Viking Holdings LtdVIK
NYSE•Consumer Cyclical•Travel Services
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.
Viking Holdings Ltd (VIK) reported trailing twelve months revenue of $6.66B as of March 2026, a Infinity% increase year-over-year. Quarterly revenue reached $1.05B, reflecting continued top-line momentum.
Viking Holdings Ltd generated $1.20B in TTM net income, with quarterly EBITDA of $87.47M. The operating margin expanded from -1.0% to 1.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (1.1%) and net margin (-5.1%) indicates moderate non-operating costs. Net margin has improved from -11.8% a year ago, signaling stronger bottom-line efficiency.
VIK trades at a P/E of 25.4x (in line with broad market averages) and a P/S of 4.6x. The price-to-book ratio of 28.6x indicates a significant premium over book value.
The company generated $211.24M in free cash flow over the trailing twelve months, a 52.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $13.20B in total assets with no in long-term debt against $1.07B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 6 quarters of fundamental data
Operating margins are under pressure, averaging 16.7%. The business may lack pricing power or face rising costs.'
Consistently high ROE averaging 113.1% suggests a durable competitive advantage and efficient capital allocation.
5 of the last 6 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 6 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 22.5% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation