CCL vs VIK: Carnival and Viking Holdings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Viking Holdings is the larger company, worth $38.0B, close to Carnival's $35.9B.
- Viking Holdings grew revenue faster over the last year (+27.8% vs +3.5%).
- Viking Holdings keeps more of each dollar of revenue as operating profit (23.1% vs 16.0%).
- On earnings, Carnival is the cheaper stock (11.4x vs 31.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CCL | VIK |
|---|---|---|
| Market cap | $35.9B | $38.0B |
| Share price | $26.35 | $81.26 |
| Revenue (last fiscal year) | $26.6B | $6.5B |
| Free cash flow (last fiscal year) | $2.6B | — |
| Revenue growth, last year | +3.5% | +27.8% |
| Revenue growth per year, last 5 fiscal years | +93.3% | +27.0% |
| Operating margin | 16.0% | 23.1% |
| Net margin | 11.4% | 17.6% |
| Return on equity | 22.1% | 104.9% |
| P/E (trailing) | 11.4x | 31.6x |
| Price / free cash flow | 13.8x | 29.1x |
| EV / EBITDA | 8.77x | 21.8x |
| FCF growth the price implies | 0.11% | — |
| Dividend yield | 0.57% | — |
| Debt / equity | 2.59x | 10.2x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carnival
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | -$7.7B | -371.5% |
| 2022 | $12.2B | -$6.6B | -36.0% |
| 2023 | $21.6B | $997M | 9.1% |
| 2024 | $25.0B | $1.3B | 14.3% |
| 2025 | $26.6B | $2.6B | 16.8% |
Viking Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $3.2B | — | 2.0% |
| 2023 | $4.7B | — | 17.3% |
| 2024 | $5.3B | — | 20.2% |
| 2025 | $6.5B | — | 23.1% |
Where the revenue comes from
Carnival · by segments, 2025
North America Segment$17.6B66%
Europe Segment$8.5B32%
Cruise Support$309M1%
Tour And Other$241M1%
Viking Holdings · by segments, 2025
River$3.1B47%
Ocean$2.9B44%
Other$562M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CCL in InvestinglyQuestions
Which is bigger, Carnival or Viking Holdings?
Viking Holdings (VIK), at $38.0B against $35.9B.
Is CCL or VIK cheaper?
By trailing P/E, Carnival (11.4x) is cheaper than Viking Holdings (31.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, CCL or VIK?
Viking Holdings: revenue grew +27.8% over the last year, against +3.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.