Viking Holdings Ltd

Travel Services

VIKMixed9 of 10 basics passed

$81.62

-0.02%

Market cap $36.5B

$81.62

-0.02%

Market cap $36.5B

Viking Holdings Ltd is a travel company, with a fleet of 92 small ships, which view as floating hotels. It offers travel experiences on all seven continents in all three categories of the cruise industry river, ocean, and expedition cruising.

It is a $36.5B consumer company. Revenue grew 21.9% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~1.9 years of free cash flow. It trades at 27.0× earnings.

Website: viking.com
Employees: 13 000
Sector: Consumer Cyclical
Founded: 1899

Share price · 2 years

$26.10 → $81.62+212.7%

price only — dividends excluded

Key facts · FY2025

Revenue: total sales; $6.50B
Profit: keeps 18¢ of every $1 sold; $1.15B
Free cash flow: cash left after running the business; $1.15B
Net debt: debt minus cash on hand; $2.20B
P/E: years of profit in the price; 27.0
EPS: earnings per share, FY2025; $2.57
Shares: shares outstanding; 446.6M
Volatility: beta vs the market — under 1 swings less; 1.10

Revenue, last 5 years

52-week range

Low $57.08$81.62High $108.26

Today's price is 48% of the way from the year's low to its high.

Valuation vs own history

P/E

31.8×

79%

P/S

5.6×

20%

EV/EBITDA

25.7×

40%

P/B

22.1×

50%

FCF yield

3.2%

16%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.71Mnet selling

Purchases$0

Sales$1.71M

Insiders trading, last 14d0 buy · 0 sell

Standing in Consumer Cyclical

Size$36.5Btop 32%
Revenue growth+27%top 6%
Net margin19%top 8%
Return on equity117%top 11%
P/E27.0×top 71%

Ranked against 99 Consumer Cyclical companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Growth lags behind.

Valuation56

P/E vs own history21th pct · 20/25
FCF yield3.2% · 12/25
P/S5.2x · 12/25
EV/EBITDA20.0x · 12/25

Growth37

Revenue CAGR79.6% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth7.3% · 12/25

Profitability90

ROIC29.8% · 25/25
ROE116.7% · 25/25
Net margin17.7% · 20/25
Operating margin23.3% · 20/25

Health54

Altman Z2.16 · 18/25
Current ratio0.81 · 6/25
Interest coverage5.1x · 18/25
Net cash / debtD/A 16% · 12/25

Quality72

Piotroski F7/9 · 22/25
Beneish M-2.93 · 25/25
FCF conversion101% · 25/25
Margin stabilityσ 54.8% · 0/25

Moat51

ROIC >12% years3/4 yrs · 20/25
Median gross margin40.8% · 13/25
FCF-positive years4/5 yrs · 18/25
Worst-year net marginworst -186.4% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$1.15B net income
2025Milestone
Viking secured their first league title in 34 years, finishing one point ahead of Bodo/Glimt…
FY2022Financial
Turned profitable
$237M net income after a loss year
FY2022Financial
Revenue crossed $1B
$3.18B for the year
2020Milestone
The club surprisingly decided to terminate Bjarne Berntsen's contract, even though he had taken…
2003Acquisition
Kjell Inge Olsen took over as manager, and the club finished fifth in the league
1959Milestone
The club attendance record also stems from the semifinal of the 1959 cup
1953Milestone
Beating Lillestrøm in the 1953 cup final and…
1899Founded
Viking was founded in Stavanger in 1899 and played mainly local games in the early years

Achievements

Verifiable track record, straight from the reported numbers.

