VIK
Viking Holdings Ltd
Travel Services
Market Cap$26.52B
5Y Perf.+167.3%
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Stock Comparison
VIK vs NCLH
Revenue, margins, valuation, and 5-year total return — side by side.
NCLH
Norwegian Cruise Line Holdings Ltd.
Travel Services
Market Cap$7.91B
5Y Perf.+3.7%
VIK vs NCLH — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | VIK | NCLH |
|---|---|---|
| Industry | Travel Services | Travel Services |
| Market Cap | $26.52B | $7.91B |
| Revenue (TTM) | $6.50B | $10.03B |
| Net Income (TTM) | $1.15B | $568M |
| Gross Margin | 39.0% | 43.0% |
| Operating Margin | 23.1% | 15.9% |
| Forward P/E | 25.2x | 8.2x |
| Total Debt | $5.74B | $14.61B |
| Cash & Equiv. | $3.80B | $210M |
VIK vs NCLH — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
VIK
NCLH
| Stock | May 24 | May 26 | Return |
|---|---|---|---|
| Viking Holdings Ltd (VIK) | 100 | 267.3 | +167.3% |
| Norwegian Cruise Li… (NCLH) | 100 | 103.7 | +3.7% |
Price return only. Dividends and distributions are not included.
Quick Verdict: VIK vs NCLH
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: VIK leads in 5 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. Norwegian Cruise Line Holdings Ltd. is the stronger pick specifically for valuation and capital efficiency. As sector peers, any of these can serve as alternatives in the same allocation.
VIK
Viking Holdings Ltd
The Income Pick
VIK carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 0 yrs, beta 1.85
- Rev growth 21.9%, EPS growth 7.6%, 3Y rev CAGR 27.0%
- 221.7% 10Y total return vs NCLH's -65.0%
Best for: income & stability and growth exposure
NCLH
Norwegian Cruise Line Holdings Ltd.
The Value Play
NCLH is the clearest fit if your priority is value.
- Lower P/E (8.2x vs 25.2x)
Best for: value
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | VIK | 21.9% revenue growth vs NCLH's 3.7% |
| Value | NCLH | Lower P/E (8.2x vs 25.2x) |
| Quality / Margins | VIK | 17.7% margin vs NCLH's 5.7% |
| Stability / Safety | VIK | Beta 1.85 vs NCLH's 2.26, lower leverage |
| Dividends | Tie | Neither stock pays a meaningful dividend |
| Momentum (1Y) | VIK | +95.1% vs NCLH's -0.5% |
| Efficiency (ROA) | VIK | 10.1% ROA vs NCLH's 2.5%, ROIC 37.1% vs 7.5% |
VIK vs NCLH — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
VIK vs NCLH — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLVIKLAGGINGNCLH
NCLHNorwegian Cruise Line…
1leads
VIKViking Holdings Ltd
4leads
6 Total Categories
CATEGORYLEADERvs NCLHMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
VIK4/6
Valuation MetricsMultiples, price ratios, and targets
NCLH5/5
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
VIK9/9
Total Returns1Y, 3Y, 5Y total returns with dividends
VIK6/6
Risk & VolatilityBeta, volatility, and downside exposure
VIK2/2
Analyst OutlookRatings, price targets, and dividends
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Income & Cash Flow (Last 12 Months)
VIK leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
NCLH is the larger business by revenue, generating $10.0B annually — 1.5x VIK's $6.5B. VIK is the more profitable business, keeping 17.7% of every revenue dollar as net income compared to NCLH's 5.7%. On growth, VIK holds the edge at +27.8% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| RevenueTrailing 12 months | $6.5B | $10.0B |
| EBITDAEarnings before interest/tax | $1.8B | $2.6B |
| Net IncomeAfter-tax profit | $1.1B | $568M |
| Free Cash FlowCash after capex | $1.5B | -$949M |
| Gross MarginGross profit ÷ Revenue | +39.0% | +43.0% |
| Operating MarginEBIT ÷ Revenue | +23.1% | +15.9% |
| Net MarginNet income ÷ Revenue | +17.7% | +5.7% |
| FCF MarginFCF ÷ Revenue | +23.5% | -9.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +27.8% | +9.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +179.2% | +3.5% |
VIK leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
NCLH leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
At 19.1x trailing earnings, NCLH trades at a 41% valuation discount to VIK's 32.7x P/E. On an enterprise value basis, NCLH's 8.1x EV/EBITDA is more attractive than VIK's 15.9x.
