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Viking Holdings Ltd
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$41.1B
Market Cap
27.8
P/E
0.65
PEG
37.1%
ROCE
254.5%
ROE
4.76
D/E
23.1%
OPM
-14.8%
% from 52W High
73
α RS
🔍 VIK is showing a high-conviction setup because it matches 20 of 37 tracked screener presets, RS Rating is 73, and an ECS of 64.8 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 20/37 · RS Rating 73 · ECS 64.8
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🌏 Global Investor Returns
Currency-adjusted total returns for VIK including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Viking Holdings Ltd focused on providing passenger cruises in North America, the United Kingdom, and internationally.

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📈 Growth Pattern
📊 Quick Scorecard
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 2.96M $217.5M 0.28% Mar 2026
Jim Simons Renaissance Technologies LLC 759.2K $55.8M 0.09% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2026
Revenue
$1.05B
+17.5% YoY
Net Income
-$54.2M
+48.6% YoY (improvement)
What Went Right
  • Adjusted gross margin up 16.9% to $717M driven by higher pricing and mix
  • 2026 season 92% booked with $6.2B in advanced bookings, up 13% YoY
  • Ocean net yield up 5.6% to $527; river net yield up 28.3% to $761 on favorable itineraries
What to Watch
  • Fuel price sensitivity: ocean fleet exposed to market volatility, fuel ~4% of AGM
  • Geopolitical events caused temporary booking softness (mainly river) in Q1
  • Vessel expenses ex-fuel up 10.6% per PCD due to repair/maintenance timing
Management Guidance
  • Mid-single-digit yield growth target across core products, assuming stable macro
  • 2027 capacity growth 15% (core products); 2026 ship CapEx $1.9B total / $650M net
  • 2027 already 38% booked with $3.4B advanced bookings, up 31% YoY
Investor Lens
The thesis strengthens after this call: revenue growth is broad-based, booking visibility is excellent (92% for 2026), and 2027 momentum is strong. Management highlighted pricing discipline and a loyal, resilient customer base, while macro risks (fuel, geopolitics) remain manageable. The leadership transition with long-tenured executives ensures continuity. With net leverage at 1.0x and $4B in cash, Viking has ample firepower to execute its growth plan.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q1: revenue up 17.5%, 92% booked for 2026
Revenue
Total revenue was $1.05B, up 17.5% YoY, driven by 6.6% capacity growth and higher revenue per PCD. Ocean revenue benefited from 10% capacity increase; river revenue rose on high-yield itineraries (Egypt, Vietnam) offsetting lower European winter capacity.
Profitability
Net loss improved to $54.2M from a loss of $105.5M a year ago. Adjusted EPS was -$0.11 vs -$0.24. Adjusted EBITDA surged 43.9% to $104.8M, reflecting revenue growth and operating leverage.
Margins
Adjusted gross margin rose 16.9% to $717M; net yield increased 9.5% to $596. Vessel expenses ex-fuel grew 10.6% per PCD due to repair/maintenance, but fuel costs had no material impact in Q1 (timing). Management expects some fuel headwind later in 2026.
Balance Sheet
Cash and equivalents $4.0B, undrawn revolver $1.0B; net debt $1.9B, net leverage 1.0x. Deferred revenue stood at $5.4B. Committed ship CapEx for 2026 is $1.9B total ($650M net) and $1.0B ($260M net) for 2027.
Key Risks
1) Fuel price volatility, especially ocean fleet (no hedging in place). 2) Geopolitical events causing short-term booking pauses (recovered). 3) Air cost increases for guests purchasing air through Viking; management actively manages supplier agreements.
Outlook
2026 is 92% booked, providing high visibility. 2027 capacity grows 15% with 38% already booked and rates ahead. Management reiterates mid-single-digit yield growth target, subject to stable macro conditions.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2026 Q1 2026 2026-05-14
Strong Q1 2026 results featured 17.5% revenue growth, robust booking curves for 2026 and 2027, and a leadership transition ensuring continuity. Advanced bookings and capacity are up year-over-year, with disciplined capital allocation and continued investment in fleet and sustainability.
Q4 2025 Q4 2025 2026-03-03
Record 2025 results with revenue up 21.9% and Adjusted EBITDA up 38.8%, driven by strong demand, capacity growth, and pricing power. 2026 bookings are robust, with 86% capacity sold and mid-single-digit yield growth expected. Egypt itineraries paused for safety, but overall outlook remains strong.
Q3 2025 Q3 2025 2025-11-19
Record Q3 results with highest net yield and adjusted EBITDA, driven by strong demand and high booking rates for 2025 and 2026. Financial position strengthened by improved leverage, robust cash, and successful refinancing, supporting continued fleet expansion and margin growth.
Q2 2025 Q2 2025 2025-08-19
Q2 2025 saw revenue up 18.5% and net income of $439M, driven by strong demand and capacity growth. Advanced bookings for 2025 and 2026 are robust, with rates and occupancy at record levels, and new itineraries in India and Egypt sold out rapidly.
Q1 2025 Q1 2025 2025-05-20
First quarter 2025 delivered strong revenue and margin growth, with nearly all 2025 capacity sold and robust advanced bookings for 2026. No pricing promotions were needed as demand and pricing remain resilient, supported by disciplined strategy, dynamic pricing, and expansion into new markets and sustainable technology.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Information Sources:
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