| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 30 | 28.1x | 17.8x | Bottom tier | |
Growth | 83 | 20.0% | 7.1% | Top tier | |
Quality | 82 | 23.2% | 4.5% | Top tier | |
Safety | 59 | 1.1x | 2.6x | Around median | |
Capital Return | 15 | 0.00% | 2.12% | Bottom tier | |
Momentum | 71 | 68.4% | 2.9% | Top tier | |
Sentiment | 35 | 9 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Viking Holdings provides destination-focused travel experiences through river and ocean cruises, alongside expedition voyages and products aimed at Chinese-speaking travelers. Revenue growth depends on expanding the fleet, increasing available cruise days, and improving revenue per passenger day, while land extensions and optional shore excursions add another source of revenue; about 40% of guests choose a pre- or post-cruise land extension. The nearly identical ship model enhances training, maintenance, procurement, and fleet deployment efficiency, and also allows ships to be swapped when river navigation is disrupted.
In Q2 FY2026, revenue rose 16.5% year over year to $2.2 billion, driven by a 10.9% increase in capacity measured by available passenger cruise days and higher revenue per passenger day. Adjusted gross margin reached $1.4 billion, up 16.3%, while net yield increased 6.2% to $645. Adjusted earnings before interest, taxes, depreciation, and amortization rose 18.2% to $748 million, equivalent to about 34% of revenue, while net income was $588 million and adjusted earnings per share were $1.31, exceeding expectations of $1.25.
During the six months ended June 30, 2026, the Ocean segment recorded an adjusted gross margin of $1.1 billion, up 20.3%, with occupancy of 95.4% and net yield of $593, up 7.7%. In the River segment, occupancy was 94.8%, while adjusted gross margin rose 11.3% and net yield increased 8.8% to $660. FY2025 recorded revenue of $6.5 billion, gross profit of $2.8 billion, net income of $1.1 billion, and earnings per share of $2.57.
The average analyst price target is $107, within a wide range of $82 to $121, and the stock carries a “Buy” consensus. The average is below the highest target and slightly below the 52-week range high of $110.09, while it is well above the range low of $56.37, revealing a wide spread in value estimates across scenarios. No price-to-earnings ratio is available in the data, so the stock's valuation here is based on the target range, booking strength, and the risks of low water levels and vouchers extending into 2027 and 2028.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Viking generated revenue of $2.2 billion, up 16.5% year over year, with capacity growth of 10.9%. Adjusted gross margin rose 16.3% to $1.4 billion, while net yield reached $645, up 6.2%. The company recorded adjusted earnings before interest, taxes, depreciation, and amortization of $748 million and net income of $588 million. Adjusted earnings per share were $1.31, exceeding expectations of $1.25.
As of August 9, 2026, 96% of core product capacity for the 2026 season was booked, and advance bookings reached $6.4 billion. For the 2027 season, 53% of capacity was booked at a value of $4.7 billion, up 21% from the corresponding point in the previous season. In Ocean, 62% of 2027 capacity was booked despite 18% growth, while 42% of River capacity was booked despite 13% growth. India voyages for the 2027 and 2028 seasons also sold out completely.
The operational impact began in mid-July 2026, so it did not appear in Q2 FY2026 results. Through mid-August 2026, more than 50% of River capacity days in Q3 FY2026 were affected, with cancellations involving 10% to 12% of the affected portion. Management expects additional transportation and ship expenses, but it has not yet quantified them. It also issued future cruise vouchers to some guests, and these vouchers could have a financial impact in 2027 and 2028 when used.
Automated analysis for informational purposes only — not investment advice.
Viking expects to take delivery of 12 ships during 2026, consisting of 10 River ships and two Ocean ships. Since the previous earnings call, it has added four river ships and one ocean ship, and it also exercised options for two additional Ocean ships scheduled for delivery in 2032. Committed capital expenditures for ships total about $1.9 billion in 2026 and about $1 billion in 2027 before financing. This program supports a 7% increase in core product capacity in 2026 and a planned 15% increase in 2027.
Viking focuses on destinations and itineraries, and uses nearly identical ships within each class so that guests' choices do not depend on a particular ship. This design reduces the complexity of training, maintenance, procurement, and inventory management, and helps ships operating on similar itineraries achieve comparable returns. Nearly identical ships also allow ships to be swapped when river navigation is disrupted, which the company used to continue operating during low water levels in 2026. In addition to the core cruise, about 40% of guests choose a pre- or post-cruise land extension, and the company adds options such as St. Moritz, Lombardy & Alpine Train and a Zeppelin flight over Cologne.
As of June 30, 2026, Viking had $4 billion in cash and cash equivalents, in addition to an undrawn $1 billion credit facility. Net debt was $2.4 billion and net financial leverage was 1.2 times, while deferred revenue reached $5 billion. Bond maturities begin in 2028 and beyond, with scheduled principal payments of $117 million for the remainder of 2026 and $234 million for all of 2027. This liquidity gives the company the capacity to fund ship orders, but the scale of capital expenditures makes execution and pricing discipline essential.
