Viking Holdings Ltd Ordinary Shares (VIK)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At $84.68 on 2026-10-26, Viking is a $35.5B cruise operator. The business quality is real: in fiscal Q2 2026, revenue was $2.2B, net income was $587.4M, and net margin was 26.82%; trailing free cash flow is $1.2B. That is a cash-generative travel brand with river and ocean segments serving English-speaking passengers. My worry is that the market is paying for a lot of that quality. FairStock's P/E is 28.13 and P/B is 23.26. The 139.62% ROE looks spectacular, but with D/E at 3.75 it is flattered by leverage; ROCE is only 8.14%, not a high-return moat by Graham standards. The Graham Number is $15.70, leaving a -423.82% margin of safety to the close, so the price is far above conservative asset and earnings value. Piotroski at 6/9 is mediocre, Altman at 1.60 flags balance-sheet caution, and EV/EBITDA at 18.85 is not bargain territory. Growth is the counterweight: the latest quarter's 26.82% net margin and $1.2B FCF show operating leverage, and the PEG of 0.56 suggests the price may be reasonable only if high growth persists. But a beta of 1.41 and no dividend add volatility. FairStock Score is 53/100, and no Lynch category exists because only 0 years of filed results are available versus three needed. I see a good cruise franchise, not a Graham bargain.

In plain English: Viking runs river and ocean cruises for English-speaking travelers. The business looks strong on profit and cash generation, but the share price looks expensive compared with its profit and accounting value. At $84.68, the market is already paying a high price for the company's current numbers.

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Data as of 2026-10-26 close · note generated 2026-10-28 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer