Atour Lifestyle Holdings Limited (ATAT)
NASDAQ:ATAT
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Atour Lifestyle Holdings
(NASDAQ:ATAT)
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Rating:72Outperform
Price Target:
$40.00
▲(0.25% Upside)
Action:ReiteratedDate:03/19/26
The score is driven primarily by strong financial performance—solid margins, strong free-cash-flow generation, and an improved balance sheet—reinforced by positive earnings-call guidance and expansion in hotels and retail. These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and the need to sustain performance as growth normalizes with a still meaningful debt load.
Positive Factors
Strong cash generation
Consistently high operating cash flow and near‑100% cash conversion across recent years provide durable internal funding for network expansion, dividends and debt servicing. This reduces reliance on external capital and supports multi‑year strategic investments and shareholder returns.
Negative Factors
Meaningful absolute debt load
Although leverage ratios improved, the sizable absolute debt stock (~¥1.5B) constrains financial flexibility if demand falls or capex needs rise. Interest and principal obligations could limit discretionary investments or require higher cashflow allocation during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistently high operating cash flow and near‑100% cash conversion across recent years provide durable internal funding for network expansion, dividends and debt servicing. This reduces reliance on external capital and supports multi‑year strategic investments and shareholder returns.
Read all positive factors
Atour Lifestyle Holdings (ATAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.98B
Dividend Yield1.76%
Average Volume (3M)1.13M
Price to Earnings (P/E)20.1
Beta (1Y)0.48
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. Volume1,605,260
30 Day Avg. Volume1,128,476
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 Cap6.57
Enterprise Value/Revenue3.35
Enterprise Value/Gross Profit7.60
Enterprise Value/Ebitda14.40
Forecast
1Y Price Target
$48.75Price Target Upside22.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)14.7
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:Nov 25, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 21, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements in hotel expansion, retail growth, and financial performance. However, there were concerns about declines in leased hotel revenues and quarter-over-quarter retail revenues. Despite these challenges, the company's increased shareholder returns and membership growth contribute positively to the overall outlook.Positive Updates
Record Number of New Hotel Openings
In the third quarter, Atour Lifestyle Holdings Limited opened 152 new hotels, a record high for a single quarter, resulting in a year-over-year increase of 27.1%, with a total of 1,948 hotels in operation.
Negative Updates
Decline in Leased Hotel Revenues
Revenues contributed by leased hotels for 2025 decreased by 13.4% year over year, primarily driven by a decrease in the number of leased hotels as a result of product mix optimization.
Read all updates
Q3-2025 Updates
Positive
Negative
Record Number of New Hotel Openings
In the third quarter, Atour Lifestyle Holdings Limited opened 152 new hotels, a record high for a single quarter, resulting in a year-over-year increase of 27.1%, with a total of 1,948 hotels in operation.
Read all positive updates
Company Guidance
During the third quarter of 2025, Atour Lifestyle Holdings Limited demonstrated solid performance and provided comprehensive guidance for the remainder of the year. The company reported a RevPAR of RMB 371.3, achieving 97.8% of its level in the same period of 2024, with OCC and ADR reaching 99.9% and 98.1%, respectively, compared to the previous year. Atour opened a record 152 new hotels in the quarter, bringing the total to 1,948 hotels, marking a 27.1% year-over-year increase. The retail business experienced robust growth with a GMV of RMB 994 million, a 75.5% increase from the previous year, primarily driven by online channels. The company raised its full-year retail revenue growth outlook to at least 65% year-on-year and adjusted the group's full-year revenue guidance to a growth of 35% year-on-year. Additionally, Atour announced a second cash dividend for 2025, totaling approximately USD 50 million, and maintained a healthy cash position with cash and cash equivalents totaling RMB 2,670 million as of September 13, 2025.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
Negative
39.90
Price Trends
37.39
Negative
38.79
Negative
37.24
Negative
Market Momentum
-0.55
Negative
45.34
Neutral
32.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATAT, the sentiment is Negative. The current price of 39.9 is above the 20-day moving average (MA) of 36.52, above the 50-day MA of 37.39, and above the 200-day MA of 37.24, indicating a bearish trend. The MACD of -0.55 indicates Negative momentum. The RSI at 45.34 is Neutral, neither overbought nor oversold. The STOCH value of 32.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $4.98B | 20.08 | 46.59% | 1.76% | 36.17% | 25.41% | |
67 Neutral | $4.67B | 17.22 | 614.45% | 1.32% | 2.76% | 56.02% | |
62 Neutral | $14.68B | 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 | $6.06B | -23.83 | 35.09% | 2.13% | 3.38% | 38.04% | |
53 Neutral | $118.78M | 6.53 | 11.48% | 2.85% | ― | ― |
* Consumer Cyclical Sector Average
ATAT
Atour Lifestyle Holdings
36.04
7.52
26.37%
HTHT
H World Group
50.36
14.22
39.34%
CHH
Choice Hotels
101.54
-30.63
-23.18%
GHG
Greentree Hospitality Group
1.17
-1.30
-52.63%
WH
Wyndham Hotels & Resorts
80.59
-9.72
-10.76%
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.