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Viking Holdings

VIK
76
Travel Services · Consumer Cyclical
Price
$83.42
-0.56 (-0.67%)
Market Cap
$37.22B
Winston Score
76
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
9/10
Stability
Mixed
3/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Not counted
n/a

72 of 95 counted points = Winston Score 76. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+3.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 431.5M (2021) → 446.4M (2025)

§Winston Score History

The full picture

Viking Holdings runs a cruise company that focuses on "destination-focused" travel for adults. It operates river cruises on waterways across Europe, Asia, and Egypt, as well as ocean cruises that visit ports around the world. Viking is one of the largest river cruise operators globally and markets almost entirely to older, college-educated travelers who want a more cultural and educational experience than typical cruise lines offer.

Viking makes money by selling cruise packages that bundle the ship cabin, meals, shore excursions, and flights into one price. The company is headquartered in Bermuda and generates most of its revenue from North American and European customers. Its moat comes from strong brand loyalty, a no-children policy that appeals to its target audience, and a large fleet that is difficult for new competitors to replicate quickly. The main risk is that Viking carries significant debt from building new ships, making it vulnerable if travel demand slows or interest rates stay high.

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0 Congressional buys and 15 sells on VIK in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+33.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

41.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$4.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$4.0B cash & investments at current burn rate

Growth context

Viking Holdings is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
41.7%
Healthy — 41.7% gross margin
Profit after running costs
Operating Margin
29.4%
Excellent — 29.4% operating margin
Return on the money invested
ROCE
21.3%
Exceptional — 21.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+20.0%
Fast-growing sales (+20.0% YoY)
Profit growth
EPS YoY
+63.4%
Earnings growing fast (+63.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
187%
Turns 187% of profit into real cash
Spare cash per sale
FCF Margin
15.0%
Converts sales into free cash efficiently (15.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
3.62
Heavy debt load (3.62)
Covers its interest
Interest Cover
4.62x
Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
27.4x
Growth-priced — P/E 27.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+12.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (27.4 → 15.1)

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Dividends

Not applicable for this business.
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