The Revenue LinesNarrow moat

SK hynix (SKHY) — moat facet

Two memories priced by the quarter: DRAM carried the upcycle, and in 2026 NAND started growing faster.

SK hynix sells two products, and the split between them has swung more in three years than in most companies' histories. In 2025 DRAM brought in ₩74,904 billion, NAND flash ₩20,690 billion and everything else ₩1,552 billion, of total revenue of ₩97,147 billion.1

DRAM share of revenue (%)63.4%202367.6%202477.1%202571.8%Q2 2026SK hynix Form 424B4 prospectus and H1 2026 semi-annual report; NAND is most of the rest
DRAM's share peaked in 2025; the June 2026 quarter was the first to shift it back.

The shares moved with the cycle. DRAM was 63.4% of revenue in 2023, 67.6% in 2024 and 77.1% in 2025; NAND went from 29.5% to 29.1% and then 21.3%.23 In the second quarter of 2026 the direction reversed, with DRAM at 71.8% and NAND at 27.7%.45

SK hynix reports a single segment, the manufacture and sale of semiconductor products, so it discloses no profit by product.6 What the filings do give is the drivers. Every annual change in both lines from 2023 to 2025 is explained by average selling price, volume and the won's exchange rate against the dollar.7

That explanation is the key to reading the growth. DRAM revenue rose 115.4% in 2024 and 67.5% in 2025, in both years on higher prices, higher volume and a weaker won.8 NAND rose 99.7% in 2024 and 7.3% in 2025, and in 2025 its average price fell.9

The first half of 2026 lifted both. Against the first half of 2025, DRAM revenue rose 213% and NAND 321%.1011

The third band on the chart, Other, is mainly the foundry business run through the subsidiaries SK hynix system ic and SK keyfoundry.12 It has shrunk from ₩2,344 billion in 2023 to ₩1,552 billion in 2025, 1.6% of revenue, and is explained here rather than given a page of its own.1314

The pages on The HBM Lead and The Three-Player DRAM Structure cover DRAM's competitive position, and Solidigm and the NAND Half covers the acquisition behind NAND. These two pages take each product as a business.

The question the two raise together is whether 2026 is a DRAM cycle that NAND has joined, or the start of NAND's own. The measure is the gap between the two lines' growth: NAND grew 364% in the second quarter of 2026 against DRAM's 233%.1516 If NAND keeps outgrowing DRAM after DRAM prices peak, the company has a second engine; if it falls back first, the second quarter was the end of a shortage, not a turn.

Moat trajectory: Widening

Both lines more than tripled year on year in the first half of 2026; NAND grew faster than DRAM in the June quarter.

The number that tests this moat
Moat Explorer calc
NAND growth against DRAM growth, latest quarter
NAND +364% against DRAM +233% in Q2 2026

NAND still outgrowing DRAM after DRAM prices peak would mean a second engine; falling back first would mean the quarter was the end of a shortage.

