Viking Holdings Ltd (VIK)
NYSE:VIK
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Viking Holdings
(NYSE:VIK)
Select Model
Select Model
Rating:63Neutral
Price Target:
$80.00
▲(11.92% Upside)
Action:ReiteratedDate:03/05/26
The score is driven by strong recent profitability/cash generation and a very constructive earnings-call outlook with record yields and strong forward bookings. These positives are tempered by elevated balance-sheet leverage risk and a relatively high P/E with no dividend support, while technicals point to only moderate momentum.
Positive Factors
Cash generation
Sustained operating cash flow and a materially positive free cash flow provide durable internal funding for fleet investment, marketing and debt service. Strong cash conversion supports strategic flexibility — enabling capital allocation to growth projects or accelerated deleveraging over the next 2–6 months.
Negative Factors
High leverage
A very large debt stock relative to equity constrains financial flexibility and raises refinancing and covenant risk. In a downturn or with higher rates, interest and principal service demands could limit capital spending and force prioritization between debt reduction and growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained operating cash flow and a materially positive free cash flow provide durable internal funding for fleet investment, marketing and debt service. Strong cash conversion supports strategic flexibility — enabling capital allocation to growth projects or accelerated deleveraging over the next 2–6 months.
Read all positive factors
Viking Holdings (VIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$34.72B
Dividend YieldN/A
Average Volume (3M)2.81M
Price to Earnings (P/E)27.6
Beta (1Y)1.29
Revenue Growth20.04%
EPS GrowthN/A
CountryUS
Employees12,000
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)0.67
Shares Outstanding318,014,920
10 Day Avg. Volume2,704,440
30 Day Avg. Volume2,807,071
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)28.24
Price to Sales (P/S)4.87
P/FCF Ratio24.30
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue5.61
Enterprise Value/Gross Profit14.40
Enterprise Value/Ebitda20.43
Forecast
1Y Price Target
$81.60Price Target Upside14.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)3.35
Revenue Forecast (FY)$7.36B
Viking Holdings Business Overview & Revenue Model
Company Description
Viking Holdings Ltd engages in the passenger shipping and other forms of passenger transport in North America, the United Kingdom, and internationally. It operates through River and Ocean segments. The company also operates as a tour entrepreneur ...
How the Company Makes Money
Viking Holdings generates revenue through multiple streams, primarily from its investments in real estate properties that provide rental income and capital appreciation. The company also earns revenue by investing in renewable energy projects, whi...
Viking Holdings Earnings Call Summary
Earnings Call Date:Mar 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
The call conveys a clearly positive operational and financial picture: record revenue, significant margin expansion, strong advanced bookings and high occupancy, robust liquidity, and deliberate fleet expansion and innovation (including a hydrogen-capable ship). Headwinds are present but limited in scale relative to strengths — temporary river shipyard delays, a small Egypt exposure with paused itineraries, fuel-price sensitivity, and substantial near-term capex needs. Management describes the disruptions as manageable and the booking momentum remains strong, supporting a favorable near-term outlook.Positive Updates
Record Revenue and Strong Top-Line Growth
Total revenue reached $6.5 billion in 2025, a 21.9% year-over-year increase, driven by higher capacity, occupancy and yields.
Negative Updates
River Shipyard Production Delays
One shipyard experienced temporary technological disruptions and resource issues, delaying delivery timelines for eight Longships (two moved from Dec 2025 to 2026; six shifted later in 2026). 2026 river capacity was revised down to +6% (from a prior reported +10%). Management states impacts are temporary and immaterial to 2026 financials.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Strong Top-Line Growth
Total revenue reached $6.5 billion in 2025, a 21.9% year-over-year increase, driven by higher capacity, occupancy and yields.
