Travel + Leisure Co. (TNL) vs Viking Holdings Ltd. (VIK)

Travel + Leisure Co. and Viking Holdings Ltd. are both Travel Services companies. Viking Holdings Ltd. is the larger, with a market value of $38.5B against $4.5B — 8.5× the size. Travel + Leisure Co. trades at the lower P/E: 19.7× against 28.6×. Viking Holdings Ltd. grew revenue faster over the last twelve months: 20.0% against 4.64%. Viking Holdings Ltd. has the higher net margin (19.3% vs 5.64%) and the higher return on invested capital (26.5% vs 7.42%). Across the 19 metrics below, Travel + Leisure Co. leads on 10 and Viking Holdings Ltd. on 9.

Valuation

Metric TNL VIK Travel Services median
P/E 19.68 28.56 19.05
P/S 1.11 5.54 2.64
P/B n/m 23.38 2.71
Price to free cash flow 10.79 33.48 13.14
EV/EBITDA 17.88 21.13 13.28
EV/Sales 2.90 5.86 3.26
Earnings yield 5.08% 3.50% 4.29%
Free cash flow yield 9.27% 2.99% 4.65%

Profitability

Metric TNL VIK Travel Services median
Gross margin 45.08% 43.21% 52.17%
Operating margin 13.04% 23.27% 15.57%
Net margin 5.64% 19.33% 8.07%
Free cash flow margin 10.29% 16.56% 7.89%
Return on equity (25.60%) 194.53% 1.26%
Return on assets 3.30% 10.82% 3.81%
Return on invested capital 7.42% 26.45% 5.65%

Growth

Metric TNL VIK Travel Services median
Revenue growth (TTM) 4.64% 20.02% 11.33%
EPS growth (last fiscal year) (40.89%) 613.89% 5.97%
Revenue growth, 5-year CAGR 13.23% — 29.37%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric TNL VIK Travel Services median
Debt to equity (6.02) 3.73 0.21
Current ratio 3.19 0.81 1.33
Net debt to EBITDA 7.64 1.07 1.01

Dividend

Metric TNL VIK Travel Services median
Dividend yield 3.14% — 1.52%
Payout ratio 0.63 — 0.20

Size

Metric TNL VIK Travel Services median
Market cap 4.52b 38.48b 4.77b

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