Last 12 quarters of trend data · Consumer Cyclical · Travel Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Viking Holdings Ltd's quarterly P/E stands at 26.6x, down 41.9% year-over-year — suggesting improving earnings relative to price.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 33.48 | 26.65 | 13.51 | 13.46 | — | 45.90 | 10.14 | 22.93 | — | — | — | — | — |
| — | -41.9% | +33.2% | -41.3% | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 4.18 | 4.63 | 3.45 | 3.16 | 4.91 | 3.59 | 2.26 | 1.96 | — | — | — | — | — |
| — | +29.0% | +52.3% | +60.8% | — | — | — | — | — | — | — | — | — | |
| P/B Ratio | 34.26 | 28.47 | 34.30 | 85.31 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/FCF | 20.86 | 11.83 | 11.31 | — | 9.97 | — | 5.32 | 14.31 | — | — | — | — | — |
| — | — | +112.7% | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 16.30 | 19.18 | 11.18 | 11.03 | 85.57 | 18.66 | 8.23 | 8.17 | — | — | — | — | — |
| — | +2.8% | +35.9% | +35.1% | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 19.39 | 23.48 | 12.01 | 12.77 | — | 29.21 | 9.65 | 15.10 | — | — | — | — | — |
| — | -19.6% | +24.5% | -15.5% | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Viking Holdings Ltd's operating margin was 20.9% in Q4 2025, down 9.3 pp QoQ and up 3.8 pp YoY. The trailing four-quarter average of 19.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 8.7% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.0% | 36.7% | 43.6% | 42.2% | 26.2% | 33.7% | 42.2% | 40.8% | 20.8% | 32.0% | 39.9% | 14.3% | 25.7% |
| — | +8.7% | +3.3% | +3.5% | +25.8% | +5.6% | +5.9% | +185.7% | -19.1% | — | — | — | — | |
| Operating Margin | 23.1% | 20.9% | 30.2% | 29.0% | -1.0% | 17.1% | 29.2% | 26.9% | -9.8% | 14.1% | 27.4% | -18.4% | 3.1% |
| — | +22.2% | +3.7% | +7.9% | +89.5% | +20.9% | +6.6% | +246.0% | -419.1% | — | — | — | — | |
| Net Margin | 17.7% | 17.4% | 25.7% | 23.3% | -11.8% | 7.7% | 22.3% | 9.8% | -68.8% | -53.3% | -82.2% | -34.1% | 21.9% |
| — | +126.4% | +15.1% | +138.1% | +82.9% | +114.4% | +127.2% | +128.8% | -413.7% | — | — | — | — |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 254.3% | 31.2% | 95.0% | 8096.0% | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| ROA | 10.3% | 2.5% | 4.5% | 4.0% | -1.0% | 1.1% | 4.0% | 1.8% | -5.7% | -6.9% | -14.3% | — | 2.5% |
| — | +139.5% | +12.2% | +129.6% | +82.2% | +115.2% | +128.3% | — | -331.5% | — | — | — | — | |
| ROIC | 37.1% | 8.4% | 13.1% | 13.6% | -0.3% | 6.7% | 16.5% | 259.3% | — | — | — | — | 2.9% |
| — | +24.4% | -20.5% | -94.7% | — | — | — | — | — | — | — | — | — |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Viking Holdings Ltd's Debt/EBITDA ratio is 13.0x, up from 8.4x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 27.8% YoY to 0.79x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 5.12 | 5.12 | 7.03 | 20.33 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Debt / EBITDA | 3.21 | 13.01 | 8.37 | 9.26 | 92.99 | 18.40 | 9.65 | 10.91 | — | 25.11 | 11.76 | — | 59.74 |
| — | -29.3% | -13.2% | -15.1% | — | -26.7% | -17.9% | — | — | — | — | — | — | |
| Current Ratio | 0.79 | 0.79 | 0.63 | 0.64 | 0.63 | 0.62 | 0.58 | 0.51 | 0.53 | 0.54 | 0.57 | — | 0.53 |
| — | +27.8% | +8.2% | +25.5% | +18.3% | +14.3% | +3.0% | — | +0.6% | — | — | — | — | |
| Quick Ratio | 0.77 | 0.77 | 0.61 | 0.62 | 0.61 | 0.60 | 0.57 | 0.50 | 0.52 | 0.53 | 0.55 | — | 0.52 |
| — | +28.8% | +7.4% | +24.6% | +17.8% | +13.7% | +3.3% | — | +0.6% | — | — | — | — | |
| Interest Coverage | 4.14 | 4.24 | 5.65 | 6.50 | -0.11 | 2.67 | 5.44 | 4.24 | -0.60 | 1.33 | 3.36 | -0.94 | 0.23 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 12 years · Updated daily
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Viking Holdings Ltd's current P/E is 33.5x. The average P/E over the last 3 quarters is 17.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Viking Holdings Ltd's current operating margin is 23.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Viking Holdings Ltd's business trajectory between earnings reports.