Viking Holdings Ltd
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Range $75 – $121
Price Chart
About the company
Viking Holdings Ltd specializes in passenger transportation services, primarily through sea travel, across North America, the United Kingdom, and on a global scale. The company's activities are structured into distinct River and Ocean operational segments. Furthermore, it functions as a tour provider for its clientele and undertakes associated tourism endeavors.
- CEO
- Leah Talacta
- IPO
- 2024
- Employees
- 13,000
- HQ
- Pembroke, PE, BM
AI snapshot
Six angles, distilled from the data.
The stock is in a corrective pullback inside a larger uptrend. It remains above the 200-day average at 80.47, but it has slipped below the 50-day average at 100.14 after trading near its 52-week high of 110.09, so the setup is still constructive but no longer extended.
Street sentiment stays positive, with 12 Buy, 2 Hold, and 1 Sell ratings and a consensus Buy. The target stack has moved higher in recent weeks, with UBS lifting its target to 121 from 100 and Stifel to 125 from 105, keeping the consensus target above the current share price.
Momentum in earnings remains favorable, with 5 beats in the last 8 quarters and the latest quarter topping estimates by 4.8%. Next-year EPS is modeled at 4.4151 versus TTM EPS of 2.69, so shareholders should watch whether cruise demand and margin execution keep the growth path intact.
Recent insider activity leans heavily to selling, led by repeated disposals from EVP Anton Hofmann and EVP Richard Marnell. The pattern looks like broad profit-taking rather than isolated trades, and there were no notable insider purchases to offset it.
Profitability is strong, with ROE at 30.01% and gross margin at 44.3%, while revenue grew 17.5% year over year. Free cash flow was $3.36 billion in fiscal 2025, but the balance sheet still carries net debt of $1.94 billion against $3.80 billion of cash.
VIK screens as a premium cruise operator with stronger profitability than many travel peers, supported by a 18.0% net margin and 7.65% FCF yield. The stock also trades at 33.5x earnings, so the valuation already reflects a quality franchise and growth expectations.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $40.23B
- P/E
- 29.79
- Fwd P/E
- 27.39
- PEG
- 0.47
- P/S
- 5.77
- P/B
- 24.47
- EV/EBITDA
- 21.22
- Div Yield
- 0.00%
- Gross Margin
- 38.76%
- Op Margin
- 23.27%
- Net Margin
- 19.33%
- ROE
- 117.49%
- ROIC
- 20.10%
Latest fiscal year · YoY change
- Revenue
- $6.50B+21.9%
- Gross Profit
- $2.53B+29.3%
- Op Income
- $1.50B
- Net Income
- $1.15B+653.3%
- EPS
- $2.59+619.4%
- OCF Growth
- +11.9%
- FCF Growth
- +11.9%
- 52W High
- $110.09
- 52W Low
- $56.37
- 50D MA
- $100.17
- 200D MA
- $80.62
- Beta
- 1.50
- RSI (14)
- 33
- Avg Volume
- 2.63M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Viking posted another strong quarter with 16.5% revenue growth and robust booking momentum, though historically low European river water levels are creating near-term disruptions and future voucher costs.· August 19, 2026
- Revenue rose 16.5% year over year to $2.2 billion and adjusted EBITDA increased 18.2% to $748 million.
- Adjusted EPS was $1.31, up 33% year over year; net income rose to $588 million.
- Booking demand remains strong: 2026 is 96% booked, and 2027 was 53% booked as of August 9 with capacity up 15%.
- Management said low water on the Danube and Rhine has disrupted some river itineraries and will create voucher-related costs in future periods.
- The company continues to expand the fleet and product mix, including 4 new river vessels, 1 ocean ship, and growing extensions and shore excursions.
Total revenue increased 16.5% year over year to $2.2 billion. Adjusted gross margin increased 16.3% to $1.4 billion, net yield was $645, up 6.2%, adjusted EBITDA rose 18.2% to $748 million, net income was $588 million, adjusted net income attributable to Viking was $587 million, and adjusted EPS was $1.31, up 33%. For the first half, consolidated adjusted gross margin increased 16.5% year over year to over $2.1 billion and adjusted EBITDA was $853 million, up 20.9%. For 2026 bookings, management said 96% of core capacity is booked with $6.4 billion of advanced bookings, up 13% versus the 2025 season at the same point, while 2027 is 53% booked with $4.7 billion of advanced bookings, up 21% at the same point last year. Management said the 2027 goal remains mid-single-digit yield growth, but low water conditions may cause some impact in Q3 and into future periods. The company ended June 30 with $4 billion of cash and cash equivalents, $1 billion of undrawn revolver capacity, $2.4 billion of net debt, and 1.2x net leverage. Deferred revenue was $5 billion. Scheduled principal payments were $117 million for the remainder of 2026 and $234 million for 2027. Full-year 2026 committed ship CapEx is about $1.9 billion, or $650 million net of financing, and full-year 2027 committed ship CapEx is about $1.0 billion, or $260 million net of financing.
Leah Talactac emphasized that demand remains strong and that Viking’s advanced-booking visibility supports dynamic pricing and careful capacity growth. She highlighted fleet expansion, new land extensions and shore excursions, and said the company’s nearly identical ships, deployment flexibility, and ship-swap capabilities are key advantages in both normal and low-water conditions. On the river disruptions, her tone was pragmatic and guest-focused: Viking is issuing vouchers, improving communications, and prioritizing guest satisfaction even though the vouchers will carry costs into 2027 and 2028.
Linh Banh walked through the quarter’s financial strength, citing 16.5% revenue growth to $2.2 billion, adjusted gross margin of $1.4 billion, adjusted EBITDA of $748 million, net income of $588 million, and adjusted EPS of $1.31. She noted vessel expenses excluding fuel rose 2.7% year over year, SG&A was slightly lower as a percentage of adjusted gross margin, and first-half adjusted EBITDA reached $853 million. On the balance sheet, she cited $4 billion of cash, $1 billion of undrawn revolver capacity, $2.4 billion of net debt, and 1.2x net leverage, while also flagging that low-water costs are not yet fully reflected and may show up in Q3 and future periods through transportation and voucher impacts.
Analysts focused heavily on whether low water levels are hurting demand, bookings, and future loyalty. Management said they have not seen a booking impact, pointing to 2027 River being already over 40% booked and to strong overall pacing, and said guests have responded positively to Viking’s handling of disruptions. Questions also centered on vouchers, pricing, and margins; management said vouchers are credits toward future cruises, that they will reduce future-period revenue when redeemed, and that the company still aims for mid-single-digit yield growth despite near-term cost pressure from transportation and operational disruptions.
The bull case from this call is that demand remains very strong despite operational issues: 2026 is nearly sold out and 2027 bookings are ahead of prior-year pace. Management also reiterated confidence in Viking’s differentiated operating model, including flexible ship swaps, a young and highly standardized fleet, and a loyal customer base that keeps rebooking. The company’s cash balance and low leverage also give it room to keep investing in ships and product enhancements.
The main bear case is that historically low water levels are already disrupting river itineraries and will create voucher costs that extend into 2027 and 2028. Management said some third-quarter river capacity is affected and that a portion of those cruises may be canceled, which could pressure margins through transportation and operational expenses. There is also some uncertainty around how much the low-water situation will affect future yields and whether the voucher redemptions will dilute future revenue.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 58.8%
- Shares Outstanding
- 444.23M
- Float Shares
- 261.17M
of shares held by institutions
529 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for VIK, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| April DelaneyHouse · MD06 | Sell | Jul 23, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | May 28, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | May 27, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Apr 16, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Apr 20, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Feb 3, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Feb 11, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Feb 9, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Jan 13, 26 | Filing → |
| April DelaneyHouse · MD06 | Sell | Aug 13, 25 | Filing → |
| April DelaneyHouse · MD06 | Buy | Mar 5, 25 | Filing → |
| John DelaneyHouse · MD06 | Buy | Mar 5, 25 | Filing → |
| John DelaneyHouse · MD06 | Buy | Feb 17, 25 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Capital Research Global Investors | 25.52M | ▲ 2.84M |
| Fmr LLC | 16.99M | ▲ 2.92M |
| Canada Pension Plan Investment Board | 11.24M | ▼ 8.90M |
| Invesco Ltd. | 11.16M | ▼ 2.98M |
| Massachusetts Financial Services Co | 9.69M | ▲ 1.80M |
| Aqr Capital Management LLC | 9.29M | ▲ 1.79M |
| Select Equity Group, L.P. | 8.60M | ▼ 2.20M |
| Federated Hermes, Inc. | 8.24M | ▼ 353.04K |
| Wellington Management Group Llp | 6.16M | ▲ 5.34M |
| Blackrock, Inc. | 6.00M | ▼ 1.43M |
| T. Rowe Price Investment Management, Inc. | 5.70M | ▼ 6.85M |
| American Century Companies Inc | 4.76M | ▲ 2.32M |
Held by 352 ETFs
Biggest fund positions in VIK by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 15, 26 | Hofmann Anton | sell | 92,670 |
| Jun 15, 26 | Hofmann Anton | sell | 1,606 |
| Jun 12, 26 | Marnell Richard | sell | 6,687 |
| Jun 12, 26 | Marnell Richard | sell | 4,200 |
| Jun 12, 26 | Marnell Richard | sell | 400 |
| Jun 15, 26 | Marnell Richard | sell | 4,200 |
| Jun 15, 26 | Marnell Richard | sell | 1,820 |
| Jun 15, 26 | Marnell Richard | sell | 100 |
| Jun 16, 26 | Marnell Richard | sell | 145 |
| Jun 16, 26 | Marnell Richard | sell | 14 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our VIK coverage
Recent articles, reports, and earnings notes.

