NAND flashThin moat

SK hynix (SKHY) — moat facet

The half that missed the boom in 2025, up 7% on a falling price, then up 364% in the June 2026 quarter.

NAND flash is the half of SK hynix that has not, until this year, shared in the boom. It brought in ₩20,690 billion in 2025, against ₩19,274 billion in 2024 and ₩9,653 billion in 2023.1

NAND flash revenue, year on year growth (%)+99.7%2024+7.3%2025+258.5%Q1 2026+364.5%Q2 2026SK hynix Form 424B4 prospectus and H1 2026 semi-annual report; 2025's average price fell
From 7% growth on a falling price in 2025 to 364% in the June 2026 quarter.

What is inside the line is flash memory for storage: mobile storage, client SSDs and enterprise SSDs for data centres, the last largely through Solidigm, the former Intel NAND business.2 Mass production is moving from 176-layer technology to 238- and 321-layer technologies.3

The history is two very different years. NAND revenue rose 99.7% in 2024 on higher average prices and a weaker won, as demand for high-density enterprise SSDs rose and the market's supply-demand balance improved.4 In 2025 it rose only 7.3%: volume grew significantly on enterprise SSD demand in the second half, but the average selling price fell.5 In the same year DRAM revenue rose 67.5%.6

It is paid by the gigabyte like DRAM, in a market with more participants. SK hynix's own filing names Samsung Electronics, Kioxia, Micron and Sandisk as its NAND competitors.7 Its share of NAND revenue was 19.6% in 2023, 21.4% in 2024, 20.9% in 2025 and 18.5% in the first quarter of 2026, according to IDC figures in the semi-annual report.8

Profitability by product is not disclosed. What the mix shows is how little of the 2025 result NAND supplied: 21.3% of revenue, down from 29.1% a year earlier.910

The turn came in 2026. NAND revenue was ₩11,574 billion in the first quarter, up 258.5%, on higher prices and volumes, with demand strong across all major NAND product categories and particularly for high-density, high-performance enterprise SSDs.11 In the second quarter it was ₩21,960 billion, up 364%, faster than DRAM's 233%, and 27.7% of revenue.1213 First-half NAND revenue was ₩33,534 billion, well above all of 2025.14

The outlook rests on enterprise storage for AI. The pages AI Storage and the NAND Turn and NAND Has Five Participants, and It Shows set out the bet and the structural problem.

This is a thin moat: a real position in enterprise SSD, in a market with five sellers. The figure to follow is NAND's share of revenue, 27.7% in the June 2026 quarter. Holding above a quarter of sales once DRAM prices stop rising would show that the storage demand is structural rather than a spill-over from the DRAM shortage.

Moat trajectory: Widening

Revenue up 364% in the June 2026 quarter and 27.7% of sales, after a 2025 in which the price fell.

The number that tests this moat
Reported
NAND revenue, first half
₩33.5tn in H1 2026, from ₩8.0tn a year earlier

Already above all of 2025's ₩20.7tn. Sustained growth once DRAM prices stop rising would show storage demand is structural.

Source: SK hynix semi-annual business report, H1 2026 ↗
References
  1. ReportedIt brought in ₩20,690 billion in 2025, against ₩19,274 billion in 2024 and ₩9,653 billion in 2023.
    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. ReportedWhat is inside the line is flash memory for storage: mobile storage, client SSDs and enterprise SSDs for data centres, the last largely through Solidigm, the former Intel NAND business.
    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. ReportedMass production is moving from 176-layer technology to 238- and 321-layer technologies.
    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 ↗
  4. ReportedNAND revenue rose 99.7% in 2024 on higher average prices and a weaker won, as demand for high-density enterprise SSDs rose and the market's supply-demand balance improved.
    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 ↗
  5. ReportedIn 2025 it rose only 7.3%: volume grew significantly on enterprise SSD demand in the second half, but the average selling 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 ↗
  6. ReportedIn the same year DRAM revenue rose 67.5%.
    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. ReportedSK hynix's own filing names Samsung Electronics, Kioxia, Micron and Sandisk as its NAND competitors.
    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. ReportedIts share of NAND revenue was 19.6% in 2023, 21.4% in 2024, 20.9% in 2025 and 18.5% in the first quarter of 2026, according to IDC figures in the semi-annual report.
    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 ↗
  9. ReportedWhat the mix shows is how little of the 2025 result NAND supplied: 21.3% of revenue, down from 29.1% a year earlier.
    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. Moat Explorer calcWhat the mix shows is how little of the 2025 result NAND supplied: 21.3% of revenue, down from 29.1% a year earlier.
    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 ↗
  11. ReportedNAND revenue was ₩11,574 billion in the first quarter, up 258.5%, on higher prices and volumes, with demand strong across all major NAND product categories and particularly for high-density, high-performance enterprise SSDs.
    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 ↗
  12. ReportedIn the second quarter it was ₩21,960 billion, up 364%, faster than DRAM's 233%, and 27.7% of revenue.
    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 ↗
  13. Moat Explorer calcIn the second quarter it was ₩21,960 billion, up 364%, faster than DRAM's 233%, and 27.7% of revenue.
    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 ↗
  14. ReportedFirst-half NAND revenue was ₩33,534 billion, well above all of 2025.
    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 ↗
Sources
Generated September 23, 2026