Viking Holdings Ltd (VIK)

Price$85.81Cached quoteAs of 2026-09-06 09:45 UTC

AI: Overvalued

Price checkThe shares look expensive because today's valuation already assumes several more years of strong growth.

Reported facts: current market data put Viking at roughly 30 times trailing earnings and about 22 times enterprise value, meaning business value including net debt, to adjusted EBITDA, a profit measure before interest, tax, depreciation, amortization and selected adjustments. Revenue and earnings are growing quickly, but those multiples leave little room for disappointment. Inference: even if per-share earnings rose another 20%, the earnings multiple would still be around the mid-20s. For a value-focused assessment, the observed price therefore requires sustained growth and stable pricing, supporting an overvalued verdict.

Big pictureRevenue and cash generation are rising fast, but fleet expansion still absorbs substantial cash.

Reported facts: revenue rose from $3.18 billion in 2022 to $6.50 billion in 2025, operating income from $63 million to $1.50 billion, and operating cash flow from $373 million to $2.56 billion. Net income was volatile: a $1.85 billion loss in 2023 became a $1.15 billion profit in 2025. First-half 2026 operating cash flow was $1.13 billion, but $1.27 billion of property investment made free cash flow—cash left after running and investing in the business—slightly negative. Inference: cash generation is stronger, yet fleet spending and travel cycles still matter.

Business strengthStrong bookings and ample liquidity make near-term earnings more visible than many travel businesses.

Reported facts: by August 9, Viking had sold 96% of 2026 core capacity and 53% of 2027 capacity, even though 2027 capacity is planned to rise 15%. Advance bookings were $6.39 billion for 2026 and $4.71 billion for 2027, up 13% and 21% from comparable prior-year points. At June 30, cash was about $4.0 billion, net debt was $2.4 billion and net leverage was 1.2 times trailing adjusted operating earnings. Inference: this gives demand visibility and balance-sheet flexibility, though $5.0 billion of deferred revenue is customer money tied to future trips, not surplus cash.

What could change the storyHigher yields and smooth fleet growth could justify the premium, while river disruptions could break it.

Reported facts: 2027 capacity is planned to grow 15%, and advance bookings per passenger cruise day were 10% higher than the prior-year comparison. But first-half 2026 property investment was $1.27 billion, Viking raised $800 million of long-term debt, and diluted weighted-average shares rose about 0.6% year over year; issued shares also increased to 451.8 million from 450.9 million at year-end. Inference: the bull case needs new ships to lift profit faster than debt and dilution. The bear case is that weather-related river disruption, vouchers and weaker pricing interrupt that compounding.

AI: News

Strong quarter, stronger bookingsSecond-quarter growth beat expectations, while customer bookings showed strong demand extending well into next year.

On August 19, Viking reported second-quarter revenue of $2.19 billion, up 16.5%, and adjusted EBITDA, a measure of profit before interest, tax, depreciation, amortization and selected adjustments, of $748 million, up 18.2%; diluted earnings were $1.31 a share. It also said 96% of 2026 core capacity and 53% of 2027 capacity were sold by August 9, with 2027 advance bookings up 21%. Reported fact: net yield rose 6.2%. Inference: the figures improve earnings visibility, but investors were also weighing new operating risks disclosed that day.

Low-water disruption warningHistorically low European river levels raised near-term costs and future discount pressure despite strong bookings.

During the August 19 earnings call, management said more than 50% of third-quarter river capacity days had been affected by unusually low water levels, with 10% to 12% of that affected capacity ultimately canceling. The second-quarter numbers did not include the impact; management expects added transport and vessel costs, while future-cruise vouchers can reduce revenue when redeemed later. The shares closed down 7.65% that day. Inference: the timing suggests investors focused on this risk, but price timing alone does not prove causation.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

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2025

Total cash / debt

CashTotal debt

2022

2023

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2025

Financial statements

	2025	2024	2023	2022
Revenue	$6.50B	$5.33B	$4.71B	$3.18B
Gross profit	$2.82B	$2.22B	$1.86B	$1.02B
Gross margin	43.34%	41.62%	39.46%	32.23%
Operating expenses	$1.32B	$1.14B	$1.04B	$960.9M
Operating income	$1.50B	$1.08B	$816.0M	$62.7M
Operating margin	23.10%	20.16%	17.32%	1.98%
EBITDA	$1.79B	$1.34B	$1.07B	$340.8M
EBITDA margin	27.48%	25.05%	22.71%	10.73%
Net income	$1.15B	$153.0M	−$1.85B	$414.7M
Net profit margin	17.66%	2.87%	−39.28%	13.06%
Basic EPSper basic share	$2.59	$0.36	-$4.42	$1.11
Diluted EPSper diluted share	$2.57	$0.36	-$4.42	-$0.73

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of VIK
Holder	Shares held
Hagen Torstein	108.68M
Capital Research Global Investors	25.52M
FMR LLC	16.99M
CANADA PENSION PLAN INVESTMENT BOARD	11.24M
Invesco Ltd.	11.16M
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	9.69M
AQR CAPITAL MANAGEMENT LLC	9.29M
Select Equity Group, L.P.	8.6M
FEDERATED HERMES, INC.	8.24M
WELLINGTON MANAGEMENT GROUP LLP	6.16M
BlackRock, Inc.	6M
T. Rowe Price Investment Management, Inc.	5.7M
AMERICAN CENTURY COMPANIES INC	4.76M
NORGES BANK	4.72M
Castle Hook Partners LP	2.81M
JPMORGAN CHASE & CO	2.58M
PRICE T ROWE ASSOCIATES INC /MD/	2.54M
AGF MANAGEMENT LTD	2.54M
BANK OF AMERICA CORP /DE/	2.45M
MORGAN STANLEY	2.22M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)27$37.91M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4 · 10b5-1	Marnell RichardEVP, Marketing	SellOrdinary Shares	14	$95.50	$1.3K	110.8K
Jun 16, 2026Form 4 · 10b5-1	Marnell RichardEVP, Marketing	SellOrdinary Shares	145	$94.59	$13.7K	110.8K
Jun 15, 2026Form 4 · 10b5-1	Hofmann AntonEVP, Group Operations	SellOrdinary Shares	1.6K	$96.04	$154.2K	292.8K
Jun 15, 2026Form 4 · 10b5-1	Hofmann AntonEVP, Group Operations	SellOrdinary Shares	92.7K	$95.32	$8.83M	294.4K
Jun 15, 2026Form 4 · 10b5-1	Marnell RichardEVP, Marketing	SellOrdinary Shares	100	$96.05	$9.6K	110.9K

Review ownership filings at SEC.gov ↗

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Viking Holdings Ltd (VIK)

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