How it's calculated: 21,959,898 / 4,727,806 - 1; 56,982,743 / 17,123,990 - 1.
Source: SK hynix semi-annual business report, H1 2026 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
DRAM (includes HBM)
DRAM went from less than two-thirds of a loss-making company to ₩97.6 trillion in half a year, on price more than volume.
DIG DEEPER 02
NAND flash
The half that missed the boom in 2025, up 7% on a falling price, then up 364% in the June 2026 quarter.
References
  1. ReportedIn 2025 DRAM brought in ₩74,904 billion, NAND flash ₩20,690 billion and everything else ₩1,552 billion, of total revenue of ₩97,147 billion.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  2. ReportedDRAM was 63.4% of revenue in 2023, 67.6% in 2024 and 77.1% in 2025; NAND went from 29.5% to 29.1% and then 21.3%.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  3. Moat Explorer calcDRAM was 63.4% of revenue in 2023, 67.6% in 2024 and 77.1% in 2025; NAND went from 29.5% to 29.1% and then 21.3%.
    Moat Explorer calculation from SK hynix's Form 424B4 prospectus and H1 2026 semi-annual report: product shares of revenue and growth rates as stated — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedIn the second quarter of 2026 the direction reversed, with DRAM at 71.8% and NAND at 27.7%.
    SK hynix semi-annual business report, January-June 2026 (Form 6-K) - Q2 2026 revenue by product DRAM W56,982,743M, NAND W21,959,898M, others W376,105M of W79,318,746M (Q2 2025 W17,123,990M, W4,727,806M, W380,156M of W22,231,952M); six months DRAM W97,641,379M, NAND W33,534,133M (2025 W31,160,860M, W7,956,641M); operating profit W60,542,608M; IDC shares DRAM 29.9%/33.4%/34.8%/29.1% and NAND 19.6%/21.4%/20.9%/18.5% (2023, 2024, 2025, Q1 2026); supply volumes and prices determined monthly and quarterly with no order backlog — H1 2026 · publ. August 2026 · source ↗
  5. Moat Explorer calcIn the second quarter of 2026 the direction reversed, with DRAM at 71.8% and NAND at 27.7%.
    Moat Explorer calculation from SK hynix's Form 424B4 prospectus and H1 2026 semi-annual report: product shares of revenue and growth rates as stated — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  6. ReportedSK hynix reports a single segment, the manufacture and sale of semiconductor products, so it discloses no profit by product.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  7. ReportedEvery annual change in both lines from 2023 to 2025 is explained by average selling price, volume and the won's exchange rate against the dollar.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  8. ReportedDRAM revenue rose 115.4% in 2024 and 67.5% in 2025, in both years on higher prices, higher volume and a weaker won.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  9. ReportedNAND rose 99.7% in 2024 and 7.3% in 2025, and in 2025 its average price fell.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  10. ReportedAgainst the first half of 2025, DRAM revenue rose 213% and NAND 321%.
    SK hynix semi-annual business report, January-June 2026 (Form 6-K) - Q2 2026 revenue by product DRAM W56,982,743M, NAND W21,959,898M, others W376,105M of W79,318,746M (Q2 2025 W17,123,990M, W4,727,806M, W380,156M of W22,231,952M); six months DRAM W97,641,379M, NAND W33,534,133M (2025 W31,160,860M, W7,956,641M); operating profit W60,542,608M; IDC shares DRAM 29.9%/33.4%/34.8%/29.1% and NAND 19.6%/21.4%/20.9%/18.5% (2023, 2024, 2025, Q1 2026); supply volumes and prices determined monthly and quarterly with no order backlog — H1 2026 · publ. August 2026 · source ↗
  11. Moat Explorer calcAgainst the first half of 2025, DRAM revenue rose 213% and NAND 321%.
    Moat Explorer calculation from SK hynix's Form 424B4 prospectus and H1 2026 semi-annual report: product shares of revenue and growth rates as stated — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  12. ReportedThe third band on the chart, Other, is mainly the foundry business run through the subsidiaries SK hynix system ic and SK keyfoundry.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  13. ReportedIt has shrunk from ₩2,344 billion in 2023 to ₩1,552 billion in 2025, 1.6% of revenue, and is explained here rather than given a page of its own.
    SK hynix Form 424B4 prospectus (July 2026) - revenue by product 2023-2025: DRAM W20,768,662M/W44,731,664M/W74,904,134M, NAND flash W9,653,061M/W19,274,112M/W20,690,084M, others W2,343,996M/W2,187,184M/W1,552,457M of W32,765,719M/W66,192,960M/W97,146,675M; Q1 2026 DRAM W40,658,636M (W14,036,870M), NAND W11,574,235M (W3,228,835M); MD&A: DRAM revenue +115.4% in 2024 and +67.5% in 2025 on higher ASP, volume and a weaker won, ASP rise reflecting demand for premium products such as HBM; NAND +99.7% in 2024 on ASP and the won, +7.3% in 2025 on volume and the won partly offset by a lower ASP; Q1 2026 DRAM +189.7%, NAND +258.5%; a single reportable segment; foundry through SK hynix system ic and SK keyfoundry; Solidigm; NAND moving from 176-layer to 238- and 321-layer technologies; competitors named; HBM share 56.4% (Q1 2026); Yongin fab 1 cleanroom due Q1 2027 — FY2023-Q1 2026 · publ. July 2026 · source ↗
  14. Moat Explorer calcIt has shrunk from ₩2,344 billion in 2023 to ₩1,552 billion in 2025, 1.6% of revenue, and is explained here rather than given a page of its own.
    Moat Explorer calculation from SK hynix's Form 424B4 prospectus and H1 2026 semi-annual report: product shares of revenue and growth rates as stated — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  15. ReportedThe measure is the gap between the two lines' growth: NAND grew 364% in the second quarter of 2026 against DRAM's 233%.
    SK hynix semi-annual business report, January-June 2026 (Form 6-K) - Q2 2026 revenue by product DRAM W56,982,743M, NAND W21,959,898M, others W376,105M of W79,318,746M (Q2 2025 W17,123,990M, W4,727,806M, W380,156M of W22,231,952M); six months DRAM W97,641,379M, NAND W33,534,133M (2025 W31,160,860M, W7,956,641M); operating profit W60,542,608M; IDC shares DRAM 29.9%/33.4%/34.8%/29.1% and NAND 19.6%/21.4%/20.9%/18.5% (2023, 2024, 2025, Q1 2026); supply volumes and prices determined monthly and quarterly with no order backlog — H1 2026 · publ. August 2026 · source ↗
  16. Moat Explorer calcThe measure is the gap between the two lines' growth: NAND grew 364% in the second quarter of 2026 against DRAM's 233%.
    Moat Explorer calculation from SK hynix's Form 424B4 prospectus and H1 2026 semi-annual report: product shares of revenue and growth rates as stated — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026