Atour Lifestyle Holdings (ATAT)
NASDAQ:ATAT
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Atour Lifestyle Holdings
(NASDAQ:ATAT)
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Rating:70Outperform
Price Target:
$40.00
▲(8.08% Upside)
Action:ReiteratedDate:04/01/26
The score is driven primarily by strong financial performance (profitability and cash generation) and supportive earnings-call guidance for 2026 growth. These positives are tempered by weak technical momentum (negative MACD and trading below key moving averages) and some forward margin pressure flagged for 2026, while valuation is broadly reasonable with a modest dividend yield.
Positive Factors
Cash generation & FCF
Consistently high free cash flow and near‑net‑income cash conversion indicate durable internal funding for investment, dividends, and buybacks. Strong cash generation reduces refinancing risk, supports strategic execution and gives flexibility through cyclical hospitality demand over the next 2–6 months.
Negative Factors
Absolute debt level
Although leverage ratios improved versus 2022, the company still carries over $1.5B of debt in 2025. In the event of slower demand or retail softness, absolute debt service obligations could limit capital allocation flexibility and raise refinancing risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & FCF
Consistently high free cash flow and near‑net‑income cash conversion indicate durable internal funding for investment, dividends, and buybacks. Strong cash generation reduces refinancing risk, supports strategic execution and gives flexibility through cyclical hospitality demand over the next 2–6 months.
Read all positive factors
Atour Lifestyle Holdings (ATAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.11B
Dividend Yield1.76%
Average Volume (3M)1.19M
Price to Earnings (P/E)20.1
Beta (1Y)0.49
Revenue Growth36.17%
EPS Growth25.41%
CountryUS
Employees5,488
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)0.52
Shares Outstanding113,625,650
10 Day Avg. Volume953,439
30 Day Avg. Volume1,187,585
Financial Highlights & Ratios
PEG Ratio1.04
Price to Book (P/B)10.61
Price to Sales (P/S)4.01
P/FCF Ratio20.57
Enterprise Value/Market Cap6.74
Enterprise Value/Revenue3.53
Enterprise Value/Gross Profit8.01
Enterprise Value/Ebitda15.17
Forecast
1Y Price Target
$48.00Price Target Upside29.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)14.73
Revenue Forecast (FY)$12.10B
Atour Lifestyle Holdings Business Overview & Revenue Model
Company Description
Atour Lifestyle Holdings Limited, through its subsidiaries, operates a chain of hotels in China. The company operates a series of themed hotels, including music hotels, basketball hotels, and literary hotels catering to the various lifestyles acro...
How the Company Makes Money
Atour primarily generates revenue through a combination of hotel-related income and retail sales. (1) Managed/franchised hotel business: A significant portion of Atour’s revenue comes from operating an asset-light model in which it provides brand,...
Atour Lifestyle Holdings Earnings Call Summary
Earnings Call Date:Mar 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive operational and financial picture driven by strong retail momentum, successful completion of the 2,000 premier hotel milestone, improving margins (notably EBITDA), solid cash/net cash and clear 2026 revenue guidance (20%–24%). These strengths are balanced against near-term headwinds including slight shortfall in RevPAR versus 2024, declines in leased-hotel revenues, a high level of hotel closures in 2025 and an anticipated modest margin decline in 2026 as the company invests in G&A and R&D. Overall, the highlights (robust retail growth, brand segmentation wins, healthy cash and shareholder returns, and credible revenue guidance) outweigh the lowlights, supporting a positive outlook while acknowledging execution and market risks.Positive Updates
Achieved Premier Hotel Scale Target
Reached the strategic goal of 2,000 premier hotels (2,015 hotels in operation by year-end), marking a 24.5% year-over-year increase in hotels and opening 488 new hotels in 2025; development pipeline of 779 hotels.
Negative Updates
RevPAR Slightly Below Prior Year
Q4 RevPAR was RMB 335.7, representing 99.6% of Q4 2024 levels (mature hotels at 96% of 2024), indicating recovery remains slightly short of prior-year peak despite sequential improvement; Q4 occupancy and ADR were 98.8% and 101.5% of 2024 levels, respectively.
Read all updates
Q4-2025 Updates
Positive
Negative
Achieved Premier Hotel Scale Target
Reached the strategic goal of 2,000 premier hotels (2,015 hotels in operation by year-end), marking a 24.5% year-over-year increase in hotels and opening 488 new hotels in 2025; development pipeline of 779 hotels.
