Viking Holdings Ltd is a US-listed company in the hotels, resorts & cruise lines industry. Its financial year ends in December.
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~$41
Valuation models combined (3)
Base case. Range ~$32–$64. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.
No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.
Viking Holdings Ltd valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $6.50bn. That growth ranks 2 of 25 among the hotels, resorts & cruise lines companies we cover. The diluted share count is up 21.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 5 financial-health checks. Our valuation models combined value is $40.33 a share, against a share price of $87.47.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: revenue growth of 21.9% ranks 2 of 25 hotels, resorts & cruise lines companies we cover. Where it lags: change in share count of 21.7% ranks 23 of 23 hotels, resorts & cruise lines companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 21.9% (+8.7pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
We value Viking Holdings Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$32 ~$21–$41 | Primary model, counts double |
| Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$64 ~$53–$92 | Included |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$33 ~$27–$74 | Included, half weight |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$41 ~$32–$64 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Viking Holdings Ltd with Hotels, Resorts & Cruise Lines in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 18, 2026, before the open. Analysts expect revenue of $2.2bn and EPS of $1.27 (range $1.21 to $1.34) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $3.22 | +23% | $7.4bn | +13% |
| Next | $4.36 | +36% | $8.9bn | +21% |
Next year's EPS estimate has moved −0.7% in 90 days, across 18 analysts.
The consensus EPS forecast for the current fiscal year is −3.0% on 90 days ago. In the last 30 days, 0 analysts raised Viking Holdings Ltd's forecast and 5 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $3.32 | $4.40 |
| 60 days ago | $3.28 | $4.43 |
| 30 days ago | $3.26 | $4.42 |
| 7 days ago | $3.23 | $4.37 |
| Now | $3.22 | $4.36 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.24 | $1.31 | +5.4% |
| Mar 2026 | −$0.11 | −$0.11 | −1.6% |
| Dec 2025 | $0.55 | $0.67 | +21.9% |
| Sept 2025 | $1.20 | $1.20 | +0.4% |
Adjusted EPS as companies report it, against the average analyst estimate.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q4 | $3.2B |
| FY23 Q4 | $4.7B |
| FY24 Q4 | $5.3B |
| FY25 Q4 | $6.5B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q4 | 2.0% |
| FY23 Q4 | 17.3% |
| FY24 Q4 | 20.2% |
| FY25 Q4 | 23.1% |
Each dollar Viking Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $6.5B | |
|---|---|---|
| Cost of revenue | $3.7B | 56.7% of revenue |
| Gross profit | $2.8B | 43.3% of revenue |
| Other operating costs | $1.3B | 20.2% of revenue |
| Operating income | $1.5B | 23.1% of revenue |
| Interest and other | $334M | 5.1% of revenue |
| Net income | $1.1B | 17.7% of revenue |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|
| Income | ||||
| Revenue | 3,176 | 4,710 | 5,334 | 6,501 |
| Gross profit | 1,024 | 1,859 | 2,220 | 2,818 |
| Operating income | 63 | 816 | 1,075 | 1,502 |
| Net income | 415 | −1,851 | 152 | 1,148 |
| Diluted EPS | −$0.73 | −$4.42 | $0.36 | $2.57 |
| Growth (year on year) | ||||
| Revenue | — | +48.3% | +13.2% | +21.9% |
| Operating income | — | — | +31.8% | +39.7% |
| Net income | — | −546.2% | — | +653.3% |
| Diluted EPS | — | — | — | +613.9% |
| Margins | ||||
| Gross margin | 32.2% | 39.5% | 41.6% | 43.3% |
| Operating margin | 2.0% | 17.3% | 20.2% | 23.1% |
| Net margin | 13.1% | −39.3% | 2.9% | 17.7% |
| Cash flow | ||||
| Cash from operations | 373 | 1,371 | 2,082 | 2,560 |
| Stock-based pay | 25 | 18 | 14 | 89 |
| Balance sheet | ||||
| Cash | 1,253 | 1,514 | 2,490 | 3,804 |
| Total debt | 0 | 2,010 | 5,481 | 5,666 |
| Net debt (negative = net cash) | −1,253 | 497 | 2,991 | 1,862 |
| Diluted shares | 406m | 222m | 367m | 446m |
| Returned to shareholders | ||||
