Atour Lifestyle Holdings Limited (ATAT)
NASDAQ:ATAT
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Atour Lifestyle Holdings
(NASDAQ:ATAT)
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Rating:72Outperform
Price Target:
$37.00
▼(-2.06% Downside)
Action:Reiterated
Date:05/20/26
Overall score is driven primarily by strong financial performance (profitability, improving leverage, and high-quality cash generation) and a positive earnings call with raised guidance and robust growth. These are tempered by weak technicals (price below key moving averages and bearish MACD), while valuation is supportive but not a major upside driver.
Positive Factors
Cash generation
FCF nearly equals reported net income and has grown +16.1% TTM, indicating high-quality earnings conversion into cash. Durable cash generation supports reinvestment in network expansion, retail inventory and steady shareholder returns (dividends/repurchases) without relying on new external financing.
Negative Factors
Hotel gross-margin pressure
Mix shifts toward different contract types and product optimization have reduced hotel gross margins despite revenue growth. If mix optimization persists, structural margin pressure may persist, constraining long-term net margin expansion and sensitivity to RevPAR trends.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
FCF nearly equals reported net income and has grown +16.1% TTM, indicating high-quality earnings conversion into cash. Durable cash generation supports reinvestment in network expansion, retail inventory and steady shareholder returns (dividends/repurchases) without relying on new external financing.
Read all positive factors
Atour Lifestyle Holdings (ATAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.56B
Dividend Yield1.76%
Average Volume (3M)1.12M
Price to Earnings (P/E)16.5
Beta (1Y)0.47
Revenue Growth41.59%
EPS Growth48.34%
CountryUS
Employees5,488
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)13.29
Shares Outstanding111,482,890
10 Day Avg. Volume843,628
30 Day Avg. Volume1,118,375
Financial Highlights & Ratios
PEG Ratio1.01
Price to Book (P/B)10.61
Price to Sales (P/S)3.90
P/FCF Ratio20.57
Enterprise Value/Market Cap6.21
Enterprise Value/Revenue2.65
Enterprise Value/Gross Profit6.07
Enterprise Value/Ebitda10.39
Forecast
1Y Price Target
$48.25Price Target Upside27.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)15.09
Revenue Forecast (FY)$12.46B
Atour Lifestyle Holdings Business Overview & Revenue Model
Company Description
Atour Lifestyle Holdings Limited, operating through its subsidiaries, manages a substantial hotel chain across China. The company distinguishes itself by offering a range of themed hotels, including concepts like music, basketball, and literary ho...
How the Company Makes Money
Atour makes money through a combination of (1) hotel network revenues and (2) retail (lifestyle product) revenues.
1) Hotel network revenues (asset-light model): The company expands primarily by signing hotels operated by third-party owners unde...
Atour Lifestyle Holdings Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: robust top-line growth (net revenues +47.5% YoY), strong retail momentum (retail +54.4% YoY and raised guidance), healthy hotel revenue expansion (manachised hotels +51.9% YoY), improving adjusted EBITDA margin and a solid cash position with active shareholder returns. Offsetting items include mix-driven hotel gross margin pressure, a small decline in adjusted net profit margin, a reduction in leased-hotel revenue and a concentrated set of hotel closures in Q1, along with some RevPAR pressure for mature hotels and market volatility in the near term. Overall, the positives (strong revenue growth, product traction, membership expansion, upgraded retail guidance and balance-sheet strength) outweigh the negatives, supporting a constructive outlook while management remains cautious on short-term RevPAR volatility.Positive Updates
Strong Overall Revenue Growth
Net revenues grew 47.5% year-over-year to RMB 2,811 million in Q1 2026, driven by expansion of the hotel network and retail momentum.
Negative Updates
Decline in Leased Hotels Revenue and Fleet Reduction
Revenues from leased hotels decreased 8.0% year-over-year to RMB 118 million as the number of leased hotels fell from 25 to 19 due to product-mix optimization.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Overall Revenue Growth
Net revenues grew 47.5% year-over-year to RMB 2,811 million in Q1 2026, driven by expansion of the hotel network and retail momentum.
