Royal Caribbean Group (RCL) is slightly undervalued and Viking Holdings Ltd (VIK) is slightly overvalued.
Against our estimates of intrinsic value, RCL trades at the wider discount: a margin of safety of +5%, against -11% for VIK.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.5% (average of 3 methods) values the shares at $247.87; the price of $234.89 is 5% below that value, and 69% of that value comes from beyond year five.
Leak Score 45/100 on 10 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 | RCL | VIK |
|---|---|---|
| Verdict | Slightly undervalued | Slightly overvalued |
| Price | $234.89 | $81.02 |
| Intrinsic value | $247.87 | $73.00 |
| Margin of safety | +5% | -11% |
| Leak Score | 45/100 (10/12) | 59/100 (3/12) |
| Market cap | $63.0B | $36.1B |
| Revenue growth, 5 years | 52.0% | 79.6% |
| Operating margin | 27.1% | 23.3% |
| Net margin | 23.5% | 19.3% |
| Return on equity | 45.3% | 139.5% |
| Debt to equity | 2.30 | 3.75 |
| P/E | 14.5x | 26.9x |
| Forward P/E | 11.6x | 18.4x |
| P/B | 6.1x | 33.5x |
| Dividend yield | 2.3% | — |