SK Hynix vs Texas Instruments: Revenue, Profit and Business Model
SK Hynix had ~$69B of annual revenue in FY2025 and ~$30.5B of net income. Texas Instruments had $17.7B of annual revenue in FY2025 and $5B of net income.
Latest financial snapshot
SK Hynix
- Latest annual revenue
- ~$69B (FY2025)
- Net income
- ~$30.5B
- Net margin
- 44.2%
- Revenue growth
- +13.3% a year, FY2018–FY2025
Texas Instruments
- Latest annual revenue
- $17.7B (FY2025)
- Net income
- $5B
- Net margin
- 28.3%
- Revenue growth
- +3.2% a year, FY2016–FY2025
Financial summary
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). SK Hynix Inc. is a colossal South Korean semiconductor supplier and the absolute second-largest memory chipmaker in the world, sustaining a massive market valuation generally exceeding $100 billion.
Texas Instruments
TI's revenue fell from a $20.03 billion peak in 2022 to $15.64 billion in 2024 during an industry inventory correction, then recovered to $17.68 billion in 2025 with net income of $5.00 billion. The upturn accelerated in 2026: Q2 revenue reached $5.46 billion, operating profit rose 48% to $2.31 billion and net income rose 53% to $1.98 billion. With heavy fab spending past its peak, trailing 12-month free cash flow climbed to $6.5 billion from $1.8 billion a year earlier. TI guided Q3 2026 revenue to $5.65-$6.15 billion.
Revenue and profit by year
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% | +34.8% | Source |
| FY2020 | ~$22.6B | — | — | +18.2% | Source |
| FY2019 | ~$19.2B | — | — | -33.3% | Source |
| FY2018 | ~$28.7B | — | — | — | Source |
Texas Instruments
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $17.7B | $5B | 28.3% | +13.0% | Source |
| FY2024 | $15.6B | $4.8B | 30.7% | -10.7% | Source |
| FY2023 | $17.5B | $6.5B | 37.2% | -12.5% | Source |
| FY2022 | $20B | $8.7B | 43.7% | +9.2% | Source |
| FY2021 | $18.3B | $7.8B | 42.4% | +26.9% | Source |
| FY2020 | $14.5B | $5.6B | 38.7% | +0.5% | Source |
| FY2019 | $14.4B | $5B | 34.9% | -8.9% | Source |
| FY2018 | $15.8B | $5.6B | 35.4% | +5.5% | Source |
| FY2017 | $15B | $3.7B | 24.6% | +11.9% | Source |
| FY2016 | $13.4B | $3.6B | 26.9% | — | Source |
Where the revenue comes from
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.
Texas Instruments
- Analog
~78% (2024)
Power management and signal chain chips such as amplifiers, data converters, interface and isolation products. Analog revenue was about $12.16 billion of TI's $15.64 billion in 2024, and it led 2026 growth, rising 22% year over year in Q1 2026.
- Embedded Processing
~16% (2024)
Microcontrollers and processors, including C2000 real-time control MCUs, MSP430 low-power MCUs and automotive radar and processor chips. Revenue was about $2.56 billion in 2024 and grew 12% year over year in Q1 2026.
- Other (DLP, calculators, custom)
~6% (2024)
DLP display and light-steering products, education calculators such as the TI-84 Plus, and custom and legacy products.
Business model and strategy
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.
Texas Instruments
How it makes money
Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions. The company manufactures tens of thousands of differentiated products sold to over 100,000 global customers across the industrial, automotive, personal electronics, communications, and enterprise systems sectors.
Growth strategy
TI's strategy has four parts. First, manufacturing: it has spent heavily on 300mm analog fabs in Richardson (RFAB2), Lehi, Utah (LFAB, bought from Micron in 2021 for $900 million) and Sherman, Texas, where SM1 began production in December 2025, with support from the U.S. CHIPS Act.
Competitive advantage
TI's edge rests on owned, mostly 300mm analog manufacturing, a very broad catalog of long-lived parts, direct reach to customers through ti.com, and a cost structure that let it generate $6.5 billion of free cash flow in the 12 months to June 2026.
Questions about SK Hynix vs Texas Instruments
Which company has higher revenue — SK Hynix Inc. or Texas Instruments Inc.?
SK Hynix Inc. had ~$69B (FY2025), while Texas Instruments Inc. had $17.7B (FY2025). By latest annual revenue, SK Hynix Inc. is the larger business, with Texas Instruments Inc. showing a smaller revenue base.
What is the market cap of SK Hynix Inc. vs Texas Instruments Inc.?
SK Hynix Inc.'s market capitalisation stands at $964.0B, while Texas Instruments Inc.'s is $236.0B. SK Hynix Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Texas Instruments Inc..
How does revenue per employee compare for SK Hynix Inc. and Texas Instruments Inc.?
SK Hynix Inc. has $1.47M / employee in revenue per employee, while Texas Instruments Inc. has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do SK Hynix Inc. and Texas Instruments Inc. make money?
SK Hynix Inc. and Texas Instruments Inc. generate revenue in fundamentally different ways. 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. Texas Instruments Inc.: Texas Instruments operates an integrated semiconductor design and manufacturing model, specializing in high-margin analog chips and embedded processing solutions.
Which company is valued higher relative to revenue — SK Hynix Inc. or Texas Instruments Inc.?
On a price-to-sales (P/S) basis, SK Hynix Inc. trades at 14.0x P/S and Texas Instruments Inc. at 13.3x P/S. SK Hynix Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Texas Instruments Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is SK Hynix Inc. bigger than Texas Instruments Inc.?
By last reported revenue, SK Hynix Inc. (~$69B (FY2025)) is the larger company compared to Texas Instruments Inc. ($17.7B (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 SK Hynix vs Texas Instruments overview