50. SK hynix Inc., Form 424B4 filed 2026-07-10: “We are a technological innovator in the HBM segment. We were the first to develop HBMs using TSV packaging technology, and we commercialized HBM3E in 2024 and developed the next-generation HBM4 in 2025, further strengthening our technological capabilities in the HBM segment.”
51. SK hynix Inc., Form 424B4 filed 2026-07-10: “Recognizing the potential of HBM to overcome the performance barriers of memory semiconductors, we began the development of core technologies used in HBM production such as TSV packaging technology and MR-MUF, which enable high density die stacking by overcoming key challenges including thermal management and warpage while supporting high-volume, high-yield manufacturing.”
52. SK hynix Inc., Form 424B4 filed 2026-07-10: “Mass Reflow-Molded Underfill (“MR-MUF”) A process in which a liquid protective material is injected between the spaces of stacked chips before hardening to protect the circuits. MR-MUF offers more efficient heat dissipation compared to the method of laying film material between each chip.”
53. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our strong market position is supported by our ongoing technological innovations, including our transition from utilizing 176 layer technology to 238 and 321 layer technologies for higher-density NAND flash memory products with more competitive cost structures.”
54. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our expenditure on research and development activities, after adjusting for capitalized development cost, was W2,451 billion in the first quarter of 2026 and W1,472 billion in the first quarter of 2025, and W6,466 billion in 2025, W4,436 billion in 2024 and W3,751 billion in 2023.”
55. SK hynix Inc., Form 424B4 filed 2026-07-10: “In June 2026, we announced a technology partnership with NVIDIA Corporation (“NVIDIA”) to advance next-generation memory aligned with NVIDIA’s AI infrastructure roadmap, which also includes the supply of memory semiconductors.”
56. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our major competitors in the DRAM market include Samsung Electronics, Micron Technology and CXMT. Our major competitors in the NAND flash memory market include Samsung Electronics, Kioxia, Micron Technology and Sandisk.”
57. SK hynix Inc., Form 424B4 filed 2026-07-10: “we face increasing competition from emerging companies that may significantly expand the scale of their operations, as well as from potential repositioning and expansion by storage solution companies and customers that may develop memory solutions in-house.”
58. SK hynix Inc., Form 424B4 filed 2026-07-10: “various industrialized countries have taken measures to promote the development and expansion of high-technology industries, which may intensify the competitive landscape of the semiconductor industry.”
59. SK hynix Inc., Form 424B4 filed 2026-07-10: “For example, in June 2018, we participated as a member of the Bain Consortium in its purchase of a stake in Kioxia from Toshiba Corporation.”
60. SK hynix Inc., Form 424B4 filed 2026-07-10: “In June 2026, SPC 1 completed the sale of all of its remaining equity interest in Kioxia.”
61. SK hynix Inc., Form 424B4 filed 2026-07-10: “On August 29, 2025, the BIS announced that our designation as a VEU would be revoked effective December 31, 2025. In lieu of the VEU framework, the BIS implemented an annual approval mechanism under which we are required to submit yearly plans detailing our anticipated needs for U.S.-origin equipment. In December 2025, the BIS granted us an annual license for 2026, allowing approved U.S.-origin equipment to be shipped to our facilities in China and removing the burden of obtaining case-by-case export licenses during such year.”
62. SK hynix Inc., Form 424B4 filed 2026-07-10: “The Chinese State Administration for Market Regulation granted a conditional business combination approval for such acquisition with certain conditions, including the obligation to maintain a reasonable pricing policy and production level and support the entry of third-party competitors in the Chinese eSSD market for five years from December 2021.”
