A Business at a Glance
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Viking Holdings Ltd
VIK
$45.0B
Mkt Cap
$100.71
+1.00%
Viking Holdings Ltd (VIK) has a current P/E ratio of 39.2, compared to its historical median P/E of 28.5. The stock is currently considered Expensive based on its historical valuation range.
Viking Holdings Ltd (VIK) has a 5-year average return on invested capital (ROIC) of 13.9%. This indicates solid capital allocation.
Viking Holdings Ltd (VIK) has a market capitalization of $45.0B. It is classified as a large-cap stock.
Yes, Viking Holdings Ltd (VIK) pays a dividend with a trailing twelve-month yield of 0.04%.
Based on historical P/E analysis, Viking Holdings Ltd (VIK) appears expensive. The current P/E of 39.2 is 37% above its historical median of 28.5. The estimated fair value CAGR (P/E method) is 97.8%.
Viking Holdings Ltd (VIK) operates in the Water Transportation industry, within the Industrials sector.
Viking Holdings Ltd (VIK) reported annual revenue of $6.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Item 4. Information on the Company A. History and Development of the Company Viking was founded in 1997 with four river vessels and a simple vision that travel could be more destination-focused and culturally immersive. Today, we have grown into one of the world’s leading travel companies, with a fleet of 103 small, state-of-the-art ships, which we view as floating hotels. From our iconic journeys on the world’s great rivers, including our Mississippi River itineraries, to our ocean voyages around the globe and our extraordinary expeditions to the ends of the earth, we offer meaningful travel experiences on all seven continents in all three categories of the cruise industry—river, ocean and expedition cruising. We launched Viking River in 1997. Seeing unaddressed demand for a destination-focused product in the ocean cruise market, we launched Viking Ocean in 2015, which has since become our fastest growing segment.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 6.5B | 6.5B | 5.3B | 4.7B | 3.2B |
| Net Income | 1.1B | 1.1B | 153M | -1.9B | 415M |
| EPS | $2.57 | $2.57 | $0.36 | $-4.42 | $-0.73 |
| Free Cash Flow | 2.6B | 2.6B | 2.1B | 1.4B | 373M |
| ROIC | -52.9% | 38.1% | -10.2% | -306.4% | -339.6% |
| Gross Margin | - | - | - | - | - |
| Debt/Equity | 4.57 | 4.57 | -47.22 | -1.05 | -1.08 |
| Dividends/Share | $0.04 | $0.04 | $0.04 | $0.12 | $0.10 |
| Operating Income | -1.3B | -1.3B | -1.1B | -1.0B | -961M |
| Operating Margin | -20.2% | -20.2% | -21.5% | -22.1% | -30.3% |
| ROE | 102.4% | 254.5% | - | - | - |
| Shares Outstanding | 447M | 447M | 425M | 419M | 443M |
| Metric | 2022 | 2023 | |||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 3.2B | 4.7B | 5.3B | 6.5B | 6.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A |
| SG&A | 683M | 789M | 884M | 1.0B | 1.0B |
| EBIT | -961M | -1.0B | -1.1B | -1.3B | -1.3B |
| Op. Margin | -30.3% | -22.1% | -21.5% | -20.2% | -20.2% |
| Net Income | 415M | -1.9B | 153M | 1.1B | 1.1B |
| Net Margin | 13.1% | -39.3% | 2.9% | 17.7% | 17.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||
| ROIC | N/M | N/M | -10.2% | 38.1% | -52.9% |
| ROE | N/A | N/A | N/A | 254.5% | 102.4% |
