MemoryCapex · Pre-publication artifact
A company-level snapshot of nine global memory and storage producers across DRAM, NAND and HDD.
Version 3 · Edition 2026-09-11 · Data as of 11 September 2026 · Retrieved 18:34 America/Los_Angeles
01
Covered universe
Nine producers only. The mosaic, financial table, product matrix and returns chart use this same list.
02
Comparable listed equity value — 7 companies
Same-date local close × latest official basic shares outstanding, translated at same-date FX. This is not industry value, value-chain value or total memory-market value.
Micron $1101.5B. 1,129,393,151 × $975.26
SK hynix $984.8B. 728,865,500 × ₩1,812,000 / 1,341.05
CXMT $575.0B. 67,884,099,077 × CN¥56.73 / 6.6974
SanDisk $239.2B. 146,419,001 × $1,633.35
Kioxia $192.8B. 548,014,638 × ¥54,030 / 153.554
Seagate $188.2B. 226,644,518 × $830.17
Western Digital $161.2B. 360,540,944 × $447.18
03
Latest reported financials
Native-currency issuer figures first. Periods are not synchronized and are not annualized.
Samsung Memory — Filing
SK hynix — Filing
Micron — Filing
SanDisk — Filing
Western Digital — Filing
Seagate — Filing
Kioxia — Filing
CXMT — Filing
YMTC — Filing
04
Product exposure
Issuer-sourced classification. A mark is presence of a commercial line, not share of sales.
05
Operating momentum
Reported facts from the latest issuer documents. Outlook and editorial inference are labelled separately.
Reported fact
Samsung Memory Business sales were KRW 120.8T in 2Q26, KRW 74.8T in 1Q26 and KRW 21.2T in 2Q25. Operating profit, gross margin, operating cash flow and capex are not separately disclosed for Samsung Memory; do not substitute DS or Samsung Electronics group figures.
Reported fact
SK hynix preliminary K-IFRS 2Q26 revenue KRW 79.3187T and operating profit KRW 60.5426T, an issuer-stated 76% operating margin, published 29 July 2026.
Reported fact
Micron fiscal Q3 2026: revenue $41.456B, GAAP gross margin 84.6%, GAAP operating income $33.318B, operating cash flow $25.39B, capex $7.1B.
Reported fact
SanDisk fiscal Q4 2026: revenue $8.965B, GAAP gross margin 84.6%, GAAP operating income $7.037B. FY26 revenue $20.248B is an annual figure, not an annualized quarter.
Reported fact
Western Digital fiscal Q4 2026: revenue $3.747B, GAAP gross margin 54.1%, GAAP operating income $1.563B. FY26 revenue $12.919B is annual.
Reported fact
Seagate fiscal Q4 2026: revenue $3.629B, GAAP gross margin 52.3%, GAAP operating margin 43.0%. FY26 revenue $12.195B and FY26 free cash flow $3.1B are annual.
Reported fact
Kioxia Q1 FY2026: revenue JPY 1,767.1B, operating profit JPY 1,270.0B, operating cash flow JPY 866.3B, PP&E purchases JPY 51.2B.
Reported fact
CXMT H1 2026 unaudited: revenue CNY 150.310B, +873.64% year on year; profit attributable to parent CNY 77.605B versus a prior-year loss.
Reported fact
YMTC: no public audited or periodic financial statements were located; do not substitute analyst estimates. Revenue, operating profit, gross margin, operating cash flow, capex and listed equity value are null.
Editorial inference
Among the seven listed names, the highest latest-period operating margins in this table sit at SK hynix, Micron and SanDisk. That comparison mixes K-IFRS, US GAAP and Japanese GAAP across unlike fiscal calendars and is not a ranking of cycle position.
Not claimed
This edition does not assign a cycle phase.
06
Equity returns
Split-adjusted local-currency price returns to 10 September 2026 (Yahoo Finance v8 adj close). Windows that do not fully exist are shown as N/A for insufficient listing history. Samsung Memory and YMTC are excluded. No benchmark.
07
Methodology and source ledger
Market cap = official basic shares outstanding × 11 September 2026 local closing price ÷ same-date FX. Diluted weighted-average shares are not used. Micron shares are the Form 10-Q cover count as of 17 June 2026 (1,129,393,151). FX: Yahoo Finance KRW=X 1,341.05; JPY=X 153.554; CNY=X 6.6974, all 11 September 2026 closes. Equity returns are derived from Yahoo Finance v8 adjclose: ((end_adjusted_close / start_adjusted_close) − 1) × 100, with start/end trading dates stored in the ledger. Industry-share visuals are omitted: no retrieved source uses one period and one denominator for all nine names.
