Atour Lifestyle Holdings Ltd
ATAT · Hotels & Motels · EDGAR filings ↗
Grade
A86Dominant, asset-light Chinese lifestyle-hotel franchise compounding revenue ~35% with top-decile returns and cash generation.
Strengths
- Top-decile ROIC (50.7%, 94.7th pct), ROA (17.7%, 96.3th pct) and revenue growth (35%, 96th pct)
- High operating/net margins (23.6%/16.6%), strong FCF margin (19.5%, 87.5th pct) and $5.9B cash with near-zero debt
- Scaled, capital-light manachise model (2,015 hotels, 779 in pipeline) with a strengthening multi-brand franchise
Risks
- China macro/regulatory, HFCAA audit and PRC cash-repatriation risks
- Dual-class/controlled-company governance and hospitality-cycle sensitivity
Notable findings
- Strong balance sheetStrong balance sheet — $839M cash & investments
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
23.6%
Net margin
16.6%
Return on equity
45.1%
Return on assets
17.7%
ROIC
50.7%
Revenue growth (QoQ)
-9.1%
Net-income growth
32.7%
Debt / equity
0.0×
Net debt / EBITDA
-2.5×
Current ratio
2.0×
Free cash flow
$273M
EBITDA
$338M
Tangible book value
$511M
Cash & investments
$839M
Stock comp / revenue
1.3%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-17 | 2025-12-31 | 0001104659-26-044551 ↗ |
| 20-F | 2025-04-25 | 2024-12-31 | 0001410578-25-000890 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0001104659-24-052246 ↗ |
| 20-F | 2023-04-28 | 2022-12-31 | 0001104659-23-051918 ↗ |