63. SK hynix Inc., Form 424B4 filed 2026-07-10: “Given our current outlook for sustained strong demand for NAND flash memory products throughout 2026, we expect the obligation to maintain a reasonable pricing policy will limit our ability to significantly increase the price of our NAND”
64. SK hynix Inc., Form 424B4 filed 2026-07-10: “MonolithIC 3D Inc. of Allen, Texas (“MonolithIC”) filed a complaint with the United States International Trade Commission (“ITC”) naming us and Kioxia as respondents”
65. SK hynix Inc., Form 424B4 filed 2026-07-10: “On June 25, 2026, a putative antitrust class action suit was filed in the U.S. District Court for the Northern District of California. The case was brought by indirect purchasers of conventional DRAM products against SK hynix Inc., SK hynix America Inc. and two other memory semiconductor manufacturers alleging that the defendants conspired to restrict the supply of and inflate prices for conventional DRAM beginning in approximately October 2022”
66. SK hynix Inc., Form 424B4 filed 2026-07-10: “In June 2025, three residents of West Lafayette, Indiana filed lawsuits in the Tippecanoe County Circuit Court seeking to void a re-zoning ordinance adopted by the West Lafayette City Council.”
67. SK hynix Inc., Form 424B4 filed 2026-07-10: “a bench trial on the merits has been scheduled for December 2026. The litigation is ongoing, and we are currently unable to predict its outcome.”
68. SK hynix Inc., Form 424B4 filed 2026-07-10: “Revenue from DRAM sales increased by 67.5%, or W30,172 billion, to W74,904 billion in 2025 from W44,732 billion in 2024, primarily due to (i) an increase in the average selling price of such products, (ii) an increase in their sales volume and (iii) depreciation of the average value of the Won against the U.S. dollar in 2025 compared to 2024 that contributed to an increase in our revenue from such products in Won terms.”
69. SK hynix Inc., Form 424B4 filed 2026-07-10: “The average selling price of DRAMs on a U.S. dollar basis increased significantly in 2025 compared to 2024 reflecting a general increase in global demand for DRAMs, particularly for premium products such as HBMs designed to meet faster data-processing speed requirements of graphics applications that incorporate deep learning and AI technologies as well as advanced server DRAMs that are used to support the data processing and storage requirements of AI accelerators and data centers.”
70. SK hynix Inc., Form 424B4 filed 2026-07-10: “Revenue from DRAM sales increased by 189.7%, or W26,622 billion, to W40,659 billion in the first quarter of 2026 from W14,037 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of such products and (ii) an increase in their sales volume.”
71. SK hynix Inc., Form 424B4 filed 2026-07-10: “Revenue from NAND flash sales increased by 7.3%, or W1,416 billion, to W20,690 billion in 2025 from to W19,274 billion in 2024, primarily due to (i) an increase in their sales volume and (ii) depreciation of the average value of the Won against the U.S. dollar in 2025 compared to 2024 as discussed above, the impact of which was partially offset by a decrease in the average selling price of such products.”
72. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our overall NAND flash bit sales volume increased significantly in 2025 compared to 2024 reflecting an increase in global demand for high-density, high-performance eSSDs in the second half of 2025.”
73. SK hynix Inc., Form 424B4 filed 2026-07-10: “On the other hand, the average selling price of NAND flash memory products on a U.S. dollar basis decreased significantly in 2025 compared to 2024.”
74. SK hynix Inc., Form 424B4 filed 2026-07-10: “Enterprise Solid State Drive (“eSSD”) An enterprise-grade solid state drive used in servers and data centers.”
75. SK hynix Inc., Form 424B4 filed 2026-07-10: “Revenue from NAND flash sales increased by 258.5%, or W8,345 billion, to W11,574 billion in the first quarter of 2026 from W3,229 billion in the first quarter of 2025, primarily due to (i) an increase in the average selling price of such products and (ii) an increase in their sales volume.”
76. SK hynix Inc., Form 424B4 filed 2026-07-10: “The average selling price of NAND flash memory products on a U.S. dollar basis increased significantly in the first quarter of 2026 compared to the first quarter of 2025 reflecting a strong increase in global demand across all our major NAND flash memory product categories, particularly high-density, high-performance eSSDs.”
77. SK hynix Inc., Form 424B4 filed 2026-07-10: “Revenue from our other products decreased by 29.0%, or W635 billion, to W1,552 billion in 2025 from W2,187 billion in 2024, primarily reflecting a decrease in revenue from sales of CISs.”
78. SK hynix Inc., Form 424B4 filed 2026-07-10: “March 2025, we decided to integrate our CIS business unit into our AI memory operations as part of our strategy to strengthen our competitiveness.”
