Viking Holdings Ltd (VIK)
NYSE:VIK
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Viking Holdings
(NYSE:VIK)
Select Model
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Rating:73Outperform
Price Target:
$96.00
▲(11.89% Upside)
Action:Upgraded
Date:05/19/26
The score is driven primarily by strong current profitability and cash generation, reinforced by a positive earnings-call outlook with robust booking momentum and improving leverage metrics. Technicals are supportive with price above major moving averages and neutral-to-positive momentum. The main constraints are balance-sheet leverage risk in the financial statements and weak/unclear valuation signals due to a negative P/E and no dividend yield provided.
Positive Factors
Strong cash generation
Sustained operating cash flow and solid free cash flow provide durable funding for operations, deleveraging and growth capex. This cash generation underpins financial flexibility across cycles, enabling reinvestment in fleet and support for deferred revenue conversion.
Negative Factors
High leverage
Elevated leverage constrains strategic flexibility and increases refinancing and covenant risk during downturns. Even with recent balance sheet improvement, high debt loads and modest equity relative to assets amplify sensitivity to demand shocks and rate moves.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained operating cash flow and solid free cash flow provide durable funding for operations, deleveraging and growth capex. This cash generation underpins financial flexibility across cycles, enabling reinvestment in fleet and support for deferred revenue conversion.
Read all positive factors
Viking Holdings (VIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.55B
Dividend YieldN/A
Average Volume (3M)3.44M
Price to Earnings (P/E)―
Beta (1Y)1.32
Revenue Growth20.78%
EPS Growth119.41%
CountryUS
Employees12,000
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)2.71
Shares Outstanding318,014,920
10 Day Avg. Volume4,755,852
30 Day Avg. Volume3,436,616
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 Cap0.90
Enterprise Value/Revenue5.07
Enterprise Value/Gross Profit13.08
Enterprise Value/Ebitda19.37
Forecast
1Y Price Target
$95.93Price Target Upside11.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)3.32
Revenue Forecast (FY)$7.39B
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
null...
Viking Holdings Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: healthy revenue and margin growth, substantial improvements in adjusted EBITDA, a very strong advanced booking position for 2026 and encouraging early traction for 2027, a robust cash position and deleveraging, plus strategic fleet additions including sustainability innovations. Key near‑term headwinds include higher vessel maintenance costs, fuel price risk, seasonal Q1 net loss, temporary booking softness tied to geopolitical events, and sizable committed ship CapEx. On balance, the favorable demand, pricing strength, liquidity and pronounced booking momentum materially outweigh the manageable operational and market uncertainties.Positive Updates
Strong Revenue Growth
Total revenue increased 17.5% year‑over‑year to over $1.0B in Q1 2026, driven by higher capacity and improved revenue per PCD.
Negative Updates
Higher Vessel Repair & Maintenance Costs
Vessel expenses excluding fuel per capacity PCD increased 10.6% year‑over‑year in the quarter, driven primarily by repair and maintenance work tied to specific projects.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue increased 17.5% year‑over‑year to over $1.0B in Q1 2026, driven by higher capacity and improved revenue per PCD.