#32 largest of 99 Consumer Cyclical companies by market cap

$6.5B revenue in FY2025

Revenue up 21.9% year over year

Positive free cash flow 4 years in a row

13 000 employees

ROIC of 29.8%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (43.2%)
Revenue growing 21.9% year over year
Strong cash conversion — FCF is 17.7% of revenue
Could repay net debt from ~1.9 years of free cash flow
Interest covered 5.1× by operating earnings

Watch-outs

Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

9 of 10 checks passed

Revenue growing — the company sells more than a year ago+21.9% YoY
Profitable — makes more than it spends$1.15B FY2025
Profit growing — earnings are higher than last year+38.8% YoY
Generates cash — cash left after running and investing$1.15B FY2025
Debt under control — could handle its obligations~1.9y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$36.5B market cap
Not printing shares — share count not ballooning — you keep your slice+0.6% shares over ~5y
Proven track record — years of profitability behind it3/5 profitable years
Financially stable — balance sheet not near distressAltman Z 2.2 — grey
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 27.0

Peer comparisonViking Holdings Ltd vs 6 largest consumer cyclical peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
VIK this company	$36.5B	27.0	+21.9%	17.7%	Mixed
AMZN Amazon.Com Inc	$2.8T	20.9	+15.8%	17.4%	Mixed
TSLA Tesla, Inc.	$1.5T	397.1	+11.8%	3.7%	Strong
NFLX NetFlix Inc	$292.8B	21.4	+16.0%	28.2%	Solid
HD Home Depot, Inc.	$290.4B	20.4	-16.0%	8.7%	Solid
DIS The Walt Disney Company	$186.5B	21.7	+4.6%	8.7%	Solid
MCD McDonald's Corporation	$166.9B	18.9	+6.3%	31.7%	Strained

Head-to-head: VIK vs AMZN · VIK vs TSLA · VIK vs NFLX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 15Hold 3Sell 1

Appendix · Financial records

The full statements behind this CV, FY2021–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.50B · net income $1.15B (FY2025)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (FY2025)

$6.50B

YoY 21.9%

Net income (FY2025)

$1.15B

Margin 17.7%

Gross margin

43.2%

Operating margin

23.3%

P/E ratio

27.0

Income statement — full detail

Figures in USD billions · EPS in USD

	2021	2022	2023	2024	2025
Revenue	0.6	3.2	4.7	5.3	6.5
Gross profit	-0.1	1.1	1.9	2.3	2.9
Operating income (EBIT)	-0.8	0.1	0.8	1.1	1.5
Net income	-1.2	0.2	-1.0	0.1	1.1
EPS (diluted)	-2.62	0.53	-2.22	0.30	2.57

Cash flowFree cash flow $1.15B · operating cash flow $2.63B (FY2025)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (FY2025)

$1.15B

Margin 17.7%

Operating cash flow (FY2025)

$2.63B

FY basis

FCF margin

17.7%

Cash flow statement — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Operating cash flow	0.4	1.4	2.1	2.6	2.6
Capital expenditure	-1.0	-0.7	-0.9	-1.0	-1.5
Free cash flow	-0.6	0.7	1.2	1.5	1.2
FCF margin	-93.4%	21.9%	24.7%	28.7%	17.7%

Balance sheetAssets $13.8B · net debt $2.20B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.8B of assets is financed

88%

Liabilities $12.1B — borrowed moneyEquity $1.65B — owners' stake

Cash vs debt

Total debt $6.19B − cash $4.00B = net debt $2.20B

Cash on hand covers 65% of debt.

Altman Z-Score

2.16

Grey zone

Debt repayment

1.9 yrs

Years of free cash flow to clear net debt

Interest coverage

5.1x

EBIT ÷ interest expense

ROE

116.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2021	2022	2023	2024	2025
Cash & equivalents	1.3	1.5	2.5	3.8	4.0
Total assets	7.9	8.6	10.1	12.2	13.8
Total liabilities	11.4	13.8	10.3	11.1	12.1
Total debt	5.5	5.5	5.6	5.7	6.2
Equity	-3.5	-5.3	-0.2	1.1	1.7
Net debt	4.2	4.0	3.1	1.9	2.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of VIK on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $81.62 · market cap $36.5B.