79. SK hynix Inc., Form 424B4 filed 2026-07-10: “Complementary Metal Oxide Semiconductor (“CMOS”) Image Sensor (“CIS”)”
80. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our revenue increased by 46.8%, or W30,954 billion, to W97,147 billion in 2025 from W66,193 billion in 2024, primarily due to increases in revenue from DRAM and NAND flash sales.”
81. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our gross profit increased by 84.4%, or W26,863 billion, to W58,691 billion in 2025 from W31,828 billion in 2024. Our gross profit margin increased to 60.4% in 2025 from 48.1% in 2024, primarily due to an increase in revenue reflecting a strong increase in demand for memory semiconductor products and the average selling price of DRAMs, which outpaced an increase in cost of sales as described above.”
82. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our gross profit margin increased to 79.3% in the first quarter of 2026 from 57.3% in the first quarter of 2025, primarily due to an increase in revenue reflecting a strong increase in demand for memory semiconductor products and their average selling prices, which outpaced an increase in cost of sales as described above.”
83. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our revenue increased by 198.1%, or W34,937 billion, to W52,576 billion in the first quarter of 2026 from W17,639 billion in the first quarter of 2025, primarily due to increases in revenue from DRAM and NAND flash sales.”
84. SK hynix Inc., Form 424B4 filed 2026-07-10: “Our cash outflows for acquisitions of property, plant and equipment amounted to W7,657 billion in the first quarter of 2026 and W6,284 billion in the first quarter of 2025, and W27,519 billion in 2025, W15,946 billion in 2024 and W8,325 billion in 2023. In 2026, we plan to increase our capital expenditures considerably compared to 2025.”
85. SK hynix Inc., Form 424B4 filed 2026-07-10: “Subject to market demand for our products, the production outlook of the global memory semiconductor industry and general global economic conditions, we are targeting to double our wafer production capacity within the next five years and continue to expand our capacity beyond such period.”
86. SK hynix Inc., Form 424B4 filed 2026-07-10: “We began construction of our first fab at the Yongin complex in February 2025 with the phase 1 cleanroom of the first fab expected to open in the first quarter of 2027.”
87. SK hynix Inc., Form 424B4 filed 2026-07-10: “Cheongju P&T7 Fab: We are currently constructing an advanced packaging plant in Cheongju, Korea primarily for packaging AI memory products. We expect to complete construction by the end of 2027.”
88. SK hynix Inc., Form 424B4 filed 2026-07-10: “We intend to use the net proceeds we receive from this offering for (i) capital expenditures of W45.5 trillion related to the construction of our production facilities in Korea as indicated below and (ii) our acquisition of EUV scanners, which we expect will cost approximately W11.9 trillion and receive delivery by December 2027.”
89. SK hynix Inc., Form 424B4 filed 2026-07-10: “As part of our strategy to establish a local manufacturing presence in our largest market, we are investing approximately W5,900 billion to construct our first U.S. production facility in West Lafayette, Indiana. The facility will focus on the advanced packaging of HBMs for use in AI accelerators, and we are targeting completion of the first cleanroom in the second half of 2028.”
90. SK hynix Inc., Form 424B4 filed 2026-07-10: “Extreme Ultraviolet (“EUV”) lithography A semiconductor manufacturing technique that uses extreme ultraviolet light to create intricate patterns on silicon wafers.”
91. SK hynix Inc., Form 424B4 filed 2026-07-10: “In recent years, we have substantially increased our sales of HBMs.”
92. SK hynix Inc., Form 424B4 filed 2026-07-10: “HBMs are critical because they act as the high-speed data backbone for AI processors, mitigating the “memory wall” that occurs when powerful GPUs outpace the speed of traditional memory.”
93. SK hynix Inc., Form 424B4 filed 2026-07-10: “Concurrently, we are strategically pursuing customer diversification beyond traditional AI accelerator providers, including leading cloud service providers to broaden our market presence.”
94. SK hynix Inc., Form 424B4 filed 2026-07-10: “We are unable to increase the prices of our products to adjust fully for the negative effects of exchange rate movements because prices in the memory semiconductor industry are dictated by worldwide supply and demand.”

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