Viking Holdings Ltd VIK

Consumer DiscretionaryHotels & Entertainment ServicesBermuda

Last close 86.50 USD on Nov 1, 2026, +22.5% year to date

Quant rating

Quant rating A Rank 40 of 297 in Consumer Discretionary

Growth C 175 of 297
Valuation C 205 of 297
Quality A 12 of 297
Revisions B 115 of 297
Momentum A 37 of 297

Wall Street consensus Buy (1.91)Average target 108.96 USD +26.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 39.1B
Enterprise value: 41.3B
52-week range: 56.46 – 110.09
3-year range: 26.10 – 110.09
Dividend yield: –
Beta (5 years): –
Shares outstanding: 447M
Next earnings: Nov 16, 2026

About the company

Viking Holdings Ltd provides destination-focused journeys on rivers, oceans, and lakes around the world. The Company offers travel experiences on all seven continents in all three categories of the cruise industry - river, ocean, and expedition cruising. Its cruise line offers experiences on all seven continents with itineraries across five oceans, 21 rivers and five lakes, and a focus primarily on destinations in Europe and the Mediterranean, rather than the Caribbean. The Company’s fleet includes 58 longships accommodating 190 passengers, 11 ocean ships, including the Viking Yi Dun, accommodating 930 or 998 passengers and two expedition ships accommodating 378 passengers. Its in-house operations include Nautical, Hotel Services and Land Operations Departments. Its fleet comprised of various ships, such as Viking Gymir, Viking Fjorgyn, Viking Radgrid, Viking Kari, Viking Vilhjalm, Viking Hermod, Viking Hemming, Viking Neptune, Viking Polaris, Viking Octantis, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	6,501	5,334	4,710	3,176	625	–
Revenue growth	21.9%	13.2%	48.3%	408.1%	142.9%	90.8%
EPS (basic, normalized)	2.57	1.86	–	–	–	–
EPS growth	38.2%	–	–	–	–	–
Gross margin	43.3%	41.6%	39.5%	32.2%	−11.5%	29.0%
Net margin	17.7%	2.5%	−20.8%	7.7%	−186.4%	−35.9%
ROE	263.5%	–	–	–	–	263.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,956
Current ratio	0.81x
Long-term debt (mil)	5,957
Net debt (mil)	2,237
Total equity (mil)	1,652
Net debt / equity	1.35x
Net debt / EBITDA	1.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	6,501	+21.9%	6.4x	1,872	+39.3%	22.1x	2.57	+38.2%	33.7x
2026	7,370	+13.4%	5.6x	2,089	+11.6%	19.8x	3.22	+25.4%	26.8x
2027	8,931	+21.2%	4.6x	2,629	+25.9%	15.7x	4.34	+34.7%	19.9x
2028	10,151	+13.7%	4.1x	3,065	+16.6%	13.5x	5.30	+22.2%	16.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,370	−0.1%	−0.6%	0.0%	3.22	−0.6%	−3.6%	−2.9%
2027	8,931	−0.2%	+0.5%	+6.1%	4.34	−0.4%	−1.7%	+5.2%
2028	10,151	0.0%	+1.3%	+7.2%	5.30	+0.2%	+0.3%	+6.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	718	1,587	1,679	1,350	897	1,880	2,000	1,724	1,054	2,191
Sales mean (mil)	595	1,434	1,661	1,339	843	1,839	1,994	1,624	1,010	2,144
Surprise	+20.8%	+10.7%	+1.1%	+0.8%	+6.5%	+2.2%	+0.3%	+6.2%	+4.3%	+2.2%
EPS reported	0.17	0.88	0.89	0.45	−0.24	0.99	1.15	0.67	−0.11	1.31
EPS mean	−0.47	0.66	0.85	0.34	−0.28	0.99	1.19	0.54	−0.11	1.26
Surprise	−136.3%	+34.1%	+4.9%	+32.4%	+14.3%	−0.3%	−3.6%	+24.9%	+4.1%	+4.2%

Peer comparison Hotels & Entertainment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VIK Viking Holdings Ltd	39.1B	1.19x	17.7%	23.64x	26.8x	19.9x	19.8x	15.7x
BKNG Booking Holdings Inc.	111.3B	0.30x	20.1%	−10.41x	14.2x	12.0x	10.5x	9.3x
MAR Marriott International, Inc.	104.1B	3.06x	9.9%	−23.10x	34.0x	30.5x	20.1x	18.7x
HLT Hilton Worldwide Holdings Inc.	79.4B	3.39x	12.1%	−12.08x	39.1x	34.1x	22.7x	20.6x
RCL Royal Caribbean Cruises Ltd.	82.2B	3.09x	23.8%	7.01x	17.2x	15.1x	13.4x	12.2x
CCL Carnival Corporation Ltd	38.8B	3.16x	10.4%	2.75x	12.8x	11.1x	8.6x	8.1x
Mean		2.36x	15.7%	−2.03x	24.0x	20.4x	15.9x	14.1x
Median		3.07x	14.9%	−3.83x	22.0x	17.5x	16.6x	14.0x

