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ValueScreener company report

Viking Holdings Ltd (VIK)

NYSE / Consumer Cyclical / Travel Services

Share price

82.60 USD Market dataClose of Oct 14, 2026

Market capitalisation

36.85B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 3, 2026
Ratios computed
Oct 14, 2026
Filed years
4, FY2022 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

46.2% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

32.11x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Dividend yield

0.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2022 Net income: 414.7M USDFY2023 Net income: -1.85B USDFY2024 Net income: 152.3M USDFY2025 Net income: 1.15B USD
Revenue Net income4 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 32.11x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Consumer Cyclical sector (302 companies), 32.11x sits at the 77th percentile; the middle half of that group runs from 12.42x to 30.68x.

Is it good

Return on invested capital was 46.2% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Consumer Cyclical sector (213 companies), 46.2% sits at the 96th percentile; the middle half of that group runs from 3.8% to 14.9%.

Is it safe

Net debt to EBITDA was 1.18x in FY2025, in the band labelled "Moderate" (1.00x to 2.50x), on lines set by credit-analyst convention.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Viking Holdings Ltd's net debt to EBITDA stayed above the median of the Consumer Cyclical sector, year by year. (FY2023 to FY2025, 3 fiscal years of Viking Holdings Ltd with a comparable figure)
What could explain it
What in Viking Holdings Ltd's filed statements could explain the movements. (2 readings drawn from the statement lines Viking Holdings Ltd filed)
What to check next
What to check next on Viking Holdings Ltd, and where in its filings. (3 questions for Viking Holdings Ltd)
In one paragraph
One paragraph on Viking Holdings Ltd's returns, cash, balance sheet and price. (7 of sixteen figures read for Viking Holdings Ltd)

These are VIK’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research VIKPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Mar 3, 2026, accession 0001745201-26-000007.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Viking Holdings Ltd: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax46.2% ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Return on equity104.9% ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Return on capital employed, pre-tax23.1% ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Return on assets9.4% ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Gross margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Operating margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Net margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Viking Holdings Ltd: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity5.40 ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Current ratio0.79 ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Quick ratio0.77 ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Altman Z-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Net debt2.10B ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Total assets 12.23BTotal liabilities 11.11BShareholders' equity 1.09BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Viking Holdings Ltd owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Mar 3, 2026, 0001745201-26-000007).

Viking Holdings Ltd: balance sheet position
Total assets12.23B FiledFY2025 20-F, filed Mar 3, 2026
Total liabilities11.11B FiledFY2025 20-F, filed Mar 3, 2026
Shareholders' equity1.09B FiledFY2025 20-F, filed Mar 3, 2026
Cash3.80B FiledFY2025 20-F, filed Mar 3, 2026
Total debt5.90B FiledFY2025 20-F, filed Mar 3, 2026
Net debt2.10B
Current ratio0.79
Debt to equity5.40
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Viking Holdings Ltd: what the market charges, each with its source
FigureValue, source and document
Price to earnings32.11x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book33.69x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Price to sales
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Enterprise value to EBIT25.94x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Enterprise value to EBITDA21.81x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007

We publish no fair value or price target of our own. Value VIK on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Viking Holdings Ltd today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Viking Holdings Ltd: valuation
Share price82.60 USD
Market capitalisation36.85B USD
Enterprise value to EBITDA21.81x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Viking Holdings Ltd

  1. Expedia Group, Inc. (EXPE)Market cap 31.45B USD
  2. Royal Caribbean Cruises Ltd. (RCL)Market cap 73.57B USD
  3. Airbnb, Inc. (ABNB)Market cap 99.15B USD
  4. Booking Holdings Inc. (BKNG)Market cap 120.70B USD
  5. Trip.com Group Limited (TCOM)Market cap 25.26B USD

Same industry (Travel Services) and size band (Large, 10B to 200B), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Viking Holdings Ltd: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Free cash flow
Why n/a

The FY2025 filing carries no free cash flow we could read.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Free cash flow margin
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Dividend yield0.0% ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Payout ratio0.0% ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
FY2022 Net income: 414.7M USDFY2023 Net income: -1.85B USDFY2024 Net income: 152.3M USDFY2025 Net income: 1.15B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Viking Holdings Ltd: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
32.11xFY2025Oct 14, 2026
33.69xFY2025Oct 14, 2026
25.94xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed cash flow statement reports neither free cash flow nor the operating cash flow and capital spending it is built from.
46.2%FY2025Mar 3, 2026
0.0%FY2025Oct 14, 2026
5.40FY2025Mar 3, 2026
0.79FY2025Mar 3, 2026
n/aFY2025Oct 14, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2025Oct 14, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2025Mar 3, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
n/aFY2025Mar 3, 2026
n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 4 filed fiscal years on record, FY2022 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

4 filed fiscal years, FY2022 to FY2025, read from the annual reports Viking Holdings Ltd filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Viking Holdings Ltd: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025n/a1.50B1.15Bn/an/an/a104.9%20-F, Mar 3, 20260001745201-26-000007
FY2024n/a1.08B152.3Mn/an/an/an/m20-F, Mar 11, 20250000950170-25-036852
FY2023n/a816.0M-1.85Bn/an/an/an/m20-F, Mar 11, 20250000950170-25-036852
FY2022n/a62.7M414.7Mn/an/an/an/a20-F, Mar 11, 20250000950170-25-036852
  • Revenue: Fewer than two filed years carry revenue.
  • Earnings, compound annual growth FY2022 to FY2025: 40.4%
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Fewer than two filed years carry free cash flow.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Viking Holdings Ltd: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Piotroski F-score
Why n/a

Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.

n/a ComputedFY2025 20-F, filed Mar 3, 2026, 0001745201-26-000007
Named tests met1 of 30 Computed
Beta1.32 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 1 met, 22 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Three forensic scores; Gross margin, turnover (Robert Novy-Marx); Dividends and buybacks; P/E times P/B (Benjamin Graham); Low P/S, rising earnings (James O'Shaughnessy); Cash-covered dividend; Cash-flow yield and ROIC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(19)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Payout Ratio: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 19 figures could not be read on this company, among them Positive Earnings Streak, Piotroski F-Score, Altman Z-Score. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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