Detailed financial statements for SK hynix Inc. (SKHY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
SK hynix is one of the world's largest memory semiconductor companies and engages in the design, manufacture, and sale of advanced memory semiconductors. The company sells a wide variety of DRAM and NAND flash memory products with various configurations and performance characteristics tailored to meet application- and customer-specific needs.
Analysis Summary
SK hynix Inc. reported revenue of 97.15T KRW in the most recent fiscal year, growing at a 5-year CAGR of 24.9%. Net income reached 42.92T KRW, with a 55.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 76.2%, operating margin 68.0%, net margin 85.7%. Free cash flow grew at 76.6% CAGR over 5 years.
At the current price of $195.02, SKHY trades at a P/E of 8.04 and an ROE of 100.17%. Market capitalisation stands at $1.4T, placing it among large-cap names.
Balance sheet quality for SKHY: current ratio of 1.9, net cash position of 10.38T KRW. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 24.79T KRW represents 58% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 17.20T KRW | 30.11T KRW | 40.45T KRW | 26.99T KRW | 31.90T KRW | 43.00T KRW | 44.62T KRW | 32.77T KRW | 66.19T KRW | 97.15T KRW |
| Cost of Revenue | 10.79T KRW | 12.74T KRW | 15.21T KRW | 18.85T KRW | 21.09T KRW | 24.05T KRW | 28.99T KRW | 33.30T KRW | 34.36T KRW | 38.46T KRW |
| Gross Profit | 6.40T KRW | 17.37T KRW | 25.23T KRW | 8.14T KRW | 10.81T KRW | 18.95T KRW | 15.63T KRW | -533.45B KRW | 31.83T KRW | 58.69T KRW |
| Research & Development | 1.74T KRW | 1.98T KRW | 2.28T KRW | 2.86T KRW | 3.11T KRW | 3.55T KRW | 4.47T KRW | 3.75T KRW | 4.44T KRW | 6.47T KRW |
| Selling, General & Admin | 520.18B KRW | 618.61B KRW | 779.58B KRW | 920.28B KRW | 927.78B KRW | 1.15T KRW | 2.20T KRW | 1.69T KRW | 1.73T KRW | 1.92T KRW |
| Operating Expenses | 3.13T KRW | 3.69T KRW | 4.42T KRW | 5.45T KRW | 5.80T KRW | 6.54T KRW | 8.82T KRW | 7.20T KRW | 8.36T KRW | 11.48T KRW |
| Operating Income | 3.28T KRW | 13.72T KRW | 20.84T KRW | 2.72T KRW | 5.01T KRW | 12.41T KRW | 6.81T KRW | -7.73T KRW | 23.47T KRW | 47.21T KRW |
| EBITDA | 7.79T KRW | 18.59T KRW | 27.86T KRW | 11.30T KRW | 16.26T KRW | 24.33T KRW | 18.69T KRW | 3.48T KRW | 37.81T KRW | 65.32T KRW |
| Interest Expense | 120.12B KRW | 123.92B KRW | 94.64B KRW | 245.44B KRW | 253.47B KRW | 261.80B KRW | 575.53B KRW | 1.50T KRW | 1.36T KRW | 923.70B KRW |
| Pre-tax Income | 3.22T KRW | 13.44T KRW | 21.34T KRW | 2.43T KRW | 6.24T KRW | 13.42T KRW | 4.00T KRW | -11.66T KRW | 23.89T KRW | 50.47T KRW |
| Income Tax | 255.97B KRW | 2.80T KRW | 5.80T KRW | 423.56B KRW | 1.48T KRW | 3.80T KRW | 1.76T KRW | -2.52T KRW | 4.09T KRW | 7.52T KRW |
| Net Income | 2.95T KRW | 10.64T KRW | 15.54T KRW | 2.01T KRW | 4.76T KRW | 9.60T KRW | 2.23T KRW | -9.11T KRW | 19.79T KRW | 42.92T KRW |
