JONBUR Research · Initiation
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SK hynix · 000660 · Semiconductors
SK hynix: Record Earnings Run Meets a Sharp Share Price Pullback
SK hynix reported trailing revenue of ₩189.2T and operating income of ₩128.7T for the 12 months to H1 2026, while its shares closed at ₩1,605,000 on 2026-10-12, down 11.4% over one month and 13.0% over three months. News dated 2026-10-13 describes a further sharp drop of about 10% to ₩1.4M, which is after the data's price date and not reflected in the price figures.
Written Oct 13, 2026 · Data as of Oct 12, 2026 · 0 views
This is not financial advice. The report does not recommend buying or selling anything.
Thesis
The filed numbers show a very large earnings recovery. Operating margin went from -23.6% in 2023 to 48.6% in 2025 and 68.0% on a trailing basis, and the trailing price-to-earnings ratio of 7.2 is below the 11.0 recorded at the end of 2025. That supports the view that earnings have grown faster than the share price recently.
The data also shows how volatile the stock is. It is up 275.0% over one year, yet it sits well below its 52-week high of ₩2,987,000 and about 4.0 times above its low of ₩403,000. Trailing net income (₩162.0T) exceeds operating income (₩128.7T), so net margin of 85.6% likely includes non-operating or one-off items; the data does not explain them. Investor flow, foreign ownership and short balance data are not available, so we cannot say who is driving the recent moves.
Business overview
SK hynix is a KOSPI-listed semiconductor company, founded on 1949-10-15 and listed on 1996-12-26, led by CEO 곽노정. It has 728,002,365 listed shares and a market capitalisation of about ₩1,168.4T at the 2026-10-12 close. Revenue was ₩43.0T in 2021, ₩44.6T in 2022, ₩32.8T in 2023, ₩66.2T in 2024 and ₩97.1T in 2025, showing a pronounced cycle with a sharp upswing since 2023. The peer list in the data contains much smaller semiconductor-related companies, with market caps of ₩2.8T to ₩5.8T.
Every earlier JONBUR Research report and update note on SK hynix, with Pro.
Unlock with ProModel estimate of fair value
The valuation model has no estimate for this company yet (not enough data, or no positive value with the base case).
Report history
- Oct 28, 2026Update noteNews · Earnings · Buyback / dividend / value-upSK hynix posts record Q3 profit and announces ₩20.0T share buyback
- Oct 21, 2026Update noteModel fair value changeSK hynix: Model fair value estimate rises 60% to ₩872,969 base
- Oct 20, 2026Update noteNewsSK hynix: Record Q3 profit expectations meet a sharp market sell-off
- Oct 13, 2026InitiationSK hynix: Record Earnings Run Meets a Sharp Share Price Pullback
Source: KRX statistical information