# Viking Holdings Ltd (VIK) — Stock CV

Viking Holdings Ltd is a $36.5B consumer company. Revenue grew 21.9% over the last year, it keeps 18¢ of every dollar of sales as profit, and its net debt equals ~1.9 years of free cash flow. It trades at 27.0× earnings.

> Viking Holdings Ltd is a travel company, with a fleet of 92 small ships, which view as floating hotels. It offers travel experiences on all seven continents in all three categories of the cruise industry river, ocean, and expedition cruising.

## Identity

- **Ticker**: VIK
- **Sector**: Consumer Cyclical
- **Industry**: Travel Services
- **Employees**: 13 000
- **Website**: https://www.viking.com
- **Market cap**: $36.5B
- **Last price**: $81.62
- **Financial profile**: Mixed

## Vitals (FY2025)

- **Revenue**: $6.50B
- **Net income**: $1.15B
- **Free cash flow**: $1.15B
- **Net debt**: $2.20B
- **P/E**: 27.0
- **Revenue growth (YoY)**: 21.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 56 |
| Growth | 37 |
| Profitability | 90 |
| Health | 54 |
| Quality | 72 |
| Moat | 51 |

## Qualifications (beginner checklist) — 9 of 10 passed

- [x] Revenue growing — +21.9% YoY
- [x] Profitable — $1.15B FY2025
- [x] Profit growing — +38.8% YoY
- [x] Generates cash — $1.15B FY2025
- [x] Debt under control — ~1.9y of cash flow to repay
- [x] Established company — $36.5B market cap
- [x] Not printing shares — +0.6% shares over ~5y
- [ ] Proven track record — 3/5 profitable years
- [x] Financially stable — Altman Z 2.2 — grey
- [x] Valuation not extreme — P/E 27.0

## Experience (career milestones)

- **FY2025** — Best year on record: $1.15B net income
- **2025** — Viking secured their first league title in 34 years, finishing one point ahead of Bodo/Glimt…
- **FY2022** — Turned profitable: $237M net income after a loss year
- **FY2022** — Revenue crossed $1B: $3.18B for the year
- **2020** — The club surprisingly decided to terminate Bjarne Berntsen's contract, even though he had taken…
- **2003** — Kjell Inge Olsen took over as manager, and the club finished fifth in the league
- **1959** — The club attendance record also stems from the semifinal of the 1959 cup
- **1953** — Beating Lillestrøm in the 1953 cup final and…
- **1899** — Viking was founded in Stavanger in 1899 and played mainly local games in the early years

## Strengths

- High gross margin (43.2%)
- Revenue growing 21.9% year over year
- Strong cash conversion — FCF is 17.7% of revenue
- Could repay net debt from ~1.9 years of free cash flow
- Interest covered 5.1× by operating earnings

## Watch-outs

- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $625M | -$1.16B | -$584M |
| FY2022 | $3.18B | $237M | $695M |
| FY2023 | $4.71B | -$981M | $1.16B |
| FY2024 | $5.33B | $132M | $1.53B |
| FY2025 | $6.50B | $1.15B | $1.15B |

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Source: https://stockcv.com/VIK — derived from company filings; may be delayed or incomplete. Information, not investment advice.