SK hynix Inc. (SKHY) Stock Snapshot and 2026 Earnings Outlook

SKHY ADR (USD) snapshot

The U.S.-listed American Depositary Receipt SK hynix Inc. (SKHY) trades in U.S. dollars. As of late U.S. trading hours on October 28, 2026, the after-hours quote stood at 149.40 USD, with a prior close of 142.62 USD. The stock has traded within a 52-week range of 124.80 USD to 199.87 USD. The ADR reflects a beta of 2.39, and a trailing price/earnings (P/E) ratio of 9.09 with a forward P/E of 3.96. The 1-year target estimate is 243.43 USD. The earnings date is listed as October 27, 2026. The forward dividend and yield are 0.11 USD and 0.08%, respectively. On the balance sheet and cash side, revenue (ttm) stands at 189.17 trillion KRW with net income to common (ttm) at 161.97 trillion KRW and diluted earnings per share (ttm) of 15.68. Total cash (most-recent quarter) is 87.98 trillion KRW, with levered free cash flow (ttm) of 55.77 trillion KRW.

This ADR data point set is presented in USD for SKHY, while many fundamental metrics originate in KRW terms. The snapshot’s currency labeling matters because it affects price level interpretation, upside potential, and market-cap scale comparisons when evaluating the stock against local listings or peers.

000660.KS KRW snapshot

The Korean listing SK hynix common shares trade on the Korea Exchange under ticker 000660.KS in KRW. As of October 28, 2026 at 9:16:44 AM GMT+9, the price was 1,384,000 KRW, up 43,000 (+3.21%) from the prior close of 1,341,000 KRW. The day’s range was 1,358,000–1,390,000 KRW, and the 52-week range spans 501,000 to 2,987,000 KRW. The KRW listing carries a beta of 2.39 and a forward P/E of 2.67, with a 1-year target estimate of 3,096,288 KRW. Earnings are dated October 27, 2026. The forward dividend yield is 1,500.00 KRW, or about 0.12%. The KRW snapshot also notes revenue (ttm) of 189.17 trillion KRW, net income to common (ttm) of 161.97 trillion KRW, and levered free cash flow (ttm) of 55.77 trillion KRW. The market cap is shown around 975.96 trillion KRW in intraday terms.

Separating the ADR and Korean- listing quotes is essential to avoid conflating USD and KRW price levels, which can mislead readers about upside potential and relative valuation. The KRW data point set illustrates the same underlying business, but evaluated in a local currency context.

Latest quarterly results and earnings outlook

In the third quarter of 2026, SK hynix reported revenue of 104.62 trillion KRW (about 78.86 billion USD) and operating profit of 83.33 trillion KRW, delivering an operating margin of 80%. Gross margin reached 85.7%, and earnings per share stood at 41.07 USD, with operating cash flow of 41.3 billion USD. Revenue topped 100 trillion KRW for the quarter.

On the other hand, net profit was about 30.0 billion USD, up 216% year over year, but included a non-operating loss of roughly 24.6 billion USD, comprised of a 17.3 billion USD investment-asset loss and an 8.8 billion USD FX loss from the won’s appreciation against USD. This mix means the headline net profit diverged from the strong operating performance and suggests investors should distinguish operating strength from non-operating items when assessing earnings quality.

Official press releases and the published data should be consulted for full detail and reconciliations. The combination of an operating beat with a sizable non-operating drag helps explain why market reactions can be nuanced in the wake of earnings.

Forward guidance and 2027 industry outlook

The latest earnings commentary highlights a constructive medium‑term memory cycle. Management guidance indicates that Dynamic Random Access Memory (DRAM) bit growth is expected to be in the mid‑20% range year over year in 2027, while NAND bit growth is in the mid‑teens. 2027 capital expenditure is expected to rise significantly versus 2026, with memory demand projected to outpace supply through 2030. In technology specifics, HBM4 is anticipated to surpass HBM3E in Q4, and M15X ramp is projected to reach full capacity by the end of 2026. The 321L NAND technology is expected to account for over 50% of domestic capacity in 2027, and LTAs with 14 key customers are said to cover more than 50% of 2027–2028 capacity.

These points provide the most decision-relevant inputs for judging whether current earnings can be sustained, clarifying why management asserts pricing power and how revenue visibility is supported by capacity commitments and long-term agreements.

Dividends, buybacks, and total shareholder return plans

SK hynix’s forward dividend yield is modest, around 0.08%. The company has a history of allocating capital to returns, including a Q3 2026 dividend of roughly 20,000 KRW per share, which includes a 10,000 KRW special dividend tied to realized Kioxia gains. In addition, the firm announced a quarterly share acquisition totaling around 20 trillion KRW, and management has pledged 100 trillion KRW in total shareholder returns for 2026. Readers should check whether the 0.08% yield reflects only ordinary distributions or includes special dividends.

Analyst targets and consensus context

The article notes a 1-year target estimate of 243.43 USD for SKHY and 3,096,288 KRW for 000660.KS. However, it does not provide an analyst-rating breakdown, number of analysts, or explicit distinction between ADR and Korean-listing targets. Because consensus details are not included here, readers should treat the target figures as reference points and verify current ratings and the as‑of date from primary data sources. Targets are not forecasts and can lag behind rapid changes in memory-cycle dynamics.

Performance context and volatility

For the Korean listing 000660.KS, performance data shows strong relative gains versus the KOSPI across multiple horizons: year-to-date 113.07%, one-year 166.43%, three-year 1,084.75%, and five-year 1,270.84%, compared with the KOSPI’s 38.26%, 45.29%, 153.02%, and 93.60% respectively. These figures illustrate that SK hynix has rewarded volatility more than the broad market over these periods, though currency translation and dividends affect the ADR return. The forward P/E metrics—3.96 for SKHY and 2.67 for 000660.KS—along with PEG ratios of 0.10 and 0.06 and an operating margin around 80%—signal potential peak-cycle risk. Readers should stress-test margin assumptions and remember that cyclicality can compress earnings power if a downturn arrives.

Cyclical valuation caveat

A very low forward P/E can look attractive during late-cycle peaks, but it may reflect peak earnings rather than sustainable earnings power. With SK hynix posting an operating margin near 80%, the forward P/E figures—3.96 for SKHY and 2.67 for 000660.KS—accompany PEG ratios of 0.10 and 0.06. If memory margins normalize, normalized earnings could look quite different from these forward measures. The prudent approach is to stress-test margin trajectories rather than rely on trailing or forward earnings multiples at face value.

Risks to watch

Investors should monitor the memory cycle, AI-related memory demand, and capex intensity, as well as currency risk between KRW and USD. Non-operating items can distort reported net profit and EPS quality, and one-time dividends or share repurchases can influence near-term price action. In addition, the 2027–2028 capacity mix and LTAs with key customers affect revenue visibility and capex planning.

Bottom line

SK hynix combines a strong operating framework with high sensitivity to memory-cycle dynamics and currency moves. The most decision-relevant inputs for investors are the 2027 outlook, the scale and structure of shareholder returns, and the evolving consensus on capacity contracts through 2027–2028. With robust margins and substantial cash generation, the stock warrants careful monitoring of cyclicality and capital-allocation signals to gauge potential upside versus the risk of earnings normalization.