# Viking Holdings Ltd (VIK)

> Source: Nexqual · https://nexqual.com/VIK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Viking Holdings Ltd (VIK), nexqual.com/VIK" · informational, not investment advice.

**Price:** USD 85 (-1.96% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 86.7 · day 84.6–87.14 · 52w 56.37–110.09 · market cap $38.0B · NYQ

## Key facts
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $37.7M; 6 not under a Rule 10b5-1 plan ($2.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (23 analysts), mean target USD 109.23 (range 82–131).
- Total return with dividends: 1Y +40.3% vs S&P 500 +14.9%; 5Y +193.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-18, EPS estimate USD 1.27, revenue estimate $2.21B.

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Hugh Milton | EVP, Sales | 20,000 | $1.7M | 3.3% | Yes (adopted June 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-12…2026-06-16 | Marnell Richard | EVP, Marketing | 17,566 | $1.6M | 13.7% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Hofmann Anton | EVP, Group Operations | 94,276 | $9.0M | 24.4% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Hofmann Anton | EVP, Group Operations | 5,956 | $542K | 1.5% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08…2026-06-09 | Hofmann Anton | EVP, Group Operations | 185,283 | $16.7M | 32% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Hugh Milton | EVP, Sales | 4,610 | $422K | 0.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Talactac Leah | President and CEO | 5,961 | $545K | 3.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Banh Linh | Chief Financial Officer | 5,961 | $545K | 4.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Marnell Richard | EVP, Marketing | 5,961 | $545K | 4.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Dash Jeffrey | EVP, Business Development | 621 | $57K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Hofmann Anton | EVP, Group Operations | 621 | $57K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-14 | Dash Jeffrey | EVP, Business Development | 46,369 | $3.7M | 6.9% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Dash Jeffrey | EVP, Business Development | 28,631 | $2.3M | 4.1% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 23 analysts; mean target USD 109.23 (low 82, high 131).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Morgan Stanley | Target raised | Equal-Weight | $93 → $94 |
| 2026-10-20 | Susquehanna | Target lowered | Positive | $105 → $100 |
| 2026-10-13 | Barclays | Upgrade | Equal-Weight → Overweight | $90 → $102 |
| 2026-09-28 | Stifel | Target lowered | Buy | $120 → $115 |
| 2026-09-25 | StoneX | Initiated | Buy | $99 |
| 2026-09-24 | Truist Securities | Target lowered | Buy | $102 → $98 |
| 2026-08-31 | Barclays | Target lowered | Equal-Weight | $93 → $90 |
| 2026-08-24 | Mizuho | Target raised | Underperform | $75 → $82 |
| 2026-08-20 | Stifel | Target lowered | Buy | $125 → $120 |
| 2026-08-19 | UBS | Target raised | Buy | $100 → $121 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $109 → $128 |
| 2026-07-31 | Goldman Sachs | Target raised | Buy | $108 → $120 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2024-04-29) |
|---|---|---|
| Total return | +40.3% | +193.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +40.5% | +54.2% |
| Volatility (annualized) | 40.2% | 32.7% |
| Max drawdown | -27.8% (Aug 2026→Oct 2026) | -33.8% (Feb 2025→Mar 2025) |

## Peers (Travel Services)
CCL (Carnival Corporation Ltd.) USD 27.08 -0.81% · EXPE (Expedia Group, Inc.) USD 298.49 +4.50% · TCOM (Trip.com Group Limited) USD 39.57 +0.66% · RCL (Royal Caribbean Cruises Ltd.) USD 286.13 -0.80% · ABNB (Airbnb, Inc.) USD 175.76 +1.19% · BKNG (Booking Holdings Inc. Common St) USD 161.1 +1.72%

## More
Full page: https://nexqual.com/VIK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VIK's own 20-F filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | AMA Waterways | ""our North American outbound river market share" are to our share of capacity passengers of vessels that primarily service North American passengers on European waterways (AMA Waterways, Inc., Avalon Waterways, Emerald C…" |
| Supplier | Grand Circle Travel | ""our North American outbound river market share" are to our share of capacity passengers of vessels that primarily service North American passengers on European waterways (AMA Waterways, Inc., Avalon Waterways, Emerald C…" |
| Supplier | Tauck and Uniworld River Cruises | ""our North American outbound river market share" are to our share of capacity passengers of vessels that primarily service North American passengers on European waterways (AMA Waterways, Inc., Avalon Waterways, Emerald C…" |
| Customer | China Merchants Viking Cruises | "In 2024, we entered into an accommodation purchase agreement with CMV pursuant to which we have the exclusive right to the accommodation and services on board the Viking Yidun for sales to Mandarin-speaking populations i…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.27 | $1.40 | -9.3% | $2.21B | 15 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.78 | -6.7% | $1.92B | 15 |
| Current fiscal year (ends 2026-12-31) | $3.22 | $3.32 | -3.0% | $7.36B | 18 |
| Next fiscal year (ends 2027-12-31) | $4.36 | $4.40 | -0.7% | $8.92B | 18 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-18): ±9.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.5% | ±9.8% |
| 2026-12-18 | 56 | 40.9% | ±12.9% |
| 2027-01-15 | 84 | 39.0% | ±15.0% |
| 2027-02-19 | 119 | 38.6% | ±17.7% |
| 2027-05-21 | 210 | 40.3% | ±24.5% |