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Viking Holdings (VIK) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Viking Holdings
NYSE•Consumer Cyclical•Travel Services
$84.01-1.06(-0.01%)After hours
Market Cap
$37.82B
P/E
31.5x
P/S
5.7x
P/B
35.5x

Viking Holdings Ltd focused on providing passenger cruises in North America, the United Kingdom, and internationally. It operates through the River and Ocean segments. The Group defines its products based on the type of cruise offering and language of the cruise service. The River segment provides river cruises outside the United States for English-speaking passengers. The Ocean segment provides ocean cruises for English-speaking passengers. The company provides expedition cruises for English-speaking passengers, Mississippi River cruises for English-speaking passengers and Viking Asia, which includes cruises in languages other than English provided. As of December 31, 2025, Viking Holdings Ltd operated a fleet of 103 ships, including 89 river vessels comprising 59 Longships, 12 smaller classes based on the Longship design,15 other river vessels, and three river vessel charters, including the Viking Saigon, Viking Mississippi, and the Viking Tonle; 12 ocean ships and 2 expedition ships. The company was formerly known as MISA Investments Limited and changed its name to Viking Holdings Ltd in November 2016. The company was founded in 1997 and is based in Pembroke, Bermuda.

B

How this company scores

GoodMetricSide Score: 71/100

Strongest: Profitability (22/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability22/25
Growth16/25
Balance Sheet & Red Flags15/25
Cash & Earnings Quality18/25
Strengths
Strong marginsHigh ROERising earningsInterest easily covered

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 31.5x5y range 27.0x – 31.5x
P/E 31.5x
P/S · 5.7x5y range 2.7x – 5.7x
P/S 5.7x
P/B · 35.5x5y range 28.6x – 84.9x
P/B 35.5x · near its 4-quarter median

Currently near its 4-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume
Market Cap $37.82B

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$6.66B
Q. Revenue
$1.05B
2Q
TTM EBITDA
$1.73B
TTM Op. Income
$1.52B
Q. Op. Income
$12.06M
2Q
TTM Net Income
$1.20B
3Q
Q. Net Income
$-54.24M
2Q
EPS
$-0.12
2Q
Shares Out.
$445.88M
5Q
$6.66B in TTM revenue grew from zero YoY, reaching $1.05B last quarter. TTM EBITDA of $1.73B and TTM operating income of $1.52B show growth is flowing through to the bottom line. TTM net income of $1.20B means revenue is converting into profit. Over the past year, TTM revenue is up 0% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
8.3%
2Q
Op. Margin
1.1%
2Q
Net Margin
-5.1%
2Q
Op. margin of 1.1% is up 2.2% YoY — cost efficiency is improving. Net margin at -5.1% Across the last 6 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
31.5x
2Q
P/S Ratio
5.7x
2Q
P/B Ratio
35.5x
At 31.5x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.7x and P/B of 35.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 3 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$13.20B
5Q
Cash
$4.05B
3Q
Long-Term Debt
N/A
Book Value
$1.07B
499%
D/E Ratio
N/A
Debt/EBITDA
0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$742.17M
26%
TTM Free Cash Flow
$1.30B
2Q
FCF Margin
19.6%
FCF / Net Income
1.1
2Q
TTM FCF of $1.30B on $742.17M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 6 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.

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Share Dilution

Red Flag

Shares outstanding increased 22.5% — significant dilution, likely from stock compensation or capital raises.