| ROA | 149.7% | -688.2% | 2.9% | 10.3% | 9.4% |
| Cash Flow | |||||
| Op. Cash Flow | 373M | 1.4B | 2.1B | 2.6B | 2.6B |
| Free Cash Flow | 373M | 1.4B | 2.1B | 2.6B | 2.6B |
| Owner Earnings | 95M | 1.1B | 1.8B | 2.3B | 2.3B |
| CapEx | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 278M | 254M | 261M | 285M | 285M |
| Growth CapEx | N/A | N/A | N/A | N/A | 0 |
| D&A | 278M | 254M | 261M | 285M | 285M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||
| Dividends Paid | 46M | 49M | 18M | 18M | 18M |
| Dividend Yield | N/A | N/A | 0.1% | 0.1% | 0.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 228M | 964M | 309M | 2.0B | 2.0B |
| Balance Sheet | |||||
| Net Debt | N/A | N/A | N/A | 1.3B | 1.3B |
| Cash & Equiv. | 1.3B | 1.5B | 2.5B | 3.8B | 3.8B |
| Long-Term Debt | N/A | N/A | N/A | 5.1B | 5.1B |
| Debt/Equity | -1.08 | -1.05 | -47.22 | 4.57 | 4.57 |
| Interest Coverage | -2.2 | -2.0 | -3.0 | -3.6 | -3.6 |
| Equity | -3.4B | -5.3B | -219M | 1.1B | 1.1B |
| Total Assets | 277M | 269M | 10.1B | 12.2B | 12.2B |
| Total Liabilities | 3.7B | 5.5B | 10.3B | 11.1B | 11.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | -5.3B | -4.2B | -4.2B |
| Working Capital | N/A | N/A | -2.0B | -1.2B | -1.2B |
| Current Assets | N/A | N/A | 3.2B | 4.5B | 4.5B |
| Current Liabilities | N/A | N/A | 5.2B | 5.7B | 5.7B |
| Per Share Data | |||||
| EPS | -0.73 | -4.42 | 0.36 | 2.57 | 2.57 |
| Owner EPS | 0.21 | 2.67 | 4.29 | 5.09 | 5.09 |
| Book Value | -7.73 | -12.59 | -0.52 | 2.51 | 2.51 |
| Cash Flow/Share | 0.84 | 3.28 | 4.90 | 5.73 | 3.21 |
| Dividends/Share | 0.10 | 0.12 | 0.04 | 0.04 | 0.04 |
| Shares Out. | 442.7M | 418.6M | 424.9M | 446.7M | 446.7M |
| Valuation | |||||
| P/E Ratio | N/A | N/A | 123.4 | 28.5 | 39.2 |
| P/FCF | N/A | N/A | 9.1 | 12.8 | 17.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 29.2 | 40.1 |
| Price/Sales | N/A | N/A | 2.9 | 3.7 | 6.9 |
| FCF Yield | N/A | N/A | 11.0% | 7.8% | 5.7% |
| Market Cap | N/A | N/A | 18.9B | 32.8B | 45.0B |
| Avg. Price | N/A | N/A | 36.25 | 53.31 | 100.71 |
| Year-End Price | N/A | N/A | 44.41 | 73.33 | 100.71 |
Viking Holdings Ltd passes 3 of 9 quality checks, indicating weak fundamentals.
Viking Holdings Ltd trades at 39.2x trailing earnings, compared to its 15-year median P/E of 28.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.6x vs a median of 10.9x. The company's 5-year average ROIC is 13.9%. At current prices, the estimated annualized return to fair value is +9.6%.
Viking Holdings Ltd (VIK) has a net profit margin of 17.7%. This is a healthy margin.
Viking Holdings Ltd (VIK) generated $2.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Viking Holdings Ltd (VIK) has a debt-to-equity ratio of 4.57. This indicates higher leverage, which may increase financial risk.
Viking Holdings Ltd (VIK) reported earnings per share (EPS) of $2.57 in its most recent fiscal year.
Viking Holdings Ltd (VIK) has a return on equity (ROE) of 254.5%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 4 years of financial data for Viking Holdings Ltd (VIK), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Viking Holdings Ltd (VIK) has a book value per share of $2.51, based on its most recent annual SEC filing.