# Atour Lifestyle Holdings Limited American Depositary Shares (ATAT.US)

Canonical: https://gigainvestors.com/s/ATAT

Analysis as of: 2026-10-16T07:26:38.799Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $33.51 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.06×

- FY2020: 0.04×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.20×

- FY2024: 0.22×

- FY2025: 0.24×

- LTM to Jun 2026: 0.23×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 25.6%

- ROIC, second-lowest year: 6.2%

- Typical minus recent gross margin: -10.4 pp

- Typical gross margin (annual median): 31.7%

- Recent gross margin (lower of latest and 3-year median): 42.2%

- Years with nonpositive capital: 5

- Capital spending / revenue: 1.7%

- ROIC including acquisitions, ten-year median: 79.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: >100%

- FY2020: 5.9%

- FY2021: 19.5%

- FY2022: 6.2%

- FY2023: >100%

- FY2024: 25.6%

- FY2025: 30.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 4.0B

- Net income, five-year total: CNY 3.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.2 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.19×

- FY2022: 1.50×

- FY2023: 1.06×

- FY2024: 1.01×

- FY2025: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.5% vs 30.9%

- Per-share earnings: 0.50 to 9.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 4.0%

- Per-share value growth: 106.9%

- Per-share value change: CNY 8.63

- Per-share value, starting three-year median: CNY 0.50

- Per-share value, ending three-year median: CNY 9.13

- Average buyback yield: 0.9%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 19.5%

- ROIC, last three-year median: 30.9%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.50

- FY2020: CNY 0.37

- FY2021: CNY 1.15

- FY2022: CNY 0.71

- FY2023: CNY 5.32

- FY2024: CNY 9.13

- FY2025: CNY 11.62

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 0.68×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -9.7%

- FY2020: -3.9%

- FY2021: -12.2%

- FY2022: -3.9%

- FY2023: -19.0%

- FY2024: -5.7%

- FY2025: -3.5%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 76% since Oct 2023 · "Atour Lifestyle beats top-line and bottom-line estimates; updates FY26 outlook" (seekingalpha.com, Aug 2026) · sales +19.6%

Story as of 2026-10-16T09:58:20.339Z; price observation 2026-10-15.

- 2025-05-22: Atour Lifestyle Holdings (NasdaqGS:ATAT) Announces $400M Share Buyback And New Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/atour-lifestyle-holdings-nasdaqgs-atat-175533710.html))

- 2026-08-20: Atour Lifestyle beats top-line and bottom-line estimates; updates FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4635292-atour-lifestyle-beats-top-line-and-bottom-line-estimates-updates-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +19.6%; source https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm; observed 2026-04-17.

- FY2019: CNY 1.6B 

- FY2020: CNY 1.6B 

- FY2021: CNY 2.1B 

- FY2022: CNY 2.3B 

- FY2023: CNY 4.7B 

- FY2024: CNY 7.2B 

- FY2025: CNY 9.8B 

- FY2026: CNY 12B 

### Gross margin · FY2025

gross margin 44.3%; source https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm; observed 2026-04-17.

