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Viking Holdings
(NYSE:VIK)
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Rating:64Neutral
Price Target:
$105.00
▲(4.26% Upside)
Action:Reiterated
Date:08/19/26
The score is driven primarily by solid current profitability and cash generation, tempered by balance-sheet leverage and historical volatility. The earnings call supports the outlook with strong demand and booking visibility, but river disruption risks and unquantified voucher impacts add uncertainty. Technically, the stock shows near-term weakness versus shorter moving averages, and valuation appears premium at ~36.85x earnings with no dividend yield provided.
Positive Factors
Strong demand and booking visibility
High occupancy and advance bookings provide meaningful revenue visibility across multiple seasons. This supports capacity expansion, reduces reliance on short-term demand, and indicates sustained customer interest in Viking’s destination-focused offerings.
Negative Factors
High financial leverage limits flexibility
Elevated leverage can constrain strategic flexibility and increase financial sensitivity if demand or operating performance weakens. Although equity has turned positive, the modest capital base leaves less protection against prolonged disruption or weaker cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong demand and booking visibility
High occupancy and advance bookings provide meaningful revenue visibility across multiple seasons. This supports capacity expansion, reduces reliance on short-term demand, and indicates sustained customer interest in Viking’s destination-focused offerings.
Read all positive factors
Viking Holdings (VIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$43.85B
Dividend YieldN/A
Average Volume (3M)2.38M
Price to Earnings (P/E)33.5
Beta (1Y)1.30
Revenue Growth20.02%
EPS Growth62.66%
CountryUS
Employees13,000
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Services
Share Statistics
EPS (TTM)2.71
Shares Outstanding318,386,000
10 Day Avg. Volume1,702,212
30 Day Avg. Volume2,383,635
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)28.95
Price to Sales (P/S)4.87
P/FCF Ratio24.30
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$115.08Price Target Upside14.27% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)3.31
Revenue Forecast (FY)$7.41B
Viking Holdings Business Overview & Revenue Model
Company Description
Viking Holdings Ltd specializes in passenger transportation services, primarily through sea travel, across North America, the United Kingdom, and on a global scale. The company's activities are structured into distinct River and Ocean operational ...
How the Company Makes Money
null...
Viking Holdings Earnings Call Summary
Earnings Call Date:Aug 19, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and financial story: strong revenue, margin and EBITDA growth, high occupancy rates, robust advanced bookings for 2026 and 2027, continued fleet expansion, and a healthy balance sheet. The primary negative was the materially low European river water levels causing guest disruptions, voucher issuances and near-term cost uncertainty that will pressure results in Q3 and into future periods. Management framed these disruptions as operationally manageable given fleet design and experience but acknowledged financial impacts that are not yet fully quantified.Positive Updates
Strong Revenue Growth
Total revenue increased 16.5% year-over-year to $2.2 billion in Q2 2026, driven by higher capacity and revenue per passenger cruise day (PCD).
Negative Updates
Historic Low Water Levels Disrupt River Operations
Historically low water levels on key European rivers (Danube, Rhine) created operational challenges starting mid-July and persisting into August, affecting guest itineraries and requiring increased ship swaps and operational adjustments.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Total revenue increased 16.5% year-over-year to $2.2 billion in Q2 2026, driven by higher capacity and revenue per passenger cruise day (PCD).
Read all positive updates
Company Guidance
Management reiterated strong demand and provided detailed metrics: Q2 revenue rose 16.5% to $2.2B, adjusted gross margin grew 16.3% to $1.4B (net yield $645, +6.2%), adjusted EBITDA was $748M (+18.2%), adjusted net income $587M (+33.8%) and adjusted EPS $1.31 (+33%); capacity PCDs in Q2 were +10.9% and H1 adjusted gross margin was +16.5% to >$2.1B with H1 adjusted EBITDA $853M (+20.9%). Segment stats included River occupancy 94.8%, Ocean occupancy 95.4%; River net yield $660 (+8.8%) with capacity +3.2% YTD, Ocean net yield $593 (+7.7%) with capacity +11.4% YTD. Booking visibility as of Aug 9 showed 2026 core capacity 96% sold with $6.4B advanced bookings (+13% vs. prior year, capacity +7%), 2027 53% booked with $4.7B advanced bookings (+21%, capacity +15%); Ocean 2027 62% booked (rates $877 v. $781 prior) and River 2027 42% booked (rates $1,029 v. $942). Balance sheet and capital items: cash $4.0B, $1.0B undrawn revolver, net debt $2.4B (net leverage 1.2x), deferred revenue $5.0B, scheduled principal $117M (remainder 2026) and $234M (2027), committed ship CapEx 2026 ~$1.9B ($650M net) and 2027 ~$1.0B ($260M net), and management reiterated a target of mid‑single‑digit net yield growth for 2027 while noting historically low European river water levels (>50% of Q3 River cruise days affected, ~10–12% of those ultimately canceled) have prompted future‑cruise vouchers that will impact 2027–2028 results and are not yet fully reflected in reported figures.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 | 1.87B | 1.82B | 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 | 5.83B | 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 | 1.04B | 1.09B | -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 | -1.36B | -1.03B | -853.71M | -634.23M | -856.38M | -677.39M |
| Financing Cash Flow | -30.82M | 8.28M | -247.90M | -479.65M | 322.04M | 1.31B |
Viking Holdings Technical Analysis
Neutral
100.71
Price Trends
100.14
Negative
90.99
Positive
80.47
Positive
Market Momentum
0.33
Positive
43.19
Neutral
11.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VIK, the sentiment is Neutral. The current price of 100.71 is below the 20-day moving average (MA) of 103.30, above the 50-day MA of 100.14, and above the 200-day MA of 80.47, indicating a neutral trend. The MACD of 0.33 indicates Positive momentum. The RSI at 43.19 is Neutral, neither overbought nor oversold. The STOCH value of 11.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $38.58B | 19.56 | 184.84% | 0.68% | 12.00% | 92.75% | |
72 Outperform | $80.46B | 18.47 | 43.83% | 1.70% | 8.72% | 21.01% | |
70 Outperform | $8.09B | 10.38 | 32.35% | ― | 6.21% | 2.45% | |
64 Neutral | $43.85B | 33.49 | 149.42% | ― | 20.02% | 62.66% | |
64 Neutral | $29.01B | 6.30 | 19.31% | ― | 19.28% | 87.04% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $5.59B | 173.44 | -14.56% | ― | 6.86% | -59.99% |
* Consumer Cyclical Sector Average
VIK
Viking Holdings
90.77
32.22
55.03%
TCOM
Trip.com Group Sponsored ADR
46.51
-16.67
-26.38%
EXPE
Expedia
326.27
122.20
59.88%
MMYT
Makemytrip
61.24
-41.04
-40.13%
RCL
Royal Caribbean
300.56
-23.03
-7.12%
NCLH
Norwegian Cruise Line
17.34
-6.51
-27.30%
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.