| Dividends | 46 | 49 | 18 | 0 |
| Total returned | 46 | 49 | 18 | 0 |
| Last 12 months unless stated | VIK | H | HGV | VAC | TCOM | NCLH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $6.5bn | $7.1bn | $5.9bn | $5.2bn | $8.7bn | $10.2bn | $5.2bn |
| Revenue growth, last 12 months | 21.9% | 2.8% | 18.8% | 1.7% | 17.2% | 4.9% | 9.7% |
| Revenue growth, 3-year average | — | 2.5% | 14.5% | 2.6% | 110.6% | 7.9% | 8.0% |
| Revenue growth, latest quarter | — | −2.4% | 50.8% | 5.9% | — | 0.3% | 8.1% |
| Gross margin | 43.3% | — | — | 8.2% | 80.6% | 41.4% | 47.7% |
| Operating margin | 23.1% | — | — | — | 25.3% | 13.8% | 16.0% |
| Operating margin, 3-year average | — | — | — | — | 9.7% | 15.0% | 15.3% |
| Net margin | 17.7% | 2.6% | 7.0% | −6.5% | 53.3% | 8.2% | 11.4% |
| Cash from operations / revenue | 39.4% | 4.6% | 8.7% | 2.8% | 23.0% | 21.3% | 20.4% |
| Free-cash-flow margin | — | 2.6% | 8.0% | 1.9% | 21.8% | −5.6% | 12.1% |
| Free-cash-flow margin, 3-year average | — | 4.3% | 5.0% | 2.2% | 18.6% | −4.4% | 10.3% |
| Stock pay / revenue | 1.4% | 1.0% | 1.1% | 0.8% | 3.6% | 0.9% | 1.3% |
| Change in share count | 21.7% | −1.2% | −12.5% | −5.0% | 1.4% | −3.5% | −3.4% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 21.9% | 9.7% | 2 of 25 |
| Change in growth rate Growth | +8.7pp | -0.5pp | 3 of 25 |
| Gross margin Profitability | 43.3% | 47.7% | 9 of 14 |
| Operating margin Profitability | 23.1% | 16.0% | 8 of 22 |
| Net margin Profitability | 17.7% | 11.4% | 6 of 25 |
| Stock pay as % of revenue Cash generation | 1.4% | 1.4% | 13 of 24 |
| Long-term debt as % of assets Balance sheet | 41.9% | 41.9% | 13 of 24 |
| Change in share count Balance sheet | 21.7% | -3.5% | 23 of 23 |
| Days sales outstanding Balance sheet | 8 days | 52 days | 2 of 17 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Capital Research Global Investors | $2.7B | 25.5M | 12.0% | ▲ 12.5% |
| FMR LLC | $1.8B | 17.0M | 8.0% | ▲ 20.7% |
| Canada Pension Plan Investment Board | $1.2B | 11.2M | 5.3% | ▼ 44.2% |
| Invesco Ltd. | $1.2B | 11.2M | 5.3% | ▼ 21.0% |
| Massachusetts Financial Services Co | $1B | 9.7M | 4.6% | ▲ 22.7% |
| AQR Capital Management LLC | $967M | 9.3M | 4.4% | ▲ 23.8% |
| Select Equity Group, L.P. | $900M | 8.6M | 4.0% | ▼ 20.4% |
| Federated Hermes, Inc. | $862M | 8.2M | 3.9% | ▼ 4.1% |
| Wellington Management Group LLP | $645M | 6.2M | 2.9% | ▲ 654.3% |
| Blackrock, Inc. | $628M | 6.0M | 2.8% | ▼ 19.2% |
| T. Rowe Price Investment Management, Inc. | $597M | 5.7M | 2.7% | ▼ 54.6% |
| American Century Companies Inc | $498M | 4.8M | 2.2% | ▲ 94.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Viking Holdings Ltd's complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Hugh Milton EVP, Sales | September 11, 2026 | Sell pre-set plan | 2,591 | $86.80 | $224,899 |
| Hugh Milton EVP, Sales | September 11, 2026 | Sell pre-set plan | 10,900 | $84.96 | $926,064 |
| Hugh Milton EVP, Sales | September 11, 2026 | Sell pre-set plan | 6,509 | $86.11 | $560,490 |
| Marnell Richard EVP, Marketing | June 16, 2026 | Sell pre-set plan | 14 | $95.50 | $1,337 |
| Marnell Richard EVP, Marketing | June 16, 2026 | Sell pre-set plan | 145 | $94.59 | $13,716 |
| Marnell Richard EVP, Marketing | June 15, 2026 | Sell pre-set plan | 100 | $96.05 | $9,605 |
| Marnell Richard EVP, Marketing | June 15, 2026 | Sell pre-set plan | 1,820 | $94.84 | $172,609 |
| Marnell Richard EVP, Marketing | June 15, 2026 | Sell pre-set plan | 4,200 | $94.03 | $394,926 |
| Hofmann Anton EVP, Group Operations | June 15, 2026 | Sell pre-set plan | 1,606 | $96.04 | $154,240 |
| Hofmann Anton EVP, Group Operations | June 15, 2026 | Sell pre-set plan | 92,670 | $95.32 | $8.8M |
| Marnell Richard EVP, Marketing | June 12, 2026 | Sell pre-set plan | 4,200 | $93.38 | $392,196 |
| Marnell Richard EVP, Marketing | June 12, 2026 | Sell pre-set plan | 6,687 | $92.41 | $617,946 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
In the last 12 months, 1 member of Congress disclosed 0 purchases and 15 sales of Viking Holdings Ltd shares.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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