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| Market CapShares × price | $26.5B | $7.9B |
| Enterprise ValueMkt cap + debt − cash | $28.5B | $22.3B |
| Trailing P/EPrice ÷ TTM EPS | 32.67x | 19.13x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.24x | 8.20x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 15.93x | 8.14x |
| Price / SalesMarket cap ÷ Revenue | 4.08x | 0.80x |
| Price / BookPrice ÷ Book value/share | 33.43x | 3.58x |
| Price / FCFMarket cap ÷ FCF | 20.35x | — |
NCLH leads this category, winning 5 of 5 comparable metrics.
Profitability & Efficiency
VIK leads this category, winning 9 of 9 comparable metrics.
Profitability & Efficiency
VIK delivers a 2.4% return on equity — every $100 of shareholder capital generates $2 in annual profit, vs $27 for NCLH. VIK carries lower financial leverage with a 5.12x debt-to-equity ratio, signaling a more conservative balance sheet compared to NCLH's 6.61x. On the Piotroski fundamental quality scale (0–9), VIK scores 8/9 vs NCLH's 6/9, reflecting strong financial health.
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| ROE (TTM)Return on equity | +2.4% | +27.0% |
| ROA (TTM)Return on assets | +10.1% | +2.5% |
| ROICReturn on invested capital | +37.1% | +7.5% |
| ROCEReturn on capital employed | +26.3% | +10.2% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 6 |
| Debt / EquityFinancial leverage | 5.12x | 6.61x |
| Net DebtTotal debt minus cash | $1.9B | $14.4B |
| Cash & Equiv.Liquid assets | $3.8B | $210M |
| Total DebtShort + long-term debt | $5.7B | $14.6B |
| Interest CoverageEBIT ÷ Interest expense | 4.14x | 1.60x |
VIK leads this category, winning 9 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
VIK leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in VIK five years ago would be worth $32,172 today (with dividends reinvested), compared to $6,046 for NCLH. Over the past 12 months, VIK leads with a +95.1% total return vs NCLH's -0.5%. The 3-year compound annual growth rate (CAGR) favors VIK at 47.6% vs NCLH's 6.5% — a key indicator of consistent wealth creation.
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| YTD ReturnYear-to-date | +16.2% | -24.4% |
| 1-Year ReturnPast 12 months | +95.1% | -0.5% |
| 3-Year ReturnCumulative with dividends | +221.7% | +20.8% |
| 5-Year ReturnCumulative with dividends | +221.7% | -39.5% |
| 10-Year ReturnCumulative with dividends | +221.7% | -65.0% |
| CAGR (3Y)Annualised 3-year return | +47.6% | +6.5% |
VIK leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
VIK leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
VIK is the less volatile stock with a 1.85 beta — it tends to amplify market swings less than NCLH's 2.26 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. VIK currently trades 96.5% from its 52-week high vs NCLH's 63.4% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.85x | 2.26x |
| 52-Week HighHighest price in past year | $87.00 | $27.18 |
| 52-Week LowLowest price in past year | $42.20 | $16.87 |
| % of 52W HighCurrent price vs 52-week peak | +96.5% | +63.4% |
| RSI (14)Momentum oscillator 0–100 | 62.0 | 42.5 |
| Avg Volume (50D)Average daily shares traded | 2.8M | 21.8M |
VIK leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Wall Street rates VIK as "Buy" and NCLH as "Buy". Consensus price targets imply 40.4% upside for NCLH (target: $24) vs -7.6% for VIK (target: $78).
| Metric | VIKViking Holdings L… | NCLHNorwegian Cruise … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $77.60 | $24.18 |
| # AnalystsCovering analysts | 13 | 37 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.3% |
Insufficient data to determine a leader in this category.
