SKHY SKHY

The price pays for

• Revenue compounding at 17.3% annually over the next decade, which is a sharp deceleration from the 46.8% just delivered.
• A 25.5% free cash flow margin sustained over the long term, far below the 72-76% operating margins recently reported.
• A severe cyclical reversion in memory pricing, where the massive industry-wide capacity additions eventually oversupply the market and crush margins.
• The risk that hyperscaler AI spending decelerates, turning the current boom into a typical memory bust cycle.

It declines to pay for