Samsung Electronics and SK hynix reported record results for 2025 and stepped up shareholder returns. On Jan. 8, Samsung Electronics posted fourth-quarter revenue of KRW 93 trillion and operating profit of KRW 20 trillion (a 21.5% margin). On Jan. 28, SK hynix reported strong full-year revenue of KRW 97.1 trillion and operating profit of KRW 47.2 trillion (a 58% margin in Q4).
Behind the earnings surge: HBM mix + price leverage
The key drivers are a larger share of high-value HBM driven by AI demand (SK’s market share: 52%) and rising ASPs for commodity memory. With a high fixed-cost structure (75%), margins soared as high as 58%.
2026 outlook: brokerages race to raise forecasts
Samsung Electronics: revenue of KRW 430–450 trillion and operating profit of KRW 120–180 trillion (27–35% margin), with SK Securities forecasting KRW 180 trillion. SK hynix: revenue of KRW 166–181 trillion and operating profit of KRW 100–112 trillion (60% margin), with Hana Securities projecting KRW 112 trillion.
Shares on fire: upward revisions keep outpacing
On Jan. 29, Samsung Electronics traded around KRW 163,000 and SK hynix around KRW 860,000.
Cancellations and dividends in full: the raw numbers
SK hynix: cancelling 15.3 million shares (KRW 12.24 trillion) (Feb. 9); 2025 full-year dividend of KRW 3,000 per share (year-end KRW 1,875); dividend yield of 0.35% (based on KRW 860,000).
Samsung Electronics: cancelling KRW 6 trillion in shares (more to come this year); 2025 full-year dividend of KRW 1,668 per share (year-end KRW 566, including a KRW 1.3 trillion special dividend); dividend yield of 1.0% (based on KRW 160,000).
BITPRESS Insight
If Samsung Electronics hits KRW 180 trillion in profit, as under SK Securities’ assumption of an 87% rise in NAND ASPs, its dividend yield would top 1.5%. If SK hynix reaches a 65% HBM4 market share, as Hana Securities projects, FCF of KRW 12 trillion would fund an additional KRW 20 trillion in cancellations. Watch the pricing guidance at the Q1 earnings calls: at a P/E of 8x, Samsung Electronics would settle at KRW 220,000 and SK hynix at KRW 1 million.
¹HBM (High Bandwidth Memory): stacked high-speed memory for AI GPUs.
²ASP (Average Selling Price): the average selling price.
