The Tool Desk
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Start with what each company sells
All three companies have exposure to memory, but that does not make their earnings interchangeable. DRAM, NAND flash, HBM, and related server products face different demand patterns and can contribute differently to revenue and profit. A comparison should first establish which products and end markets drive each company.
Micron: a memory-focused portfolio
Micron’s portfolio includes DRAM, NAND, and NOR products sold as components, modules, SSDs, managed NAND, multi-chip packages, and wafers. Its end markets include data centers, client devices, graphics, industrial, mobile, automotive, consumer, and embedded applications. Micron describes HBM as a three-dimensional stacked DRAM architecture that uses through-silicon vias and offers high bandwidth and lower power use relative to other memory types. Micron FY2025 filing
Samsung: memory inside a diversified electronics company
Samsung Electronics reports a Memory Business as well as other businesses. Its company-wide results therefore include more than memory, and consolidated revenue or operating profit should not be treated as memory-segment totals. For an investor seeking memory exposure, this broader business mix is a distinct consideration, not a reason to compare Samsung’s whole-company figures directly with a memory-segment result from another company. Samsung Q2 2026 results
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SK hynix: high-value memory and storage offerings
SK hynix highlighted HBM, AI-server DRAM, and enterprise SSDs (eSSDs) among the products contributing to its Q2 2026 results. Its stated product mix makes execution in AI-related memory and server demand important to assess alongside broader memory-cycle exposure. SK hynix Q2 2026 results
Compare HBM milestones without treating them as guarantees
HBM matters to AI systems, but company announcements describe different steps in a product ramp. Samples sent to customers, sales scaled, and mass shipments are not equivalent to proof of sustained yields, profitable high-volume production, or a particular market share. Attribute milestones to the company and distinguish what has shipped from what management expects to do next.
Rank #2
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- Samsung: In its Q2 2026 release, Samsung said it had scaled HBM4 sales and shipped HBM4E samples to major customers. It also described an outlook for robust server-centered demand and continued supply constraints in the second half; that is management’s outlook, not an independently established forecast. Samsung Q2 2026 results
- SK hynix: The company said it began HBM4 mass shipments in Q2 2026 and planned to expand production while maintaining capex discipline. Those statements establish the company’s reported shipment milestone and plan; they do not by themselves establish future yields or returns on the added capacity. SK hynix Q2 2026 results
- Micron: The cited FY2026 release supplies annual financial results, but the cited material does not provide a directly comparable HBM shipment milestone. Avoid inferring relative HBM leadership from the available figures alone. Micron FY2026 results
Read the latest earnings with period labels attached
The available results do not cover a matched quarter: Micron reported its fiscal fourth quarter and full fiscal year 2026, while Samsung and SK hynix reported calendar Q2 2026. Compare each company with its own prior periods and use aligned periods before ranking growth or margins. The figures below are company-reported; SK hynix describes its Q2 results as preliminary and subject to change after independent audit.
| Company and period | Reported revenue | Reported operating profit | Context |
|---|---|---|---|
| Micron, FY2026 | $133.188 billion | $99.340 billion | Fiscal-year figures; not a calendar-quarter comparison. Micron |
| Samsung Electronics, Q2 2026 | KRW 171.5 trillion | KRW 89.5 trillion | Consolidated whole-company results, not Memory Business totals. Samsung said its Memory Business achieved record quarterly revenue and operating profit, but the cited release does not provide those segment totals here. Samsung |
| SK hynix, Q2 2026 | KRW 79.3187 trillion | KRW 60.5426 trillion | Preliminary company figures, subject to change after audit; reported operating margin was 76%. SK hynix |
What Micron’s annual result says—and does not say
Micron’s FY2026 revenue and operating income show a substantial earnings step-up in that fiscal year. The company also reported $73.48 billion in cash, marketable investments, and restricted cash at year-end. These are historical company-reported figures, not a forecast or a same-period comparison with Samsung and SK hynix. Micron FY2026 results
Rank #3
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Use SK hynix’s annual result only as annual context
SK hynix reported FY2025 revenue of KRW 97.1467 trillion and operating profit of KRW 47.2063 trillion in a release issued in 2026, and said HBM revenue more than doubled year over year. Those full-year figures provide context for the company’s prior-year performance; they should not be compared as though they were a quarter or aligned with Micron FY2026. SK hynix FY2025 results
Examine capacity spending and memory-cycle risk
Strong demand and constrained supply can support pricing and utilization, but memory manufacturing requires large, long-lived investments. Capacity added during a strong period can weigh on results if demand later weakens or supply grows faster than customers need. Micron’s FY2025 filing specifically warns that increased global memory supply without commensurate demand can reduce average selling prices and materially harm results; it identifies efficient capital spending, manufacturing utilization, and process execution as important to success. This is a disclosed risk, not a prediction that oversupply is imminent. Micron FY2025 filing
Rank #4
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Micron reported FY2026 capital expenditures net of certain proceeds of $27.37 billion. Treat this as a full-year company figure, not a forecast of future spending. Samsung described supply constraints and server-centered demand in its Q2 outlook, while SK hynix said customer demand exceeded its supply capabilities and planned capacity expansion with capex discipline. The statements show how managements characterize conditions and plans; they do not establish that current tightness will persist. Micron FY2026 results Samsung Q2 2026 results SK hynix Q2 2026 results
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare valuation using more than peak-cycle earnings
A low P/E can be misleading when current profits reflect unusually favorable memory pricing. The useful question is not simply which company has the lowest multiple today, but what valuation looks like under more than one earnings scenario: current estimates, a less favorable pricing environment, and a normalized cycle. Because earnings can move sharply with selling prices and utilization, current earnings alone may not represent through-cycle earning power.
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On October 7, 2026, the retrieved Stock Analysis snapshots showed forward P/E ratios of 5.94 for Micron and 4.32 for SK hynix. These are estimate-based, volatile third-party snapshots, not audited company figures; a comparable Samsung value was not available in the cited data. They do not support a complete three-company valuation ranking. Micron statistics SK hynix statistics
For a fairer comparison, collect all three companies’ share prices, diluted share counts, enterprise values, and earnings estimates on the same date. State the estimate source and use the same method for each company. Check whether the result changes when earnings are normalized rather than taken from a strong current period; do not treat a single forward multiple as a verdict.
Quick Recap
A practical comparison checklist
- Product and customer mix: Identify DRAM, NAND, HBM, and adjacent server-memory or storage exposure, along with the end markets each company serves.
- HBM execution: Separate samples, customer qualification, sales, mass shipments, manufacturing yields, packaging capacity, and profitable sustained output. Attribute company claims.
- Earnings quality: Align fiscal and calendar periods, distinguish segment from consolidated results, and examine margins, cash generation, and balance-sheet figures on a consistent basis.
- Capital and supply: Compare capital expenditures, capacity plans, utilization, and customer commitments; consider what happens if demand slows after capacity is added.
- Valuation: Use same-date prices, diluted shares, enterprise values, and estimates, then test more than one earnings scenario rather than relying on peak-period P/E.
- Business context: Account for Samsung’s non-memory businesses when assessing its consolidated results alongside Micron and SK hynix.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