| EPS | $418.40 | $1,507.30 | $2,225.50 | $293.27 | $695.19 | $1,398.90 | $324.23 | $-1,324.40 | $2,872.00 | $6,204.40 |
| EPS (Diluted) | $418.40 | $1,507.20 | $2,225.50 | $293.23 | $695.05 | $1,398.40 | $324.16 | $-1,324.38 | $2,841.90 | $6,037.80 |
| Shares Outstanding (Diluted) | 7.06B KRW | 7.06B KRW | 6.98B KRW | 6.84B KRW | 6.84B KRW | 6.87B KRW | 6.88B KRW | 6.88B KRW | 7.10B KRW | 7.06B KRW |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 24.45T KRW | 32.83T KRW | 52.58T KRW | 79.32T KRW |
| Gross Profit | 14.03T KRW | 22.58T KRW | 41.68T KRW | 65.99T KRW |
| Operating Income | 11.38T KRW | 19.17T KRW | 37.61T KRW | 60.54T KRW |
| EBITDA | 18.58T KRW | 21.44T KRW | 55.51T KRW | 64.57T KRW |
| Net Income | 12.60T KRW | 15.22T KRW | 40.33T KRW | 93.82T KRW |
| EPS | $1,824.20 | $2,181.34 | $5,717.50 | $13,228.50 |
| EPS (Diluted) | $1,785.00 | $2,147.24 | $5,667.00 | $13,147.80 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 613.79B KRW | 2.95T KRW | 2.35T KRW | 2.31T KRW | 2.98T KRW | 5.06T KRW | 4.98T KRW | 7.59T KRW | 11.21T KRW | 14.92T KRW |
| Short-term Investments | 3.44T KRW | 5.60T KRW | 6.02T KRW | 1.69T KRW | 1.97T KRW | 3.61T KRW | 1.43T KRW | 1.33T KRW | 2.95T KRW | 20.21T KRW |
| Receivables | 3.28T KRW | 5.59T KRW | 6.38T KRW | 4.88T KRW | 5.29T KRW | 9.03T KRW | 6.36T KRW | 7.66T KRW | 14.43T KRW | 18.71T KRW |
| Inventory | 2.03T KRW | 2.64T KRW | 4.42T KRW | 5.30T KRW | 6.14T KRW | 8.95T KRW | 15.66T KRW | 13.48T KRW | 13.31T KRW | 14.29T KRW |
| Total Current Assets | 9.84T KRW | 17.31T KRW | 19.89T KRW | 14.46T KRW | 16.57T KRW | 26.91T KRW | 28.73T KRW | 30.47T KRW | 42.28T KRW | 69.46T KRW |
| Property, Plant & Equipment | 18.78T KRW | 24.06T KRW | 34.95T KRW | 41.66T KRW | 42.94T KRW | 54.82T KRW | 62.01T KRW | 55.40T KRW | 62.64T KRW | 79.84T KRW |
| Goodwill | 730.20B KRW | 695.07B KRW | 709.81B KRW | 720.20B KRW | 701.60B KRW | 1.57T KRW | 798.72B KRW | 803.35B KRW | 848.83B KRW | 807.52B KRW |
| Intangible Assets | 1.19T KRW | 1.55T KRW | 1.97T KRW | 1.85T KRW | 2.70T KRW | 3.23T KRW | 2.71T KRW | 3.03T KRW | 3.17T KRW | 3.24T KRW |
| Total Assets | 32.22T KRW | 45.42T KRW | 63.66T KRW | 64.79T KRW | 71.17T KRW | 96.39T KRW | 103.87T KRW | 100.33T KRW | 119.86T KRW | 176.11T KRW |
| Accounts Payable | 696.14B KRW | 758.58B KRW | 1.10T KRW | 1.04T KRW | 1.05T KRW | 1.36T KRW | 2.19T KRW | 1.85T KRW | 2.28T KRW | 2.85T KRW |
| Short-term Debt | 704.86B KRW | 773.78B KRW | 1.61T KRW | 2.74T KRW | 3.11T KRW | 2.88T KRW | 7.42T KRW | 9.86T KRW | 5.25T KRW | 8.16T KRW |
| Total Current Liabilities | 4.16T KRW | 8.12T KRW | 13.03T KRW | 7.96T KRW | 9.07T KRW | 14.74T KRW | 19.84T KRW | 21.01T KRW | 24.97T KRW | 37.38T KRW |
| Long-term Debt | 3.63T KRW | 3.40T KRW | 3.67T KRW | 7.79T KRW | 8.14T KRW | 14.74T KRW | 15.57T KRW | 19.61T KRW | 17.43T KRW | 14.09T KRW |