Company: SK hynix
Metric: basic_shares_outstanding
Value: 728865500 shares
Period: 2026-07-10 → 2026-07-10
Status: official_reported
Source: SK hynix Form 424B4 filed 10 Jul 2026
Company: SK hynix
Metric: last_close_price
Value: 1812000 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: MarketWatch — 000660.KS 11 Sep 2026 close
Company: SK hynix
Metric: listed_equity_value_usd
Value: 984.8285 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: SK hynix Form 424B4 filed 10 Jul 2026
Company: Micron
Metric: basic_shares_outstanding
Value: 1129393151 shares
Period: 2026-06-17 → 2026-06-17
Status: official_reported
Source: Micron Form 10-Q filed 25 Jun 2026
Company: Micron
Metric: last_close_price
Value: 975.26 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: MarketWatch — MU 11 Sep 2026 close
Company: Micron
Metric: listed_equity_value_usd
Value: 1101.452 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: Derived from Micron 10-Q shares × MarketWatch MU close
Company: SanDisk
Metric: basic_shares_outstanding
Value: 146419001 shares
Period: 2026-08-07 → 2026-08-07
Status: official_reported
Source: SanDisk FY26 Form 10-K (IR-hosted filing), 7 Aug 2026
Company: SanDisk
Metric: last_close_price
Value: 1633.35 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: MarketWatch — SNDK 11 Sep 2026 close
Company: SanDisk
Metric: listed_equity_value_usd
Value: 239.1535 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: SanDisk FY26 Form 10-K (IR-hosted filing), 7 Aug 2026
Company: Western Digital
Metric: basic_shares_outstanding
Value: 360540944 shares
Period: 2026-08-07 → 2026-08-07
Status: official_reported
Source: Western Digital Form 10-K filed 7 Aug 2026
Company: Western Digital
Metric: last_close_price
Value: 447.18 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: MarketWatch — WDC 11 Sep 2026 close
Company: Western Digital
Metric: listed_equity_value_usd
Value: 161.2267 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: Western Digital Form 10-K filed 7 Aug 2026
Company: Seagate
Metric: basic_shares_outstanding
Value: 226644518 shares
Period: 2026-07-31 → 2026-07-31
Status: official_reported
Source: Seagate Form 10-K filed 1 Aug 2026
Company: Seagate
Metric: last_close_price
Value: 830.17 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: FinanceCharts — STX 11 Sep 2026 close
Company: Seagate
Metric: listed_equity_value_usd
Value: 188.1535 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: Seagate Form 10-K filed 1 Aug 2026
Company: Kioxia
Metric: basic_shares_outstanding
Value: 548014638 shares
Period: 2026-06-30 → 2026-06-30
Status: official_reported
Source: Kioxia TDnet document 2859923, 7 Aug 2026
Company: Kioxia
Metric: last_close_price
Value: 54030 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: Kabutan — 285A.T 11 Sep 2026 close
Company: Kioxia
Metric: listed_equity_value_usd
Value: 192.8262 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: Kioxia TDnet document 2859923, 7 Aug 2026
Company: CXMT
Metric: basic_shares_outstanding
Value: 67884099077 shares
Period: 2026-06-30 → 2026-06-30
Status: official_reported
Source: CXMT H1 2026 interim report, CNINFO, 29 Aug 2026
Company: CXMT
Metric: last_close_price
Value: 56.73 price_per_share
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: MarketWatch — 688825.SS 11 Sep 2026 close
Company: CXMT
Metric: listed_equity_value_usd
Value: 575.0089 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: CXMT H1 2026 interim report, CNINFO, 29 Aug 2026
Company: listed_universe
Metric: comparable_listed_equity_value_usd_7cos
Value: 3442.6493 USD_billion
Period: 2026-09-11 → 2026-09-11
Status: derived
Source: Derived calculation
Company: Samsung Memory
Metric: listed_equity_value_usd
Value: null USD_billion
Period: 2026-09-11 → 2026-09-11
Status: not_disclosed
Source: Editorial rule
Company: YMTC
Metric: listed_equity_value_usd
Value: null USD_billion
Period: 2026-09-11 → 2026-09-11
Status: not_disclosed
Source: YMTC company introduction
Company: listed_universe
Metric: fx_usdkrw
Value: 1341.05 KRW_per_USD
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: Yahoo Finance — KRW=X 11 Sep 2026
Company: listed_universe
Metric: fx_usdjpy
Value: 153.554 JPY_per_USD
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: Yahoo Finance — JPY=X 11 Sep 2026
Company: listed_universe
Metric: fx_usdcny
Value: 6.6974 CNY_per_USD
Period: 2026-09-11 → 2026-09-11
Status: market_data
Source: Yahoo Finance — CNY=X 11 Sep 2026
Company: Samsung Memory
Metric: memory_business_sales
Value: 120.8 KRW_trillion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: Samsung Memory
Metric: memory_business_sales
Value: 74.8 KRW_trillion
