Saturday 17 October 2026
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Viking Holdings Ltd.
VIK Consumer Cyclical Travel Services
Viking Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $6.5 billion, up 21.9% from fiscal 2024. In the quarter to June 2026, revenue grew 16.5%, EPS grew 33.3%, free cash flow fell 75.6% and total debt rose 9.47%, each against the same quarter a year earlier. Revenue growth for three consecutive years, operating cash flow growth for three.
83.42
0.56
−0.67%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | — | — | — | 25.71 | 31.79 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | — | — | — | 47.63 | 74.61 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 9,500 | 12,000 | 13,000 | ||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.50 | 0.44 | 0.50 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 3,176 | 4,710 | 5,334 | 6,501 | ||||
| Gross margin, % | — | — | — | — | — | — | 32.23 | 39.46 | 41.62 | 43.34 | |||||
| EBT | — | — | — | — | — | — | 407 | (1,843) | 170 | 1,168 | |||||
| EBT margin, % | — | — | — | — | — | — | 12.83 | (39.14) | 3.18 | 17.96 | |||||
| Net income | — | — | — | — | — | — | 399 | (1,850) | 153 | 1,148 | |||||
| Depreciation | — | — | — | — | — | — | 277 | 254 | 261 | 285 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 14.31 | 21.22 | 14.65 | 14.66 | ||||
| Earnings | — | — | — | — | — | — | 1.80 | (8.34) | 0.36 | 2.59 | |||||
| Cash flow | — | — | — | — | — | — | 1.68 | 6.18 | 5.72 | 5.77 | |||||
| Capex | — | — | — | — | — | — | (4.30) | (3.04) | (2.52) | (2.32) | |||||
| Free cash flow | — | — | — | — | — | — | (2.62) | 3.14 | 3.20 | 3.46 | |||||
| Book value | — | — | — | — | — | — | (15.74) | (23.74) | (0.60) | 2.53 | |||||
| Shares, m | — | — | — | — | — | — | 222 | 222 | 364 | 443 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 27.68 | ||||
| P/S | — | — | — | — | — | — | 1.21 | 1.21 | 3.01 | 4.87 | |||||
| P/B | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 28.24 | |||||
| EV/Sales | — | — | — | — | — | — | 1.99 | 1.99 | 3.58 | 5.17 | |||||
| EV/FCF | — | — | — | — | — | — | 9.89 | 9.89 | 16.39 | 21.90 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 373 | 1,371 | 2,082 | 2,560 | ||||
| Capex | — | — | — | — | — | — | (955) | (674) | (917) | (1,027) | |||||
| Free cash flow | — | — | — | — | — | — | (582) | 697 | 1,165 | 1,533 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | (1,936) | (2,011) | (2,004) | (1,214) | ||||
| Total debt | — | — | — | — | — | — | 5,429 | 5,524 | 5,544 | 5,714 | |||||
| Net debt | — | — | — | — | — | — | 4,175 | 4,011 | 3,054 | 1,910 | |||||
| Shareholders’ equity | — | — | — | — | — | — | (3,493) | (5,269) | (219) | 1,121 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (11.94) | 1.41 | 10.27 | ||||
| ROIC | — | — | — | — | — | — | 5.89 | 0.00 | 23.70 | 30.95 | |||||
| ROE | — | — | — | — | — | — | 0.00 | 22.39 | (4.80) | 254.35 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
Viking Holdings Ltd. vs peers in Travel Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BKNG Booking Holdings Inc. | $124.6B | 18.0× | 15.9× | +8.15% (above 0%: growing) | +130.57% (above 0%: growing) | +16.13% (above 0%: growing) | 100.00% | 34.00% | Compare |
| ABNB Airbnb, Inc. | $104.4B | 38.9× | 26.3× | +16.54% (above 0%: growing) | +32.69% (above 0%: growing) | +30.26% (above 0%: growing) | 82.46% | 21.01% | Compare |
| RCL Royal Caribbean Cruises Ltd. | $74.9B | 17.1× | 16.3× | +6.48% (above 0%: growing) | −5.39% (below 0%: shrinking) | −196.37% (below 0%: shrinking) | 47.29% | 27.07% | Compare |
| VIK Viking Holdings Ltd. | $37.5B | 27.5× | 27.3× | +16.49% (above 0%: growing) | +33.33% (above 0%: growing) | −75.64% (below 0%: shrinking) | 45.50% | 29.40% | |
| CCL Carnival Corporation | $35.6B | 11.2× | 12.3× | +3.46% (above 0%: growing) | +0.06% (above 0%: growing) | −3.26% (below 0%: shrinking) | 45.13% | 26.31% | Compare |
| EXPE Expedia Group, Inc. | $35.0B | 17.3× | 14.4× | +13.97% (above 0%: growing) | +179.69% (above 0%: growing) | +38.87% (above 0%: growing) | 90.66% | 18.54% | Compare |
| TCOM Trip.com Group Limited Sponsored ADR | $25.9B | 7.7× | 12.8× | +11.39% (above 0%: growing) | n/m | +531.82% (above 0%: growing) | 79.81% | (9.36%) | Compare |
| NCLH Norwegian Cruise Line Holdings Ltd. | $7.1B | 9.0× | 12.6× | +4.89% (above 0%: growing) | +585.71% (above 0%: growing) | −61.99% (below 0%: shrinking) | 39.91% | 13.76% | Compare |
| MMYT MakeMyTrip Limited | $4.4B | 133× | 82.6× | +6.22% (above 0%: growing) | −60.87% (below 0%: shrinking) | −36.17% (below 0%: shrinking) | 74.55% | 15.30% | Compare |
| Median of peers | $35.3B | 17.2× | 15.2× | +7.31% | +32.69% | +6.44% | 77.18% | 19.78% |
Viking Holdings Ltd. (VIK) key facts
- Strength: Viking Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $6.5 billion, up 21.9% from fiscal 2024.
- Viking Holdings Ltd. (VIK) is a Travel Services company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
- As of October 16, 2026, VIK traded at $83.42, a market capitalization of $37.5 billion.
- Return on equity was 254.4% and debt-to-equity 3.73.
- Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 2.05 (grey zone) for fiscal 2025.