Key Takeaway
VIK leads in 4 of 6 categories (Income & Cash Flow, Profitability & Efficiency). NCLH leads in 1 (Valuation Metrics).
Best OverallViking Holdings Ltd (VIK)Leads 4 of 6 categories
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VIK vs NCLH: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is VIK or NCLH a better buy right now?
For growth investors, Viking Holdings Ltd (VIK) is the stronger pick with 21.
9% revenue growth year-over-year, versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). Norwegian Cruise Line Holdings Ltd. (NCLH) offers the better valuation at 19. 1x trailing P/E (8. 2x forward), making it the more compelling value choice. Analysts rate Viking Holdings Ltd (VIK) a "Buy" — based on 13 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — VIK or NCLH?
On trailing P/E, Norwegian Cruise Line Holdings Ltd.
(NCLH) is the cheapest at 19. 1x versus Viking Holdings Ltd at 32. 7x. On forward P/E, Norwegian Cruise Line Holdings Ltd. is actually cheaper at 8. 2x.
03Which is the better long-term investment — VIK or NCLH?
Over the past 5 years, Viking Holdings Ltd (VIK) delivered a total return of +221.
7%, compared to -39. 5% for Norwegian Cruise Line Holdings Ltd. (NCLH). Over 10 years, the gap is even starker: VIK returned +221. 7% versus NCLH's -65. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — VIK or NCLH?
By beta (market sensitivity over 5 years), Viking Holdings Ltd (VIK) is the lower-risk stock at 1.
85β versus Norwegian Cruise Line Holdings Ltd. 's 2. 26β — meaning NCLH is approximately 22% more volatile than VIK relative to the S&P 500. On balance sheet safety, Viking Holdings Ltd (VIK) carries a lower debt/equity ratio of 5% versus 7% for Norwegian Cruise Line Holdings Ltd. — giving it more financial flexibility in a downturn.
05Which is growing faster — VIK or NCLH?
By revenue growth (latest reported year), Viking Holdings Ltd (VIK) is pulling ahead at 21.
9% versus 3. 7% for Norwegian Cruise Line Holdings Ltd. (NCLH). On earnings-per-share growth, the picture is similar: Viking Holdings Ltd grew EPS 756. 7% year-over-year, compared to -52. 4% for Norwegian Cruise Line Holdings Ltd.. Over a 3-year CAGR, VIK leads at 27. 0% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — VIK or NCLH?
Viking Holdings Ltd (VIK) is the more profitable company, earning 17.
7% net margin versus 4. 3% for Norwegian Cruise Line Holdings Ltd. — meaning it keeps 17. 7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: VIK leads at 23. 1% versus 16. 2% for NCLH. At the gross margin level — before operating expenses — VIK leads at 39. 0%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is VIK or NCLH more undervalued right now?
On forward earnings alone, Norwegian Cruise Line Holdings Ltd.
(NCLH) trades at 8. 2x forward P/E versus 25. 2x for Viking Holdings Ltd — 17. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NCLH: 40. 4% to $24. 18.
08Which pays a better dividend — VIK or NCLH?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
09Is VIK or NCLH better for a retirement portfolio?
For long-horizon retirement investors, Viking Holdings Ltd (VIK) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+221.
7% 10Y return). Norwegian Cruise Line Holdings Ltd. (NCLH) carries a higher beta of 2. 26 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (VIK: +221. 7%, NCLH: -65. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between VIK and NCLH?
Both stocks operate in the Consumer Cyclical sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: VIK is a mid-cap high-growth stock; NCLH is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(VIK: 27.8% · NCLH: 9.6%)Net Margin>
%
(VIK: 17.7% · NCLH: 5.7%)P/E Ratio<
x
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