Read all positive updates
Company Guidance
Management said 2026 “is shaping up to be another great year,” noting as of Feb. 15 the company was 86% booked with $6.0 billion of advanced bookings (+13% vs. same point 2025); consolidated capacity is up ~7% y/y, ocean capacity up 9% (87% sold, $2.7B advanced bookings, advanced bookings per PCD $787 vs $746 LY) and river capacity was revised to +6% (85% sold, $2.8B advanced bookings, average advanced bookings $906 per day vs $841 LY); 2025 metrics underpinning the outlook included net yields +7.4% (Q4 net yield $546, +7.7%), occupancy near record levels (river 96%, ocean 95% in 2025), and management’s target of mid‑single‑digit yield growth, while noting eight Longship delivery timing adjustments (two moved from Dec‑2025 into 2026, six shifted later in 2026) that they view as immaterial to 2026 results; they also flagged limited Egypt exposure (~2–3% of capacity; ~40 voyages, <3,000 guests paused through 3/31/2026), river fuel largely locked at fixed prices for 2026 and ocean fuel efficiency benefits, and a strong balance sheet and liquidity position (cash $3.8B, $1.0B undrawn revolver, net debt $2.1B, net leverage 1.1x, deferred revenue $4.6B), with scheduled 2026 principal payments of $397M and committed 2026 ship CapEx of ~$1.4B ($500M net of financing).Viking Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
38
Negative
Cash Flow
72
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.50B | 5.33B | 4.71B | 3.18B | 625.10M |
| Gross Profit | 2.53B | 1.96B | 1.60B | 747.10M | -291.59M |
| EBITDA | 1.79B | 811.16M | -1.11B | 1.14B | -1.50B |
| Net Income | 1.15B | 152.33M | -1.85B | 398.56M | -2.11B |
Balance Sheet | |||||
| Total Assets | 12.23B | 10.12B | 8.50B | 7.86B | 7.69B |
| Cash, Cash Equivalents and Short-Term Investments | 3.80B | 2.34B | 1.59B | 1.25B | 1.91B |
| Total Debt | 5.74B | 5.57B | 5.55B | 5.45B | 4.85B |
| Total Liabilities | 11.11B | 10.34B | 13.85B | 11.35B | 11.57B |
| Stockholders Equity | 1.12B | -222.73M | -5.35B | -3.50B | -3.89B |
Cash Flow | |||||
| Free Cash Flow | 1.30B | 1.16B | 695.00M | -970.33M | -599.58M |
| Operating Cash Flow | 2.33B | 2.08B | 1.37B | -15.44M | 359.81M |
| Investing Cash Flow | -1.03B | -853.71M | -634.23M | -856.38M | -677.39M |
| Financing Cash Flow | 8.28M | -247.90M | -479.65M | 322.04M | 1.31B |
Viking Holdings Technical Analysis
Negative
71.48
Price Trends
73.70
Negative
71.01
Positive
65.07
Positive
Market Momentum
-0.11
Negative
47.90
Neutral
56.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VIK, the sentiment is Negative. The current price of 71.48 is below the 20-day moving average (MA) of 71.64, below the 50-day MA of 73.70, and above the 200-day MA of 65.07, indicating a neutral trend. The MACD of -0.11 indicates Negative momentum. The RSI at 47.90 is Neutral, neither overbought nor oversold. The STOCH value of 56.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VIK.
Viking Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $75.55B | 17.69 | 45.87% | 1.09% | 8.61% | 49.58% | |
71 Outperform | $34.42B | 10.21 | 20.98% | 0.39% | 17.34% | 91.50% | |
64 Neutral | $29.03B | 27.45 | 114.29% | 0.56% | 7.61% | 9.99% | |
63 Neutral | $34.72B | 27.60 | 237.91% | ― | 20.04% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $4.03B | 276.78 | 31.18% | ― | 11.07% | -76.51% | |
50 Neutral | $9.18B | 24.01 | 22.91% | ― | 3.59% | 19.09% |
* Consumer Cyclical Sector Average
VIK
Viking Holdings
77.89
36.20
86.83%
TCOM
Trip.com Group Sponsored ADR
51.87
-2.92
-5.33%
EXPE
Expedia
236.90
76.53
47.72%
MMYT
Makemytrip
42.49
-55.52
-56.65%
RCL
Royal Caribbean
279.26
72.79
35.25%
NCLH
Norwegian Cruise Line
20.16
1.77
9.62%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.