Samsung Electronics 3Q26 DART Audit: DS 72.4% OPM vs. SK Hynix 79.7% (7.3pp Gap)

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Primary-Filing Valuation Verdict (UNDERVALUED (Samsung Fwd P/E 5.0x · Hynix 4.2x) · ▲ BULLISH (3.0x–3.3x Annualized 3Q OP)): Both Trades at Extreme Discount (4.2x–5.0x Fwd P/E; 3.0x–3.3x Ann. 3Q OP), With SK Hynix Holding the Margin Edge

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3-Step Filing-to-Valuation Summary

• 3Q26 Filing Fact: Samsung DS OPM 72.4% (Memory cap <=75.7%) vs SK Hynix OPM 79.7% (7.3pp spread)
• Valuation Estimate: Samsung Fwd P/E 5.00x (2.96x Ann. 3Q OP) & SK Hynix Fwd P/E 4.17x (3.25x Ann. 3Q OP) — Deep Value
• 6–12M Direction: ▲ BULLISH — Market prices in premature cycle peak; 4Q HBM4 ramp catalyzes multiple expansion

SK Hynix consolidated OPM (79.7%) vs. Samsung DS OPM (72.4%): the gap compressed from 25.4pp (3Q25) to 5.8pp (1Q26), then re-widened for two quarters to 7.3pp in 3Q26.

As of 2026.10.30 · Source: Samsung Electronics & SK Hynix DART Fair Disclosures & 3Q26 IR Decks · Derived ratios marked (Calc.).

1. 3Q26 DS Division vs. Standalone Memory Boundary (75.7%)

• Reporting Scope Difference: Both companies report on a K-IFRS consolidated basis for July 1–September 30, 2026 [1][2][7]. Samsung discloses standalone Memory revenue (140.7T KRW) but reports operating profit only at the broader DS division level (Memory + System LSI + Foundry) [3], whereas SK Hynix's consolidated print includes NAND subsidiary Solidigm [7].
• 3Q26 Headline & Segment Numbers: Samsung consolidated revenue 195.25T KRW, OP 107.44T KRW [1]. Inside DS: revenue 147.1T KRW, OP 106.5T KRW → DS OPM = 72.4% (Calc.) [3].
• HBM4 & Base-Die Accounting Nuance: Server demand lifted memory prices across applications and HBM4 sales expanded sharply [4]. Foundry revenue/profit also improved on HBM base-die logic sales and leading-edge orders [4] → HBM base-die revenue sits inside Foundry (external vs. inter-segment split undisclosed), while FX was sequentially unfavorable for components [5].

2. SK Hynix vs. Samsung DS: 5-Quarter Margin Trajectory

Left: 5-quarter operating margin gap (SK Hynix consolidated OPM minus Samsung DS OPM, in percentage points). Right: 3Q26 operating margin comparison showing Samsung DS (72.4%), the mathematical boundary for Samsung Memory if non-memory DS is non-negative (75.7%, Calc.), and SK Hynix consolidated (79.7%). Source: Samsung 4Q25–3Q26 IR decks & SK Hynix DART filings [3][7][10][11][13].

• Mathematical Boundary for Standalone Memory OPM: SK Hynix 3Q26 unrounded DART OPM = 79.7% (80% in IR deck) [7][8]. Dividing Samsung DS OP (106.5T KRW) by standalone Memory revenue (140.7T KRW) gives 75.7% (Calc.) [3].
  • If System LSI + Foundry OP ≥ 0 => Samsung Memory OPM ≤ 75.7% (still below SK Hynix's 79.7%).
  • If System LSI + Foundry OP < 0 => Samsung Memory OPM > 75.7% (narrowing the true memory gap).
• 5-Quarter Proxy Gap (SK Hynix Consolidated OPM minus Samsung DS OPM): 25.4pp (3Q25) → 21.1pp (4Q25) → 5.8pp (1Q26) → 6.4pp (2Q26) → 7.3pp (3Q26) [3][7][10][11][13].

3. Facility CapEx Plan vs. Cash Flow Statement PP&E Outlays

• Samsung 4Q26 Implied Facility Investment: 3Q26 facility investment was 29.0T KRW [4] against the 2026 annual plan of 84.4T KRW [6]. Subtracting 9M26 cumulative investment (56.9T KRW) leaves 84.4T - 56.9T = ~27.5T KRW implied for 4Q26 [4][6].
• Cash PP&E Outflow Comparison (3Q26 Cash Flow Statement): Samsung 26.9T KRW vs. SK Hynix 12.67T KRW [3][8]. Both project AI memory demand to exceed supply into 2027 (Samsung guiding double-digit Foundry QoQ growth in 4Q26; SK Hynix guiding higher 2027 CapEx) [4][8].

Takeaway & Next-Quarter Checks

• Hypothesis 1 (HBM Share vs. Commodity DRAM): Currently untestable from public filings because HBM revenue share, standalone Memory OP, and Foundry base-die inter-segment eliminations are undisclosed [3][4][8].
• Hypothesis 2 (Does Rising DRAM Pricing Compress the Gap?): Across the 4 rising-price quarters (4Q25 [11], 1Q26 [12], 2Q26 [9][10], 3Q26 [4]), the gap narrowed twice (4Q25, 1Q26) and widened twice (2Q26, 3Q26) → mixed (2-for-2); check whether 4Q26 narrows below 7.3pp.

Sources

1. DART Samsung Electronics Preliminary 3Q26 Earnings Fair Disclosure, 2026.10.29.
2. DART Samsung Electronics Amended Preliminary 3Q26 Earnings Fair Disclosure, 2026.10.29.
3. Samsung Electronics 3Q26 Earnings Call IR Presentation (PDF, pp. 6–7, 13, 15), 2026.10.29.
4. Samsung Global Newsroom: Samsung Electronics Announces Third Quarter 2026 Results, 2026.10.29.
5. Samsung Korea Newsroom: 3Q 2026 Earnings Release, 2026.10.29.
6. DART Samsung Electronics Future Business & Management Plan (2026 CapEx Guidance), 2026.10.29.
7. DART SK Hynix Preliminary 3Q26 Earnings Fair Disclosure, 2026.10.28.
8. SK Hynix FY2026 Q3 Earnings IR Presentation (PDF, pp. 5, 11–12, 16–17), 2026.10.28.
9. Samsung Global Newsroom: Second Quarter 2026 Results, 2026.07.30.
10. Samsung Electronics 2Q26 Earnings IR Presentation (PDF, p. 7), 2026.07.30.
11. Samsung Electronics 4Q25 Earnings IR Presentation (PDF, p. 8), 2026.01.29.
12. Samsung Electronics 1Q26 Earnings IR Presentation (PDF, p. 7), 2026.04.30.
13. DART SK Hynix Preliminary 4Q25 Earnings Fair Disclosure, 2026.01.28.

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Personal analysis record based on public regulatory filings. Not investment advice or a solicitation to buy or sell any security.