Read all positive updates
Company Guidance
Management guided full‑year 2026 net revenues to grow 24–28% YoY and raised retail revenue guidance to 30–35% YoY, while reiterating hotel targets (Q1 openings 110; hotels in operation 2,088; pipeline 751; full‑year closures target 80 after 37 closures in Q1). Q1 results and related metrics cited included net revenues RMB 2,811m (+47.5% YoY), retail revenue RMB 1,071m (+54.4%), manachised hotel revenue RMB 1,568m (+51.9%), leased hotel revenue RMB 118m (‑8.0%), hotel RevPAR RMB 311.6 (102.4% of Q1 2025) with occupancy 100.6% and ADR 102.1% of prior year, hotel gross profit RMB 550m (+29.5%), retail gross profit RMB 564m (+58.3%), adjusted net profit margin 17.4% (‑0.7pp YoY), adjusted EBITDA margin 25.5% (+0.6pp), cash and cash equivalents RMB 3.7bn (net cash RMB 3.4bn), a declared cash dividend ~USD 72m (~31% of prior‑year net profit), >USD 100m of repurchases to date, and a continued shareholder‑return target of ~100% payout ratio based on prior‑year GAAP net profit.Atour Lifestyle Holdings Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
83
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.70B | 9.79B | 7.25B | 4.67B | 2.26B | 2.15B |
| Gross Profit | 4.67B | 4.33B | 3.06B | 1.91B | 717.86M | 606.63M |
| EBITDA | 2.73B | 2.42B | 1.79B | 1.07B | 275.62M | 305.74M |
| Net Income | 1.84B | 1.62B | 1.28B | 737.14M | 98.10M | 145.05M |
Balance Sheet | ||||||
| Total Assets | 8.60B | 9.17B | 7.88B | 6.59B | 4.76B | 2.25B |
| Cash, Cash Equivalents and Short-Term Investments | 5.74B | 5.87B | 4.88B | 3.59B | 1.75B | 1.04B |
| Total Debt | 1.36B | 1.53B | 1.73B | 1.95B | 2.30B | 109.44M |
| Total Liabilities | 4.93B | 5.59B | 4.93B | 4.53B | 3.57B | 1.68B |
| Stockholders Equity | 3.68B | 3.60B | 2.96B | 2.07B | 1.20B | 579.43M |
Cash Flow | ||||||
| Free Cash Flow | 2.20B | 1.86B | 1.67B | 1.95B | 244.45M | 351.91M |
| Operating Cash Flow | 2.27B | 1.94B | 1.73B | 1.99B | 283.68M | 417.88M |
| Investing Cash Flow | -380.74M | -1.30B | -520.55M | -600.52M | -192.22M | -42.23M |
| Financing Cash Flow | -1.32B | -899.69M | -426.60M | -146.92M | 456.31M | -161.08M |
Atour Lifestyle Holdings Technical Analysis
Negative
37.78
Price Trends
35.88
Negative
36.29
Negative
37.32
Negative
Market Momentum
-0.81
Negative
38.24
Neutral
24.34
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 37.78 is above the 20-day moving average (MA) of 33.90, above the 50-day MA of 35.88, and above the 200-day MA of 37.32, indicating a bearish trend. The MACD of -0.81 indicates Negative momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 24.34 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 | $4.56B | 16.51 | 51.62% | 1.76% | 41.59% | 48.34% | |
66 Neutral | $13.52B | 18.42 | 41.76% | 3.60% | 9.63% | 59.04% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
61 Neutral | $5.10B | 15.49 | 312.73% | 1.32% | 1.18% | 12.87% | |
59 Neutral | $6.09B | 33.35 | 37.33% | 2.13% | 1.41% | -40.51% | |
58 Neutral | $113.02M | 4.46 | 10.48% | 2.85% | ― | ― |
* Consumer Cyclical Sector Average
ATAT
Atour Lifestyle Holdings
32.80
2.55
8.43%
HTHT
H World Group
43.35
11.08
34.34%
CHH
Choice Hotels
116.07
-7.12
-5.78%
GHG
Greentree Hospitality Group
1.13
-0.84
-42.64%
WH
Wyndham Hotels & Resorts
85.36
6.69
8.51%
Atour Lifestyle Holdings Corporate Events
Atour Lifestyle Posts Strong Q1 2026 Growth on Hotel Expansion and Retail Surge
May 13, 2026
Atour Lifestyle Holdings Limited, a leading lifestyle and hotel group in China listed on Nasdaq, reported strong expansion of its hotel and retail operations for the quarter ended March 31, 2026. The group operated 2,088 hotels with 232,298 rooms ...
Atour Lifestyle Holdings Releases 2025 ESG Report, Underscoring Sustainability Strategy
Apr 30, 2026
Atour Lifestyle Holdings Limited, a China-based hospitality and retail lifestyle group, has released its 2025 Environmental, Social and Governance report, detailing performance for the year ended December 31, 2025. The Shanghai-headquartered compa...
Atour Lifestyle Holdings Sets May 13 Release for First-Quarter 2026 Results
Apr 29, 2026
Atour Lifestyle Holdings Limited, a Shanghai-based lifestyle and hospitality group listed on Nasdaq, runs hotel and retail operations in China and emphasizes creating warm, quality living experiences for its guests and customers. The company lever...
Atour Lifestyle Files 2025 Form 20-F With U.S. SEC
Apr 17, 2026
Atour Lifestyle Holdings Limited, a Nasdaq-listed Chinese lifestyle group with hospitality and retail operations, positions itself as a curator of quality living experiences in the domestic market. The company emphasizes a people-serving philosoph...
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.