Silicon AnalyticaMicron vs SK hynix: revenue, margins and valuation
Micron and SK hynix share the integrated manufacturing (IDM) model: each designs and manufactures chips; factory utilisation, product mix and depreciation affect margins. Latest reported quarterly revenue: Micron US$54.2B in Q4 FY2026; SK hynix ₩104.6T (≈US$78.2B) in Q3 2026.
Valuation
Market cap
Trailing P/Elower is better
P/Slower is better
Growth
Revenue growth
Peer median (20 companies): 46.5% · 18 with data
Profitability
Gross margin
Peer median (20 companies): 61.9% · 19 with data
Operating margin
Peer median (20 companies): 36.8%
Net margin
Peer median (20 companies): 30.7%
Diluted EPS
R&D % of revenue
Peer median (20 companies): 9.9% · 18 with data
Scale
Revenue
Operating income
Net income
R&D
Capex
Free cash flow
Net cash / net debt
Employees
Shares outstandingPeriods differ
| Metric | Micron | SK hynix | Peer median(20 companies) |
|---|---|---|---|
| Valuation | |||
| Market cap | Leader. | ||
| Trailing P/Elower is better | — | ||
| P/Slower is better | — | ||
| Growth | |||
| Revenue growth | Leader. | 46.5%18 with data | |
| Profitability | |||
| Gross margin | — | 61.9%19 with data | |
| Operating margin | Leader. | 36.8% | |
| Net margin | Leader. | 30.7% | |
| Diluted EPS | — | ||
| R&D % of revenue | — | 9.9%18 with data | |
| Scale | |||
| Revenue | Leader. | ||
| Operating income | Leader. | ||
| Net income | Leader. | ||
| R&D | — | ||
| Capex | — | ||
| Free cash flow | — | ||
| Net cash / net debt | — | ||
| Employees | |||
| Shares outstandingPeriods differ | |||
Valuation
- Calculated Price ÷ last four reported quarters of diluted EPS. Loss-making companies show N/M.
View sources (1)
- Micron: Micron Technology FY2026 10-K · 12 Oct 2026 · published 9 Oct 2026
Not shown: SK hynix: No dated market figure stored.
- Calculated Market cap ÷ trailing-twelve-month revenue.
View sources (1)
- Micron: Micron Technology FY2026 10-K · 12 Oct 2026 · published 9 Oct 2026
Not shown: SK hynix: No dated market figure stored.
Growth
- Calculated Change versus the same period a year earlier.
View sources (2)
- Micron: Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Q4 FY2026 · published 30 Sept 2026
- SK hynix: SK hynix Announces Third Quarter 2026 Financial Results · Q3 2026 · published 28 Oct 2026
Profitability
View sources (1)
- Micron: Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Q4 FY2026 · published 30 Sept 2026
Not shown: SK hynix: Gross profit (or cost of revenue) not stored for Q3 2026.
- Calculated Operating income ÷ revenue, GAAP/IFRS unless labelled otherwise.
View sources (2)
- Micron: Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Q4 FY2026 · published 30 Sept 2026
- SK hynix: SK hynix Announces Third Quarter 2026 Financial Results · Q3 2026 · published 28 Oct 2026
- Calculated Net income ÷ revenue for the same period (Silicon Analytica calculation unless the company states it).
View sources (2)
- Micron: Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Q4 FY2026 · published 30 Sept 2026
- SK hynix: SK hynix Announces Third Quarter 2026 Financial Results · Q3 2026 · published 28 Oct 2026
- Calculated R&D ÷ revenue for the same period.
View sources (1)
- Micron: Micron Form 10-K filed 9 Oct 2026 · Q4 FY2026 · published 9 Oct 2026
Not shown: SK hynix: R&D expense not stored for Q3 2026.
Scale
- Calculated ≈US$ for non-US$ reporters uses the stored conversion for each value; reporting-currency figures are in the table view.
View sources (2)
- Micron: Micron Q4 FY2026 earnings release (Form 8-K, Ex. 99.1) · Q4 FY2026 · published 30 Sept 2026
- SK hynix: SK hynix Announces Third Quarter 2026 Financial Results · Q3 2026 · published 28 Oct 2026
Revenue mix
Micron
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SK hynix
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Each company's own classification and latest fiscal year with a stored split; categories differ between companies and are never added together.
Period ends — Micron: 3 Sep 2026 · SK hynix: 30 Sep 2026. Valuation multiples remain trailing.
Copper underline: the leader among values for comparable periods. Higher is better, except P/E and P/S, where the lower positive multiple leads. R&D, capex, employees and shares have no leader. Peer median uses the latest quarter of the 20 covered companies and is shown for ratios only. “—” means neither the figure nor its inputs are stored; hover or tap for the missing input. Values marked Calculated are Silicon Analytica calculations from stored reported figures.
How to read this comparison
Business models. These companies share the integrated manufacturing (IDM) model and are broadly comparable, subject to product mix and definitions. Micron designs and manufactures chips; factory utilisation, product mix and depreciation affect margins; SK hynix designs and manufactures chips; factory utilisation, product mix and depreciation affect margins.
Cyclicality. Micron (memory & storage) · SK hynix (memory & storage): earnings are sensitive to capacity, utilisation and the investment or demand cycle. Trailing multiples can be distorted by peak or trough earnings.
Accounting and periods. Latest reported quarter ends — Micron: 2026-09-03 · SK hynix: 2026-09-30. Each value retains its period, status and source; adjusted measures remain separate. Same-mode periods within 100 days are compared; valuation multiples remain trailing.
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