Viking Holdings (VIK): Booking Momentum vs. Rich Valuation
Viking is delivering strong revenue, EBITDA, and booking growth, but the stock already reflects much of that progress. The report lands on a Hold as valuation and leverage temper the upside.

Viking Holdings Ltd (VIK) drops on deep earnings beat analysis
Viking Holdings Ltd (VIK) beat Q2 estimates on EPS and revenue, yet the stock fell as investors weighed margin trends, booking strength, and heavy ship capex. This deep-dive examines segment performance, profitability, and why a strong quarter still triggered a selloff.

Viking Holdings Ltd (VIK) slips despite earnings beats
Viking Holdings Ltd (VIK) slips 1.1% even after posting earnings beats, as investors weigh the latest results against broader market sentiment.
Want a deeper read on VIK?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Viking Q2 Earnings Beat on Capacity Growth and Higher Revenue per PCD
zacks.com · Aug 20
Viking Stock Fell After Earnings, But the Numbers Tell a Different Story
marketbeat.com · Aug 20
Viking Holdings: Why Price Crashed Despite Robust Q2 Results (Rating Downgrade)
seekingalpha.com · Aug 20
Stock Market Today, Aug. 19: Stocks Edge Higher, Ending 3-Day Losing Streak
fool.com · Aug 19
Viking Holdings Ltd (VIK) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 19
Compared to Estimates, Viking (VIK) Q2 Earnings: A Look at Key Metrics
zacks.com · Aug 19
Viking Q2 Earnings Call Highlights
marketbeat.com · Aug 19
Viking Holdings (VIK) Q2 Earnings and Revenues Beat Estimates
zacks.com · Aug 19
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 19, 2026 · Live quote · Not investment advice