Period: 2026-01-01 → 2026-03-31
Status: official_reported
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: Samsung Memory
Metric: memory_business_sales
Value: 21.2 KRW_trillion
Period: 2025-04-01 → 2025-06-30
Status: official_reported
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: Samsung Memory
Metric: operating_profit
Value: null
Period: 2026-04-01 → 2026-06-30
Status: not_disclosed
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: SK hynix
Metric: revenue
Value: 79.3187 KRW_trillion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: SK hynix Q2 2026 business results, 29 Jul 2026
Company: SK hynix
Metric: operating_profit
Value: 60.5426 KRW_trillion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: SK hynix Q2 2026 business results, 29 Jul 2026
Company: SK hynix
Metric: operating_margin
Value: 76 percent
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: SK hynix Q2 2026 business results, 29 Jul 2026
Company: Micron
Metric: revenue
Value: 41.456 USD_billion
Period: 2026-02-27 → 2026-05-28
Status: official_reported
Source: Micron quarterly results IR page
Company: Micron
Metric: gaap_gross_margin
Value: 84.6 percent
Period: 2026-02-27 → 2026-05-28
Status: official_reported
Source: Micron quarterly results IR page
Company: Micron
Metric: gaap_operating_income
Value: 33.318 USD_billion
Period: 2026-02-27 → 2026-05-28
Status: official_reported
Source: Micron quarterly results IR page
Company: Micron
Metric: operating_cash_flow
Value: 25.39 USD_billion
Period: 2026-02-27 → 2026-05-28
Status: official_reported
Source: Micron quarterly results IR page
Company: Micron
Metric: capex
Value: 7.1 USD_billion
Period: 2026-02-27 → 2026-05-28
Status: official_reported
Source: Micron quarterly results IR page
Company: SanDisk
Metric: revenue
Value: 8.965 USD_billion
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: SanDisk FY26 Q4 results release, 5 Aug 2026
Company: SanDisk
Metric: gaap_gross_margin
Value: 84.6 percent
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: SanDisk FY26 Q4 results release, 5 Aug 2026
Company: SanDisk
Metric: gaap_operating_income
Value: 7.037 USD_billion
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: SanDisk FY26 Q4 results release, 5 Aug 2026
Company: SanDisk
Metric: revenue_fy
Value: 20.248 USD_billion
Period: 2025-06-28 → 2026-07-03
Status: official_reported
Source: SanDisk FY26 Q4 results release, 5 Aug 2026
Company: Western Digital
Metric: revenue
Value: 3.747 USD_billion
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: Western Digital FY26 Q4 results release, 5 Aug 2026
Company: Western Digital
Metric: gaap_gross_margin
Value: 54.1 percent
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: Western Digital FY26 Q4 results release, 5 Aug 2026
Company: Western Digital
Metric: gaap_operating_income
Value: 1.563 USD_billion
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: Western Digital FY26 Q4 results release, 5 Aug 2026
Company: Western Digital
Metric: revenue_fy
Value: 12.919 USD_billion
Period: 2025-06-28 → 2026-07-03
Status: official_reported
Source: Western Digital FY26 Q4 results release, 5 Aug 2026
Company: Seagate
Metric: revenue
Value: 3.629 USD_billion
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: Seagate FY26 Q4 press release on EDGAR, 29 Jul 2026
Company: Seagate
Metric: gaap_gross_margin
Value: 52.3 percent
Period: 2026-04-04 → 2026-07-03
Status: official_reported
Source: Seagate FY26 Q4 press release on EDGAR, 29 Jul 2026
Company: Seagate
Metric: revenue_fy
Value: 12.195 USD_billion
Period: 2025-06-28 → 2026-07-03
Status: official_reported
Source: Seagate FY26 Q4 press release on EDGAR, 29 Jul 2026
Company: Seagate
Metric: free_cash_flow_fy
Value: 3.1 USD_billion
Period: 2025-06-28 → 2026-07-03
Status: official_reported
Source: Seagate FY26 Q4 press release on EDGAR, 29 Jul 2026
Company: Kioxia
Metric: revenue
Value: 1767.1 JPY_billion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Kioxia Q1 FY2026 TDnet filing 2859908, 7 Aug 2026
Company: Kioxia
Metric: operating_profit
Value: 1270 JPY_billion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Kioxia Q1 FY2026 TDnet filing 2859908, 7 Aug 2026
Company: Kioxia
Metric: profit_attributable_to_owners
Value: 842.2 JPY_billion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Kioxia Q1 FY2026 TDnet filing 2859908, 7 Aug 2026
Company: Kioxia
Metric: operating_cash_flow
Value: 866.3 JPY_billion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Kioxia Q1 FY2026 TDnet filing 2859908, 7 Aug 2026
Company: Kioxia
Metric: ppe_purchases
Value: 51.2 JPY_billion
Period: 2026-04-01 → 2026-06-30
Status: official_reported
Source: Kioxia Q1 FY2026 TDnet filing 2859908, 7 Aug 2026
