NCLH vs VIK: Norwegian Cruise Line Holdings 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, about 5.8 times Norwegian Cruise Line Holdings.
- Viking Holdings grew revenue faster over the last year (+27.8% vs +4.9%).
- Viking Holdings keeps more of each dollar of revenue as operating profit (23.1% vs 15.1%).
- On earnings, Norwegian Cruise Line Holdings is the cheaper stock (11.6x 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 | NCLH | VIK |
|---|---|---|
| Market cap | $6.6B | $38.0B |
| Share price | $15.57 | $81.26 |
| Revenue (last fiscal year) | $9.8B | $6.5B |
| Free cash flow (last fiscal year) | -$1.2B | — |
| Revenue growth, last year | +4.9% | +27.8% |
| Revenue growth per year, last 5 fiscal years | +97.3% | +27.0% |
| Operating margin | 15.1% | 23.1% |
| Net margin | 7.5% | 17.6% |
| Return on equity | 29.6% | 104.9% |
| P/E (trailing) | 11.6x | 31.6x |
| Price / free cash flow | — | 29.1x |
| EV / EBITDA | 11.2x | 21.8x |
| FCF growth the price implies | — | — |
| Dividend yield | — | — |
| Debt / equity | 8.33x | 10.2x |
| Fundamental grade | C | C |
| Superinvestors holding it | 0 | 6 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Norwegian Cruise Line Holdings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $648M | -$3.2B | -393.9% |
| 2022 | $4.8B | -$1.6B | -32.0% |
| 2023 | $8.5B | -$745M | 10.9% |
| 2024 | $9.5B | $839M | 15.5% |
| 2025 | $9.8B | -$1.2B | 15.9% |
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
Norwegian Cruise Line Holdings · by products, 2025
Passenger ticket$6.7B68%
Onboard and other$3.1B32%
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 NCLH in InvestinglyQuestions
Which is bigger, Norwegian Cruise Line Holdings or Viking Holdings?
Viking Holdings (VIK), at $38.0B against $6.6B.
Is NCLH or VIK cheaper?
By trailing P/E, Norwegian Cruise Line Holdings (11.6x) is cheaper than Viking Holdings (31.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, NCLH or VIK?
Viking Holdings: revenue grew +27.8% over the last year, against +4.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.