Comparison

Samsung vs SK hynix vs Micron: who is winning the memory cycle

Three companies make almost all the world's DRAM and HBM. On the latest reported quarter, Samsung holds 39% of DRAM revenue, SK hynix 26% and Micron 25%. In HBM the order flips: SK hynix 52%, Samsung 26%, Micron 19%.

Manufacturer statistics

Company	DRAM share	HBM share	Memory revenue (qtr)	Rev YoY	Op margin	Backlog	Capex FY	Period	Basis
Samsung Semiconductor	39%	26%	$80bn	+168%	70%	5.1 qtrs	$33.6bn	Q2 2026	derived
SK hynix	26%	52%	$57.1bn	+214%	76.3%	6.2 qtrs	$24.1bn	Q2 2026	reported
Micron Technology	25%	19%	$41.5bn	+345.8%	68.1%	5.8 qtrs	$19.4bn	FQ3 2026 (ended 28 May)	reported
CXMT	5%	0.4%	$6.6bn	+716%	9.4%	2.9 qtrs	$11bn	Q2 2026	derived
Nanya Technology	2%	—	$2.6bn	+690%	31%	3.2 qtrs	$1.9bn	Q2 2026	derived
Kioxia	—	—	$4.6bn	+39.8%	26.1%	3.4 qtrs	$6.2bn	Q2 2026	estimate
SanDisk	—	—	$2.9bn	+44.1%	21.7%	3.1 qtrs	$3.1bn	Q2 2026	estimate
Winbond	0.9%	—	$0.35bn	+51.2%	15.3%	3.8 qtrs	$0.6bn	Q2 2026	estimate

Share: Counterpoint DRAM revenue share. Sources per company on the leaderboard.

Price series driving manufacturer revenue (indexed)

Rebased to 100 at the start of the window so parts quoted per stack, per chip and per TB compare fairly. Current levels are sourced; history is a reconstructed daily series (see methodology), not a tick record.

SK hynix: the HBM leader, losing DRAM share

Record quarter, shrinking share: +214% YoY revenue but 39% → 26% as Samsung and Micron squeezed both ends. Operating margin 76.3% on Q2 2026 memory revenue of $57.1bn, with about 6.2 quarters of booked backlog. Its lead comes from early HBM3/HBM3E qualification at Nvidia and its MR-MUF packaging process.

Samsung: back on top in DRAM, catching up in HBM

Back on top at 39% DRAM revenue share — levels last seen in 2024 — after ceding the lead in 2025. Samsung reported Q2 2026 memory revenue of about $80bn with a 70% operating margin (derived from its DS division release). It has the largest capex budget of the three at $33.6bn, which is the main supply risk for everyone's pricing if demand cools.

Micron: the US supplier with the fastest share gains

One point behind SK hynix — the closest the two have been since 2014. Margin shown is GAAP net. FQ3 2026 (ended 28 May) revenue was $41.5bn at a 68.1% operating margin. Micron's HBM share of 19% is the smallest of the three, but it is its fastest-growing line.

The prices behind the results

Manufacturer results follow the price series in the chart above, not the other way around. HBM allocation sets the premium tier, and DDR5 and DDR4 spot drives the commodity line. NAND matters for Samsung, SK hynix (through Solidigm) and Micron, and it is the only exposure for Kioxia and SanDisk. With NAND spot now easing, the NAND-heavy names carry the most near-term downside on this board.

Questions

Who is the biggest memory manufacturer?: By DRAM revenue share, Samsung at 39% in Q2 2026, per Counterpoint.
Who makes the most HBM?: SK hynix, with about 52% HBM share.
Are these figures audited?: Each row carries a basis flag. Reported figures come from company filings; derived figures are calculated from disclosed segment data; estimates are marked as such. Sources are on the leaderboard.