Booking Holdings Inc (BKNG) is undervalued and Viking Holdings Ltd (VIK) is slightly overvalued.
Against our estimates of intrinsic value, BKNG trades at the wider discount: a margin of safety of +39%, against -11% for VIK.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $268.01; the price of $164.22 is 39% below that value, and 75% of that value comes from beyond year five.
Leak Score 97/100 on 8 of 12 signals
Discounting its cash flows at 10.5% (average of 3 methods) values the shares at $73.00; the price of $81.02 is 11% above that value, and 73% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | BKNG | VIK |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $164.22 | $81.02 |
| Intrinsic value | $268.01 | $73.00 |
| Margin of safety | +39% | -11% |
| Leak Score | 97/100 (8/12) | 59/100 (3/12) |
| Market cap | $123.4B | $36.1B |
| Revenue growth, 5 years | 31.7% | 79.6% |
| Operating margin | 35.2% | 23.3% |
| Net margin | 25.5% | 19.3% |
| Return on equity | — | 139.5% |
| Debt to equity | — | 3.75 |
| P/E | 18.2x | 26.9x |
| Forward P/E | 13.3x | 18.4x |
| P/B | — | 33.5x |
| Dividend yield | 0.9% | — |