Read all positive updates
Company Guidance
Management guided 2026 total net revenues to grow 20–24% year‑over‑year, with retail revenues expected to rise 25–30% YoY; they plan to open a similar scale of hotels as 2025 (488 openings in 2025, 2,015 hotels in operation at year end and a 779‑hotel pipeline) while proactively closing around 80 hotels in 2026 (vs. 92 closures in 2025). They said Q1 RevPAR momentum should continue to improve but gave no specific RevPAR guidance for 2026, signaled a slight year‑on‑year decline in net profit margin as G&A and R&D expense ratios increase to support the new three‑year strategy, and reiterated a strong balance sheet (cash and equivalents RMB 3.3 billion, net cash RMB 3.1 billion) alongside shareholder returns in 2025 (≈USD 108 million dividends declared, ~USD 46 million repurchased).Atour Lifestyle Holdings Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.52B | 7.25B | 4.67B | 2.30B | 2.12B |
| Gross Profit | 4.19B | 3.01B | 1.84B | 694.98M | 557.36M |
| EBITDA | 2.12B | 1.79B | 1.07B | 280.64M | 301.94M |
| Net Income | 1.58B | 1.28B | 737.04M | 99.82M | 143.18M |
Balance Sheet | |||||
| Total Assets | 9.17B | 7.88B | 6.59B | 4.76B | 2.25B |
| Cash, Cash Equivalents and Short-Term Investments | 5.87B | 4.88B | 3.59B | 1.75B | 1.04B |
| Total Debt | 1.53B | 1.73B | 1.95B | 2.30B | 109.44M |
| Total Liabilities | 5.59B | 4.93B | 4.53B | 3.57B | 1.68B |
| Stockholders Equity | 3.60B | 2.96B | 2.07B | 1.20B | 579.43M |
Cash Flow | |||||
| Free Cash Flow | 1.86B | 1.67B | 1.95B | 244.45M | 351.91M |
| Operating Cash Flow | 1.94B | 1.73B | 1.99B | 283.68M | 417.88M |
| Investing Cash Flow | -1.30B | -520.55M | -600.52M | -192.22M | -42.23M |
| Financing Cash Flow | -899.69M | -426.60M | -146.92M | 456.31M | -161.08M |
Atour Lifestyle Holdings Technical Analysis
Positive
37.01
Price Trends
37.24
Negative
38.40
Negative
37.57
Negative
Market Momentum
-0.03
Negative
51.72
Neutral
62.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATAT, the sentiment is Positive. The current price of 37.01 is above the 20-day moving average (MA) of 36.41, below the 50-day MA of 37.24, and below the 200-day MA of 37.57, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 51.72 is Neutral, neither overbought nor oversold. The STOCH value of 62.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATAT.
Atour Lifestyle Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $5.11B | 20.08 | 46.59% | 1.76% | 36.17% | 25.41% | |
67 Neutral | $5.36B | 17.22 | 614.45% | 1.32% | 2.76% | 56.02% | |
65 Neutral | $15.52B | 20.45 | 42.78% | 3.60% | 5.70% | 9.53% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $6.57B | -23.83 | 35.09% | 2.13% | 3.38% | 38.04% | |
53 Neutral | $131.98M | 6.53 | 11.48% | 2.85% | ― | ― |
* Consumer Cyclical Sector Average
ATAT
Atour Lifestyle Holdings
38.36
14.90
63.51%
HTHT
H World Group
54.83
21.06
62.38%
CHH
Choice Hotels
118.05
-4.57
-3.73%
GHG
Greentree Hospitality Group
1.27
-0.74
-36.82%
WH
Wyndham Hotels & Resorts
87.31
7.53
9.44%
Atour Lifestyle Holdings Corporate Events
Atour Lifestyle Posts Strong 2025 Growth as Hotel Network Tops 2,000 Properties
Mar 17, 2026
Atour Lifestyle Holdings, a leading Chinese lifestyle and hotel group listed on Nasdaq, reported strong growth for the fourth quarter and full year 2025, underscoring its dual focus on hospitality and sleep-related retail products. As of Dec. 31, ...
Atour Lifestyle to Release Q4 and Full-Year 2025 Results on March 17, 2026
Mar 3, 2026
Atour Lifestyle Holdings Limited announced on March 3, 2026, that it will release its unaudited financial results for the fourth quarter and full year 2025 on March 17, 2026, before U.S. markets open. The timing underscores the company’s eff...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.