Technical analysis

1M+10.3%
3M−16.3%
1Y+49.0%
3Y+235.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Viking Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	6,501	5,334	4,710	3,176	625	257
Cost of revenue	3,684	3,114	2,852	2,152	697	453
Gross profit	2,818	2,220	1,859	1,024	−71.7	−196
Selling, general & administrative expenses	1,031	884	789	683	474	407
Research & development	–	–	–	–	–	–
Depreciation/amortization	285	261	254	278	204	212
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	17.2	0	48.1	0	278	0
Other operating expenses	0	0	0	0	0	−816
Operating income	1,484	1,075	768	62.7	−1,029	–
Net interest income (expense)	−282	−608	−2,419	386	−1,063	532
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−34.7	−297	−193	−24.9	−15.2	−821
Net income before taxes	1,168	170	−1,843	424	−2,107	−288
Provision for taxes	19.7	16.9	6.6	8.9	5.0	8.0
Minority interest	−0.5	−0.6	−0.5	0	0.2	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,148	152	−1,851	415	−2,112	−296
Extraordinary items	–	–	–	–	–	–
Net income	1,148	152	−1,851	415	−2,112	–
EBIT, normalized	1,502	1,075	816	76.0	−751	–
EBITDA, normalized	1,786	1,336	1,070	354	−546	–
Basic EPS, normalized	2.57	1.86	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Viking Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,778	2,468	1,481	1,135	1,850	826
Receivables	168	261	389	617	766	–
Total inventory	95.8	91.5	54.6	45.4	32.7	–
Prepaid expenses	53.9	49.4	39.8	31.8	23.1	–
Other current assets	407	347	387	335	239	0
Total current assets	4,503	3,217	2,353	2,165	2,911	826
Property, plant & equipment	7,447	6,659	5,971	5,466	4,565	–
Goodwill	8.0	8.0	8.0	7.8	7.8	–
Intangibles	78.7	53.1	54.1	58.1	72.6	–
Long-term investments	19.6	12.7	10.5	6.5	7.2	–
Note receivable	–	–	–	–	–	–
Other long-term assets	176	171	180	154	124	4,885
Total assets	12,233	10,121	8,576	7,857	7,688	5,711
Liabilities
Accounts payable	259	236	245	195	108	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	452	424	355	311	211	–
Short-term debt	0	0	0	0	0	–
Current portion of long-term debt	401	499	278	275	223	191
Other current liabilities	4,605	4,061	3,487	3,320	3,501	2,202
Total current liabilities	5,717	5,221	4,364	4,100	4,043	2,393
Long-term debt	5,340	5,074	5,271	5,177	4,625	–
Minority interest	27.6	3.8	3.7	3.3	2.4	–
Other liabilities	54.3	45.3	4,211	2,073	2,905	4,838
Total liabilities	11,139	10,343	13,850	11,354	11,575	7,231
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	4.5	4.5	2.3	2.3	0.1	–
Additional paid-in capital	5,031	5,009	−44.6	−44.6	−42.1	–
Retained earnings (accumulated deficit)	−3,853	−5,076	−5,244	−3,461	−3,831	–
Treasury stock	−124	−124	0	–	–	–
Other equity	36.1	−36.1	13.4	6.5	−14.0	−1,520
Total equity	1,094	−223	−5,273	−3,497	−3,887	−1,520
Total liabilities & shareholders' equity	12,233	10,121	8,576	7,857	7,688	5,711

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Viking Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,148	153	−1,859	399	−2,112	–
Depreciation, depletion & amortization	285	261	251	277	204	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	437	910	2,685	−333	1,378	–
Changes in working capital	691	758	294	30.5	1,231	–
Cash from operations	2,560	2,082	1,371	373	702	–
Investing activities
Capital expenditures	−1,027	−917	−674	−955	−959	–
Other investing cash flows	77.4	63.7	39.7	113	284	–
Cash from investing	−949	−854	−634	−842	−676	–
Financing activities
Financing cash flow items	−400	−566	−564	−506	−435	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	94.2	318	84.7	425	1,398	–
Cash from financing	−306	−248	−480	−80.9	963	–
Foreign exchange effects	9.4	−4.4	3.1	−9.9	−2.5	–
Net change in cash	1,314	976	261	−560	987	–
Free cash flow	1,533	1,165	697	−582	−258	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.