| Total Liabilities | 8.19T KRW | 11.60T KRW | 16.81T KRW | 16.85T KRW | 19.26T KRW | 34.20T KRW | 40.58T KRW | 46.83T KRW | 45.94T KRW | 55.44T KRW |
| Retained Earnings | 17.07T KRW | 27.29T KRW | 41.85T KRW | 42.92T KRW | 47.00T KRW | 55.78T KRW | 56.69T KRW | 46.73T KRW | 65.42T KRW | 106.58T KRW |
| Total Equity | 24.02T KRW | 33.82T KRW | 46.85T KRW | 47.92T KRW | 51.89T KRW | 62.16T KRW | 63.27T KRW | 53.50T KRW | 73.90T KRW | 120.52T KRW |
| Total Debt | 4.34T KRW | 4.17T KRW | 5.28T KRW | 12.19T KRW | 12.90T KRW | 19.15T KRW | 24.79T KRW | 32.50T KRW | 25.45T KRW | 24.76T KRW |
| Net Debt | 200.30B KRW | -4.38T KRW | -3.09T KRW | 8.20T KRW | 7.95T KRW | 10.48T KRW | 18.38T KRW | 23.58T KRW | 11.30T KRW | -10.38T KRW |
| Working Capital | 5.68T KRW | 9.19T KRW | 6.86T KRW | 6.50T KRW | 7.50T KRW | 12.17T KRW | 8.89T KRW | 9.46T KRW | 17.31T KRW | 32.08T KRW |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 10.81T KRW | 14.92T KRW | 21.17T KRW | 26.84T KRW |
| Total Assets | 148.44T KRW | 176.11T KRW | 222.83T KRW | 348.86T KRW |
| Total Liabilities | 48.43T KRW | 55.44T KRW | 58.45T KRW | 86.17T KRW |
| Total Equity | 99.99T KRW | 120.52T KRW | 164.29T KRW | 262.69T KRW |
| Total Debt | 26.58T KRW | 24.76T KRW | 21.83T KRW | 21.11T KRW |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 2.95T KRW | 10.64T KRW | 15.54T KRW | 2.01T KRW | 4.76T KRW | 9.60T KRW | 2.23T KRW | -9.11T KRW | 19.79T KRW | 42.92T KRW |
| Depreciation & Amortization | 4.46T KRW | 5.03T KRW | 6.43T KRW | 8.62T KRW | 9.77T KRW | 10.66T KRW | 14.15T KRW | 13.62T KRW | 12.58T KRW | 13.93T KRW |
| Stock-based Compensation | 0 | 813.0M KRW | 1.16B KRW | 1.74B KRW | 1.59B KRW | 2.49B KRW | 0 | 0 | 0 | 414.11B KRW |
| Change in Working Capital | -1.46T KRW | -3.19T KRW | -2.00T KRW | 270.14B KRW | -1.65T KRW | -3.02T KRW | -2.69T KRW | 793.79B KRW | -5.60T KRW | -2.88T KRW |
| Operating Cash Flow | 5.55T KRW | 14.69T KRW | 22.23T KRW | 6.55T KRW | 12.31T KRW | 19.80T KRW | 14.78T KRW | 4.28T KRW | 29.80T KRW | 53.37T KRW |
| Capital Expenditure | -6.49T KRW | -9.91T KRW | -16.97T KRW | -14.59T KRW | -10.87T KRW | -13.46T KRW | -19.75T KRW | -8.33T KRW | -16.66T KRW | -28.58T KRW |
| Acquisitions | -2.29B KRW | -114.49B KRW | -233.84B KRW | -179.42B KRW | -480.28B KRW | -7.29T KRW | -858.54B KRW | -13.92B KRW | -3.35B KRW | -3.07T KRW |
| Stock Repurchased | 0 | 0 | -1.74T KRW | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -353.00B KRW | -423.60B KRW | -706.00B KRW | -1.03T KRW | -684.00B KRW | -800.28B KRW | -1.68T KRW | -825.58B KRW | -826.32B KRW | -1.68T KRW |
| Free Cash Flow | -937.81B KRW | 4.78T KRW | 5.26T KRW | -8.04T KRW | 1.45T KRW | 6.34T KRW | -4.97T KRW | -4.05T KRW | 13.13T KRW | 24.79T KRW |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 14.32T KRW | 20.86T KRW | 26.33T KRW | 65.71T KRW |