Company: CXMT
Metric: revenue
Value: 150.31 CNY_billion
Period: 2026-01-01 → 2026-06-30
Status: official_reported
Source: CXMT H1 2026 interim report, CNINFO, 29 Aug 2026
Company: CXMT
Metric: profit_attributable_to_parent
Value: 77.605 CNY_billion
Period: 2026-01-01 → 2026-06-30
Status: official_reported
Source: CXMT H1 2026 interim report, CNINFO, 29 Aug 2026
Company: CXMT
Metric: revenue_yoy
Value: 873.64 percent
Period: 2026-01-01 → 2026-06-30
Status: official_reported
Source: CXMT H1 2026 interim report, CNINFO, 29 Aug 2026
Company: YMTC
Metric: revenue
Value: null
Period: — → —
Status: not_disclosed
Source: YMTC company introduction
Company: YMTC
Metric: operating_profit
Value: null
Period: — → —
Status: not_disclosed
Source: YMTC company introduction
Company: YMTC
Metric: capex
Value: null
Period: — → —
Status: not_disclosed
Source: YMTC company introduction
Company: Samsung Memory
Metric: operating_cash_flow
Value: null
Period: 2026-04-01 → 2026-06-30
Status: not_disclosed
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: Samsung Memory
Metric: capex
Value: null
Period: 2026-04-01 → 2026-06-30
Status: not_disclosed
Source: Samsung Electronics Q2 2026 conference PDF, 30 Jul 2026
Company: YMTC
Metric: operating_cash_flow
Value: null
Period: — → —
Status: not_disclosed
Source: YMTC company introduction
Company: SK hynix
Metric: price_return_3m
Value: -9.5 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 000660.KS
Company: SK hynix
Metric: price_return_6m
Value: 97.6 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 000660.KS
Company: SK hynix
Metric: price_return_1y
Value: 511.3 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 000660.KS
Company: Micron
Metric: price_return_3m
Value: 9.6 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — MU
Company: Micron
Metric: price_return_6m
Value: 142.6 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — MU
Company: Micron
Metric: price_return_1y
Value: 599.3 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — MU
Company: SanDisk
Metric: price_return_3m
Value: 3 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — SNDK
Company: SanDisk
Metric: price_return_6m
Value: 173.5 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — SNDK
Company: SanDisk
Metric: price_return_1y
Value: 2189.8 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — SNDK
Company: Western Digital
Metric: price_return_3m
Value: -5.9 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — WDC
Company: Western Digital
Metric: price_return_6m
Value: 73.2 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — WDC
Company: Western Digital
Metric: price_return_1y
Value: 386 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — WDC
Company: Seagate
Metric: price_return_3m
Value: 5.8 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — STX
Company: Seagate
Metric: price_return_6m
Value: 124.9 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — STX
Company: Seagate
Metric: price_return_1y
Value: 350.4 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — STX
Company: Kioxia
Metric: price_return_3m
Value: -17.6 percent
Period: 2026-06-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 285A.T
Company: Kioxia
Metric: price_return_6m
Value: 196.8 percent
Period: 2026-03-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 285A.T
Company: Kioxia
Metric: price_return_1y
Value: 1566.9 percent
Period: 2025-09-10 → 2026-09-10
Status: derived
Source: Yahoo Finance chart API — 285A.T
Company: CXMT
Metric: price_return_3m
Value: null percent
Period: 2026-06-10 → 2026-09-10
Status: not_disclosed
Source: Yahoo Finance chart API — 688825.SS
Company: CXMT
Metric: price_return_6m
Value: null percent
Period: 2026-03-10 → 2026-09-10
Status: not_disclosed
Source: Yahoo Finance chart API — 688825.SS
Company: CXMT
Metric: price_return_1y
Value: null percent
Period: 2025-09-10 → 2026-09-10
Status: not_disclosed
Source: Yahoo Finance chart API — 688825.SS
MemoryCapex is an independent, evidence-led research platform. From memory technology signals to investment meaning.
This artifact is a pre-publication research note. It is not investment advice, a solicitation, or a recommendation to buy, sell or hold any security. Figures are taken from issuer filings and market-data sources cited in the ledger; they can be revised when a later official print supersedes them. The author and associated accounts may hold long or short positions in named issuers. Coverage of a company is not an endorsement of its securities.
Version 3 · immutable artifact · supersedes Version 2 · built 2026-09-11T19:27:31-07:00 · supersedes: Version 2 · © 2026 MemoryCapex. All rights reserved. memorycapex.com