- FY2019: 30.0% 

- FY2020: 26.6% 

- FY2021: 28.2% 

- FY2022: 31.7% 

- FY2023: 41.0% 

- FY2024: 42.2% 

- FY2025: 44.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in lodging; annual sales are CNY 9.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm (filed 2026-04-17); FY2025: revenue 9790159000; grossProfit 4332690000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATAT.US: Atour Lifestyle Holdings Limited, through its subsidiaries, develops lifestyle brands in the People's Republic of China. The company operates hospitality and retail businesses; and provides hotel management services, including day-to-day management services for the hotels on behalf of franchisees, as well as sells hotel supplies and other products. It also operates travel agency. Atour Lifestyle Holdings Limited was incorporated in 2012 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 41% to 44.3% during 2023–25; it earns 25.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: grossProfit / revenue = 41%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: grossProfit / revenue = 42.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm (filed 2026-04-17); FY2025: grossProfit / revenue = 44.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); 7-year return on capital observations [[2019,1.000001],[2020,0.05903161953210901],[2021,0.1949666125459216],[2022,0.06191305472535696],[2023,1.700493274238548],[2024,0.2562068677127034],[2025,0.30915526881980376]]; median 0.2562068677127034. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.8% of cash earnings on expansion; paid dividends in 6 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2020: growth capex 0; upkeep 113973000; owner earnings 13033000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2021: growth capex 0; upkeep 65970000; owner earnings 172995000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2022: growth capex 0; upkeep 39230000; owner earnings 147430000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2023: growth capex 0; upkeep 41724000; owner earnings 780434000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); FY2024: growth capex 0; upkeep 56238000; owner earnings 1284342000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm (filed 2026-04-17); FY2025: growth capex 29332115; upkeep 54106000; owner earnings 1620992000. Growth capex / owner earnings = 0.01809516333208307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Dividend observations: [[2019,20645000],[2020,20645000],[2021,20645000],[2022,0],[2023,150579000],[2024,436048000],[2025,750966011]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm (filed 2026-04-17); FY2025: cash repurchases 320908035 CNY.

### What the price says

The price is 3.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-17); Closing price 33.51 USD; reporting-to-trading FX 0.14944; FY2025 annual sales per share 70.19116924830709; price multiple 3.194663295050745. FY2025 cash earnings/share 11.621805511243668. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-11: $15.23 per share

- 2022-12: $18.02 per share

- 2023-01: $26.90 per share

- 2023-02: $26.43 per share

- 2023-03: $26.21 per share

- 2023-04: $21.44 per share

- 2023-05: $16.16 per share

- 2023-06: $16.24 per share

- 2023-07: $20.26 per share

- 2023-08: $19.42 per share

- 2023-09: $18.85 per share

- 2023-10: $19.06 per share

- 2023-11: $17.81 per share

- 2023-12: $17.36 per share

- 2024-01: $17.31 per share

- 2024-02: $19.38 per share

- 2024-03: $17.94 per share

- 2024-04: $17.83 per share

- 2024-05: $17.81 per share

- 2024-06: $18.35 per share

- 2024-07: $16.74 per share

- 2024-08: $19.02 per share

- 2024-09: $25.94 per share

- 2024-10: $26.20 per share

- 2024-11: $25.15 per share

- 2024-12: $26.89 per share

- 2025-01: $27.41 per share

- 2025-02: $30.71 per share

- 2025-03: $28.35 per share

- 2025-04: $24.44 per share

- 2025-05: $31.31 per share

- 2025-06: $32.51 per share

- 2025-07: $33.82 per share

- 2025-08: $38.92 per share

- 2025-09: $37.59 per share

- 2025-10: $38.96 per share

- 2025-11: $38.37 per share

- 2025-12: $39.40 per share

- 2026-01: $35.74 per share

- 2026-02: $39.27 per share

- 2026-03: $36.81 per share

- 2026-04: $38.24 per share

- 2026-05: $34.34 per share

- 2026-06: $31.80 per share

- 2026-07: $34.33 per share

- 2026-08: $34.98 per share

- 2026-09: $32.62 per share

- 2026-10: $33.51 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1853717/000110465926044551/atat-20251231x20f.htm); period 2025-12-31, filed 2026-04-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 45,652 ATAT shares; USD 1,452,000 reported position value; 0% of portfolio; add; quarter 2026 Q2.

# ATAT — Atour Lifestyle Holdings ADR

Held by 1 investor · USD 1,452,000 total · 2026 Q2 · reported price USD 31.81 (split-adjusted).
Page: https://gigainvestors.com/s/ATAT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 1,452,000 | 0.0% | add +62.16% |

## Total held by quarter

- 2024 Q4: USD 5,208,109 · 1 holder · USD 26.89
- 2025 Q1: USD 18,215,896 · 1 holder · USD 28.35
- 2025 Q2: USD 21,872,208 · 1 holder · USD 32.51
- 2025 Q3: USD 22,988,916 · 1 holder · USD 37.59
- 2025 Q4: USD 1,108,907 · 1 holder · USD 39.39
- 2026 Q1: USD 1,035,994 · 1 holder · USD 36.80
- 2026 Q2: USD 1,452,000 · 1 holder · USD 31.81