Viking Holdings Ltd key statistics and ratios

In fiscal 2025, Viking Holdings Ltd had an operating margin of 23.1%, debt equal to 518.0% of equity and a current ratio of 0.79. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Viking Holdings Ltd: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on assets	—	−21.6%	1.6%	10.3%
Asset turnover	—	0.55	0.57	0.58
Current ratio	—	0.54	0.62	0.79
Debt to equity	—	—	—	518.0%
Interest cover (operating income ÷ interest)	0.1x	1.5x	2.8x	4.1x
Effective tax rate	2.1%	—	9.9%	1.7%
Dividends ÷ net income	11.2%	—	12.0%	0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · December 31, 2025

What it owns · $12.2bn

Short-term assets $4.5bnLonger-term assets $7.7bn

What it owes, and who funded it · $6.8bn

Short-term liabilities $5.7bnShareholders' equity $1.1bn

Short-term assets cover short-term liabilities $4.5bn of assets due within a year against $5.7bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $3.8bn of cash against $5.1bn of debt.
Debt below 40% of shareholders' equity Debt is 469% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $5.1bn of debt.
Operating profit covers interest at least five times over Operating income of $1.5bn against $363m of interest.

From Viking Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: H vs VIK HGV vs VIK VAC vs VIK TCOM vs VIK

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Figures from Viking Holdings Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Viking Holdings Ltd.