Latest Ratios: P/E Ratio 31.2x · EV/EBITDA 21.1x · ROE 254.3%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $35.7B | $31.9B | $19.0B | — | — | — |
| Enterprise Value | $37.6B | $33.8B | $22.2B | — | — | — |
| P/E Ratio → | 31.25 | 27.79 | 146.87 | — | — | — |
| P/S Ratio | 5.49 | 4.90 | 3.57 | — | — | — |
| P/B Ratio | 31.97 | 28.43 | — | — | — | — |
| P/FCF | 27.37 | 24.46 | 16.33 | — | — | — |
| P/OCF | 15.31 | 13.68 | 9.13 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.20 | 4.17 | — | — | — |
| EV / EBITDA | 21.05 | 18.93 | 16.65 | — | — | — |
| EV / EBIT | 25.05 | 22.10 | 40.42 | — | — | — |
| EV / FCF | — | 25.95 | 19.10 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 39.0% | 39.0% | 36.7% | 34.1% | 23.5% | -46.6% |
| Operating Margin | 23.1% | 23.1% | 20.2% | 17.3% | 2.0% | -120.6% |
| Net Profit Margin | 17.7% | 17.7% | 2.9% | -39.3% | 12.5% | -337.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 254.3% | 254.3% | — | — | — | — |
| ROA | 10.3% | 10.3% | 1.6% | -22.6% | 5.1% | -27.5% |
| ROIC | 37.1% | 37.1% | 96.2% | — | 6.7% | — |
| ROCE | 26.3% | 26.3% | 23.8% | 20.7% | 1.7% | -20.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 5.12 | 5.12 | — | — | — | — |
| Debt / EBITDA | 3.21 | 3.21 | 4.17 | 5.19 | 16.05 | — |
| Net Debt / Equity | — | 1.73 | — | — | — | — |
| Net Debt / EBITDA | 1.08 | 1.08 | 2.42 | 3.75 | 12.36 | — |
| Debt / FCF | — | 1.49 | 2.77 | 5.78 | — | — |
| Interest Coverage | 4.22 | 4.22 | 1.45 | -2.84 | 1.89 | -4.30 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.79 | 0.79 | 0.62 | 0.54 | 0.53 | 0.72 |
| Quick Ratio | 0.77 | 0.77 | 0.60 | 0.53 | 0.52 | 0.71 |
| Cash Ratio | 0.67 | 0.67 | 0.45 | 0.36 | 0.31 | 0.47 |
| Asset Turnover | — | 0.53 | 0.53 | 0.55 | 0.40 | 0.08 |
| Inventory Turnover | 41.44 | 41.44 | 36.90 | 56.88 | 53.53 | 28.04 |
| Days Sales Outstanding | — | 7.97 | 16.36 | 27.67 | 66.40 | 423.50 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.1% | — | — | — |
| Payout Ratio | — | — | 12.4% | — | 11.7% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 3.6% | 0.7% | — | — | — |
| FCF Yield | 3.7% | 4.1% | 6.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.1% | — | — | — |
| Shares Outstanding | — | $446M | $432M | $431M | $431M | $431M |
Includes 30+ ratios · 5 years · Updated daily
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Quick answers to the most common questions about buying VIK stock.
Viking Holdings Ltd's current P/E ratio is 31.2x. The historical average is 87.3x. This places it at the 50th percentile of its historical range.
Viking Holdings Ltd's current EV/EBITDA is 21.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
Viking Holdings Ltd's return on equity (ROE) is 254.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 254.3%.
Based on historical data, Viking Holdings Ltd is trading at a P/E of 31.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Viking Holdings Ltd has 39.0% gross margin and 23.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Viking Holdings Ltd's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High Financial Leverage Exposure
Premium Valuation Reflects Growth Expectations
Based on recent market data, Viking's P/E ratio of 40.18 and P/S ratio of 7.06 suggest that investors are pricing in significant future growth, placing the company at a notable premium compared to traditional cruise operators like Carnival, which trades at a significantly lower P/E multiple.
The current valuation appears to assume that Viking's specialized, high-margin demographic focus will yield superior long-term returns compared to the broader, more cyclical cruise industry. However, this premium warrants caution, as it implies a high bar for execution that may be difficult to maintain if interest expenses continue to weigh on net income.
Capital Efficiency Subject To Seasonality
As reported in financial statements, Viking's ROIC has demonstrated extreme volatility, peaking at 16.5% in 2024Q3 before declining to 3.7% in 2026Q1, a trend that highlights the difficulty of maintaining consistent capital returns within an asset-heavy, highly seasonal maritime business model.
The fluctuation in ROIC suggests that the company's ability to compound capital is heavily dependent on peak-season occupancy levels. Investors should monitor whether the ongoing fleet expansion program can eventually stabilize these returns or if the high capital intensity will continue to dilute long-term efficiency.
Working Capital Dynamics Drive Liquidity
According to recent quarterly filings, Viking's cash conversion cycle remains negative, often dipping to -10 days, which indicates that the company effectively utilizes customer deposits to fund operations before the actual delivery of cruise services, providing a structural advantage in managing its working capital requirements.
This negative cycle is a critical component of the business model, effectively acting as interest-free financing. While this efficiency is impressive, it remains highly sensitive to booking trends; any sustained decline in advance ticket sales could rapidly shift this dynamic and pressure the company's liquidity position.
Debt Burden Constrains Financial Flexibility
Based on reported figures, Viking's debt-to-equity ratio of 5.12% as of 2025Q4 highlights a significant reliance on external financing to support its aggressive fleet expansion, a level of leverage that appears substantially higher than that of major industry peers like Royal Caribbean.
The high leverage ratio suggests that the company's financial health is vulnerable to interest rate volatility and potential credit market tightening. While the current interest coverage ratio of 4.24x provides some breathing room, any material decline in operating income could quickly jeopardize the company's ability to service its debt obligations.
Misapplication Of Standard Cruise Metrics
Analysts frequently misapply the standard P/E ratio to Viking, failing to account for the company's unique vertical integration and the role of its river segment as a customer acquisition funnel, which obscures the true underlying earning power of the combined river and ocean business model.
Instead of relying on traditional P/E multiples, investors should focus on Net Yield and the growth of customer deposits as more accurate indicators of business health. The standard P/E approach ignores the strategic synergy between vessel classes and may lead to an inaccurate assessment of the company's long-term durability.