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Operates river and small ocean cruises marketed to older, culturally curious travelers, with an adults-focused, no-kids policy.
Operates river and small ocean cruises marketed to older, culturally curious travelers, with an adults-focused, no-kids policy.
Sells cruises long before sailing, so payments arrive months early, and the fare bundles shore excursions and meals, making it more all-inclusive than mass-market lines. River cruising is the original business, with ocean ships added since 2015. Founder Torstein Hagen remains chairman and the controlling shareholder.
Moat: narrow (brand, scale). Dominant scale and brand in river cruising plus a distinctive no-kids, culture-focused positioning.
Headquarters: Basel, Switzerland · Founded: 1997 · Employees: 13,000
Size Viking (VIK) is a United States Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $39.1B, the 302nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $87.48 on 6 Nov 2026.
Performance Over six months the shares gained 5.8%, against +18.1% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 10 in its peer set.
Growth Revenue grew 20.0% over the last twelve months (peer median +5.8%); the operating margin is 23.3% (peer median 21.2%).
Valuation It trades at 24.4× forward earnings against a peer median of 23.8× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.2 points above its cost of capital (10.9% WACC).
Credit Viking has 1 bond outstanding ($1.70B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 169 bp.
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.97B | $6.50B | $5.33B | $4.71B | $3.18B |
| Revenue growth | — | +22% | +13% | +48% | — |
| Gross profit | $2.70B | $2.53B | $1.96B | $1.60B | $747M |
| EBITDA | $1.93B | $1.79B | $1.34B | $1.07B | $340M |
| Net income | $1.35B | $1.15B | $152M | -$1.85B | $399M |
| Free cash flow | $941M | $1.30B | $882M | $339M | -$957M |
| Capital expenditure | $1.48B | $1.03B | $917M | $674M | $955M |
| Total debt | $6.19B | $5.74B | $5.57B | $6.94B | $6.84B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Viking VIK | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% |
| Royal Caribbean RCL | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% |
| Carnival CCL | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% |
| Norwegian Cruise Line NCLH | $8.23B | +5% | +5% | 14% | 13.8× | n/a |
| Lindblad Expeditions LIND | $2.23B | +61% | +17% | 8% | 89.0× | 33.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VIK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.2% | +15.6% | lowest of 10 |
| 6-month return | +5.8% | +18.1% | 2nd lowest of 10 |
| Distance from 52-week high | -20.5% | -3.9% | lowest of 10 |
| Revenue growth (TTM) | +20.0% | +5.8% | highest of 10 |
| Operating margin | 23.3% | 21.2% | 5th highest of 10 |
| Forward P/E | 24.4× | 23.8× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 19.2% | 17.9% | 5th most demanding of 10 |
| Growth delivered (Del g) | +27.0% | +28.3% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -7.8 pp | -3.9 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | +22.2 pp | -1.2 pp | 2nd highest of 9 |
| EV / EBITDA | 21.4× | 20.8× | 5th most expensive of 10 |
| Net debt / EBITDA | 1.1× | 3.2× | 3rd least indebted of 10 |
| Bond spread | 169 bp | 103 bp | widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Royal Caribbean RCL | United States | $87.5B | +19% | +10% | 27% | 16.4× | 23.2% | +52.0% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Marriott International MAR | United States | $107B | +18% | +6% | 16% | 32.1× | 17.9% | +19.9% |
| Airbnb ABNB | United States | $114B | +34% | +14% | 21% | 30.7× | 26.0% | +29.5% |
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
Viking has 1 bond outstanding with $1.70B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.40%, a spread of 169 bp over government bonds.