ATAT
Atour Lifestyle Holdings Ltd
Next earnings Aug 24, 2026 · consensus $3.76 EPS, $3.25B rev
$32.22
▼ -0.31%$32.22▲ +0.82%
over 1Y
L $31.52H $42.21
Today-0.3%
1W+2.2%
1M-6.4%
3M-10.3%
YTD-17.9%
1Y+0.8%
Buy
Conviction
Horizon
Medium (3–12mo)
Street · 25 analysts
Buy
A fast-growing, asset-light Chinese hotel chain with a 45% ROE — superb growth, but priced richly with China-ADR risk.
Revenue $1.40B · FY2025
The read
The fundamentals carry the rating, but the price is rich (~35% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
Atour is a rapidly growing upscale Chinese hotel operator with an asset-light franchise model plus a fast-expanding retail/lifestyle business. The fundamentals are excellent. FY2025 revenue grew 41.0% to $1.40B, operating income rose 48.4% to $330M (a 23.6% operating margin), and net income grew 32.7% to $232M (a 16.6% net margin). The growth track record is consistent and steep — revenue has more than quadrupled from $328M (FY2022) to $1.40B — and the asset-light model produces a standout 45.1% ROE. The balance sheet is healthy, with $472M of cash, minimal long-term debt and 1.55x liabilities/equity, and the company already returns capital ($110M dividends, $47.2M buybacks) while still reinvesting for growth (capex is tiny at $12.3M, the signature of a franchise model).
Operating cash flow of $285M (up 20.5%) confirms high-quality earnings. This is a genuinely good business: high returns, low capital intensity, strong growth and shareholder returns.
Is ATAT a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~60d expiry
- Long call 32 @ ~2.07 est
- Short call 35 @ ~0.91 est
debit $116max +$184max −$116BE 33.16
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | $328M | $657M | $993M | $1.40B |
| Gross profit | — | — | — | — |
| Operating income | $23.9M | $130M | $222M | $330M |
| Net income | $14.2M | $104M | $175M | $232M |
| Diluted EPS | $0.04 | $0.25 | $0.42 | $0.55 |
| Net margin | 4.3% | 15.8% | 17.6% | 16.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$4.02B
EV / EBITDA11.9
EV / Sales2.9
EV / FCF14.7
P / FCF16.3
PEG (trailing)1.79
Earnings yield5.2%
FCF yield6.1%
Quality & risk
ROIC (est.)47.4%
Free cash flow$273M
Total debt$36.0M
Net cash$436M
Altman Z-Score6.05 safe
Piotroski F-Score7/8
Capital returns
Buyback yield1.1%
Dividend yield (est.)2.5%
Shareholder yield3.5%
Shares Δ YoY-0.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Recent filings
all on EDGAR ↗SCHEDULE 13G/AFiling2026-05-13open ↗6-KPeriod ending 2026-05-132026-05-13open ↗SCHEDULE 13G/AFiling2026-05-11open ↗6-KPeriod ending 2026-04-302026-04-30open ↗6-KPeriod ending 2026-04-292026-04-29open ↗6-KPeriod ending 2026-04-172026-04-17open ↗20-FPeriod ending 2025-12-312026-04-17open ↗3Period ending 2026-03-182026-03-18open ↗3Period ending 2026-03-182026-03-18open ↗3Period ending 2026-03-182026-03-18open ↗3Period ending 2026-03-182026-03-18open ↗6-KPeriod ending 2026-03-172026-03-17open ↗
Frequently asked
- Is Atour Lifestyle Holdings Ltd (ATAT) a buy?
- ATAT currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. A fast-growing, asset-light Chinese hotel chain with a 45% ROE — superb growth, but priced richly with China-ADR risk.
- What is ATAT's fair value?
- A Modified-Graham model based on ATAT's SEC fundamentals estimates a fair value of about $20.90. It is an estimate from reported earnings, not a price target.
- Is ATAT overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, ATAT currently appears overvalued relative to its SEC-grounded earnings power.
- What is Atour Lifestyle Holdings Ltd's quality score?
- ATAT scores 69.14121189869478/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001853717, latest SCHEDULE 13G/A filed 2026-05-13) · EODHD · Proprietary analysis · as of 6/21/2026, 9:01:58 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 5:01 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.