Micron vs SK Hynix: Revenue, Profit and Business Model
Micron reported $133.2B of revenue in FY2026 and $85B of net income. SK Hynix reported ~$69B of revenue in FY2025 and ~$30.5B of net income.
Latest financial snapshot
Financial summary
Micron
Micron's results swing with memory pricing. Revenue fell from $30.76B in fiscal 2022 to $15.54B in fiscal 2023, with a $5.83B net loss, then recovered to $25.11B in fiscal 2024 and $37.38B in fiscal 2025. Fiscal 2026 was a step change: revenue reached $133.19B, GAAP gross margin rose to 80.7% from 39.8%, and GAAP net income hit $84.97B. Fiscal Q4 2026 alone produced $54.23B of revenue and $37.70B of net income. Operating cash flow was $89.68B for the year, and Micron ended it with $73.48B of cash, marketable investments and restricted cash.
SK Hynix
SK hynix's results track the memory cycle. Revenue fell to ~$23.3B (KRW 32.77T) in 2023 with a ~$6.46B (KRW 9.1T) net loss, then doubled to ~$47B (KRW 66.19T) in 2024 and reached ~$69B (KRW 97.15T) in 2025. The AI-driven upswing accelerated in 2026: Q1 revenue was ~$37.3B (KRW 52.58T) and Q2 hit ~$56.3B (KRW 79.32T), with a 76% operating margin. Q2 net profit of ~$66.7B (KRW 93.92T) exceeded revenue because of non-operating gains. At the end of June 2026 the company held ~$62.5B (KRW 88T) in cash against ~$13.2B (KRW 18.6T) of debt, a net cash position of ~$49.3B (KRW 69.4T).
Revenue and profit by year
Micron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $133.2B | $85B | 63.8% | +256.3% | Source |
| FY2025 | $37.4B | $8.5B | 22.8% | +48.9% | Source |
| FY2024 | $25.1B | $778M | 3.1% | +61.6% | Source |
| FY2023 | $15.5B | -$5.8B | -37.5% | -49.5% | Source |
| FY2022 | $30.8B | $8.7B | 28.2% | +11.0% | Source |
| FY2021 | $27.7B | $5.9B | 21.2% | +29.3% | Source |
| FY2020 | $21.4B | $2.7B | 12.5% | -8.4% | Source |
| FY2019 | $23.4B | $6.3B | 27.0% | -23.0% | Source |
| FY2018 | $30.4B | $14.1B | 46.5% | +49.5% | Source |
| FY2017 | $20.3B | $5.1B | 25.0% | +63.9% | Source |
| FY2016 | $12.4B | -$276M | -2.2% | — | Source |
SK Hynix
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$69B | ~$30.5B | 44.2% | +46.8% | Source |
| FY2024 | ~$47B | ~$14B | 29.9% | +102.0% | Source |
| FY2023 | ~$23.3B | ~-$6.5B | -27.8% | -26.6% | Source |
| FY2022 | ~$31.7B | ~$1.6B | 5.0% | +3.8% | Source |
| FY2021 | ~$30.5B | ~$6.8B | 22.3% | — | Source |
Where the revenue comes from
Micron
- Compute And NetworkingMajor
Data-center, graphics, networking, and client-related memory and storage demand.
- MobileMaterial
Low-power DRAM, NAND, and managed memory used in smartphones and mobile devices.
- EmbeddedMaterial
Automotive, industrial, and embedded-market memory and storage products.
- StorageMaterial
SSDs and NAND-based storage products for enterprise, client, and consumer markets.
- Consumer Channels
Complementary
Crucial-branded memory and storage upgrades sold through retail and ecommerce channels.
SK Hynix
- DRAM (HBM, server, mobile, PC)
Majority of revenue
DRAM is SK hynix's largest business. HBM for AI accelerators and high-capacity server DRAM drove the 2024-2026 profit surge, while mobile LPDDR and PC DDR products make up the rest.
- NAND flash and enterprise SSDs
Minority of revenue
NAND covers mobile storage and SSDs, including Solidigm's enterprise QLC drives used in AI data centers. NAND prices rose sharply in Q1 and Q2 2026 alongside DRAM.
Business model and strategy
Micron
How it makes money
Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Growth strategy
Facing the alarming volatility of the smartphone market, Micron's large growth strategy is absolute, aggressive dominance of 'High-Bandwidth Memory' (HBM) for Artificial Intelligence. An Nvidia AI chip is utterly useless without large amounts of highly fast memory sitting right next to it.
Competitive advantage
Micron's absolute competitive advantage is its large, impenetrable moat of 'Capital Intensity' and 'Geopolitical Importance'. To build a single, modern memory chip factory costs over $15 billion; a startup simply cannot enter the market. The industry has consolidated into a large, three-company oligopoly (Samsung, SK Hynix, and Micron).
SK Hynix
How it makes money
SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands. DRAM is the larger business and includes HBM, server DDR5 and mobile LPDDR. NAND flash covers mobile storage and enterprise SSDs, including Solidigm's high-capacity QLC drives.
Growth strategy
Growth rests on three moves: ramping HBM4 production in the second half of 2026, expanding capacity at Cheongju (M15X) and the Yongin semiconductor cluster while keeping capex disciplined, and building an HBM advanced packaging and R&D site in West Lafayette, Indiana, announced in 2024 at about $3.87 billion.
Competitive advantage
SK hynix's edge is execution in HBM. It mass-produced HBM3 first in 2022-2023, led the HBM3E ramp in 2024, and began mass shipments of HBM4 in Q2 2026. Its MR-MUF packaging process helps with heat dissipation and yield in tall die stacks, and close co-development with Nvidia and TSMC keeps it designed into new AI platforms.
Questions about Micron vs SK Hynix
Which company has higher revenue — Micron Technology, Inc. or SK Hynix Inc.?
Micron Technology, Inc. reported $133.2B (FY2026), while SK Hynix Inc. reported ~$69B (FY2025). By last reported revenue, Micron Technology, Inc. is the larger business, with SK Hynix Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Micron Technology, Inc. vs SK Hynix Inc.?
Micron Technology, Inc.'s market capitalisation stands at $1.15T, while SK Hynix Inc.'s is $964.0B. Micron Technology, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to SK Hynix Inc..
Which is more financially efficient — Micron Technology, Inc. or SK Hynix Inc.?
Micron Technology, Inc. generates $2.51M / employee in revenue per employee, while SK Hynix Inc. generates $1.47M / employee. Micron Technology, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Micron Technology, Inc. and SK Hynix Inc. make money?
Micron Technology, Inc. and SK Hynix Inc. generate revenue in fundamentally different ways. Micron Technology, Inc.: Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers. SK Hynix Inc.: SK hynix is an integrated device manufacturer: it designs, fabricates, packages and tests memory chips in-house and sells them to cloud providers, AI accelerator makers, server OEMs, smartphone makers and PC brands.
Which company is valued higher relative to revenue — Micron Technology, Inc. or SK Hynix Inc.?
On a price-to-sales (P/S) basis, Micron Technology, Inc. trades at 8.6x P/S and SK Hynix Inc. at 14.0x P/S. SK Hynix Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Micron Technology, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Micron Technology, Inc. bigger than SK Hynix Inc.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to SK Hynix Inc. (~$69B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Micron vs SK Hynix overview