| Capital Expenditure | -5.26T KRW | -12.25T KRW | -7.87T KRW | -10.67T KRW |
| Free Cash Flow | 9.06T KRW | 8.62T KRW | 18.46T KRW | 55.04T KRW |
| Dividends Paid | -258.92B KRW | -263.13B KRW | 0 | -1.59T KRW |
| Stock-based Compensation | 0 | 0 | 21.00B KRW | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +75.1% | +34.3% | -33.3% | +18.2% | +34.8% | +3.8% | -26.6% | +102.0% | +46.8% | |
| Net Income Growth (YoY) | +260.3% | +46.0% | -87.1% | +137.0% | +101.9% | -76.8% | -508.7% | +317.2% | +116.9% | |
| EPS Growth (YoY) | +260.3% | +47.6% | -86.8% | +137.0% | +101.2% | -76.8% | -508.5% | +316.9% | +116.0% | |
| Shares Change (YoY) | +0.0% | -1.1% | -2.0% | +0.0% | +0.4% | +0.2% | +0.0% | +3.2% | -0.6% | |
| FCF Growth (YoY) | +609.4% | +10.1% | -253.0% | +118.0% | +338.5% | -178.4% | +18.5% | +424.5% | +88.8% | |
| Gross Margin | 37.2% | 57.7% | 62.4% | 30.2% | 33.9% | 44.1% | 35.0% | -1.6% | 48.1% | 60.4% |
| Operating Margin | 19.1% | 45.6% | 51.5% | 10.1% | 15.7% | 28.9% | 15.3% | -23.6% | 35.5% | 48.6% |
| EBITDA Margin | 45.3% | 61.7% | 68.9% | 41.9% | 51.0% | 56.6% | 41.9% | 10.6% | 57.1% | 67.2% |
| Net Margin | 17.2% | 35.3% | 38.4% | 7.4% | 14.9% | 22.3% | 5.0% | -27.8% | 29.9% | 44.2% |
| FCF Margin | -5.5% | 15.9% | 13.0% | -29.8% | 4.5% | 14.7% | -11.1% | -12.4% | 19.8% | 25.5% |
| Effective Tax Rate | 8.0% | 20.8% | 27.2% | 17.4% | 23.7% | 28.3% | 44.0% | 21.6% | 17.1% | 14.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-132.84 | $676.64 | $752.99 | $-1,175.85 | $211.24 | $922.89 | $-722.36 | $-588.18 | $1,850.18 | $3,513.79 |
| Dividends Per Share | $50.00 | $60.00 | $101.11 | $149.98 | $99.98 | $116.55 | $243.94 | $119.99 | $116.41 | $238.26 |
| Shares Outstanding (Basic) | 7.06B KRW | 7.06B KRW | 6.98B KRW | 6.84B KRW | 6.84B KRW | 6.86B KRW | 6.88B KRW | 6.88B KRW | 6.89B KRW | 6.90B KRW |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 100.17% |
| Return on Invested Capital | 34.21% |
| Return on Assets | 46.46% |
| Gross Margin | 76.17% |
| Operating Margin | 68.04% |
| Net Margin | 85.67% |
Financial Health
| Debt / Equity | 0.08 |
| Current Ratio | 2.59 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 20.59 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 484.37 | 118.83 | 83.93 | 661.08 | 262.51 | 142.92 | 651.52 | -164.09 | 86.25 | 39.01 |
| P/B | 59.57 | 37.39 | 27.84 | 27.67 | 24.06 | 22.08 | 22.96 | 27.95 | 23.08 | 13.87 |
| P/S | 83.19 | 42.00 | 32.25 | 49.13 | 39.13 | 31.92 | 32.55 | 45.64 | 25.77 | 17.20 |
| Gross Margin | 37.2% | 57.7% | 62.4% | 30.2% | 33.9% | 44.1% | 35.0% | -1.6% | 48.1% | 60.4% |
| Operating Margin | 19.1% | 45.6% | 51.5% | 10.1% | 15.7% | 28.9% | 15.3% | -23.6% | 35.5% | 48.6% |
| Net Margin | 17.2% | 35.3% | 38.4% | 7.4% | 14.9% | 22.3% | 5.0% | -27.8% | 29.9% | 44.2% |
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