Read all positive updates
Company Guidance
Management reaffirmed that, assuming stable macro conditions, Viking’s long‑term target remains mid‑single‑digit yield growth across its core products; booking curves as of May 3, 2026 showed consolidated advanced bookings of $6.2B (up 13% YoY) with the 2026 season ~92% booked and capacity +7%, while 2027 is ~38% booked with $3.4B advanced bookings (up 31%) and capacity expected to increase ~15%. First‑quarter revenue rose 17.5% YoY to >$1.0B, adjusted gross margin was $717M (+16.9% YoY) with net yield $596 (+9.5% YoY), adjusted EBITDA $105M (+43.9% YoY) and net loss $54.2M (improved >$51M); consolidated liquidity included $4.0B cash, a $1.0B undrawn revolver, net debt $1.9B and net leverage of 1.0x (from 1.1x); deferred revenue was $5.4B. Segment highlights: River net yield $761 (+28.3% YoY), occupancy 93.7% and capacity PCDs -8.4%; Ocean net yield $527 (+5.6% YoY), occupancy 95% and capacity PCDs +10%. Management also reiterated fleet and capex plans (2026 committed ship CapEx ≈$1.9B / $650M net of financing; 2027 ≈$1.0B / $260M net), scheduled principal payments of $174.4M remaining in 2026 and $197.4M in 2027, noted fuel exposure is manageable (fuel ≈4% of 2025 adjusted gross margin) with river fuel largely contracted for 2026 and ocean more market‑sensitive.Viking Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
52
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.66B | 6.50B | 5.33B | 4.71B | 3.18B | 625.10M |
| Gross Profit | 2.58B | 2.53B | 1.96B | 1.60B | 747.10M | -291.59M |
| EBITDA | 1.74B | 1.79B | 811.16M | -1.11B | 1.14B | -1.50B |
| Net Income | 1.20B | 1.15B | 152.33M | -1.85B | 398.56M | -2.11B |
Balance Sheet | ||||||
| Total Assets | 13.20B | 12.23B | 10.12B | 8.50B | 7.86B | 7.69B |
| Cash, Cash Equivalents and Short-Term Investments | 4.05B | 3.80B | 2.34B | 1.59B | 1.25B | 1.91B |
| Total Debt | 410.54M | 5.74B | 5.57B | 5.55B | 5.45B | 4.85B |
| Total Liabilities | 12.13B | 11.11B | 10.34B | 13.85B | 11.35B | 11.57B |
| Stockholders Equity | 1.07B | 1.12B | -222.73M | -5.35B | -3.50B | -3.89B |
Cash Flow | ||||||
| Free Cash Flow | 1.24B | 1.30B | 1.16B | 695.00M | -970.33M | -599.58M |
| Operating Cash Flow | 2.65B | 2.33B | 2.08B | 1.37B | -15.44M | 359.81M |
| Investing Cash Flow | -1.38B | -1.03B | -853.71M | -634.23M | -856.38M | -677.39M |
| Financing Cash Flow | 2.33M | 8.28M | -247.90M | -479.65M | 322.04M | 1.31B |
Viking Holdings Technical Analysis
Positive
85.80
Price Trends
78.40
Positive
75.96
Positive
69.33
Positive
Market Momentum
1.39
Positive
54.72
Neutral
33.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VIK, the sentiment is Positive. The current price of 85.8 is above the 20-day moving average (MA) of 82.47, above the 50-day MA of 78.40, and above the 200-day MA of 69.33, indicating a bullish trend. The MACD of 1.39 indicates Positive momentum. The RSI at 54.72 is Neutral, neither overbought nor oversold. The STOCH value of 33.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $37.55B | -150.62 | 146.91% | ― | 20.78% | 119.41% | |
67 Neutral | $25.76B | -1,172.03 | 154.33% | 0.56% | 10.01% | 33.63% | |
66 Neutral | $30.92B | 19.53 | 21.02% | 0.39% | 17.27% | 94.65% | |
66 Neutral | $68.68B | 19.74 | 45.86% | 1.09% | 9.74% | 34.02% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $4.06B | 73.40 | -38.21% | ― | 6.71% | -41.74% | |
52 Neutral | $7.48B | 20.40 | 27.04% | ― | 6.53% | -35.30% |
* Consumer Cyclical Sector Average
VIK
Viking Holdings
84.23
39.31
87.51%
TCOM
Trip.com Group Sponsored ADR
46.37
-15.96
-25.61%
EXPE
Expedia
214.65
56.96
36.12%
MMYT
Makemytrip
42.75
-60.62
-58.64%
RCL
Royal Caribbean
256.10
19.46
8.22%
NCLH
Norwegian Cruise Line
16.30
-1.02
-5.89%
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.