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Atour Lifestyle Holdings
(NASDAQ:ATAT)
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Rating:78Outperform
Price Target:
$40.00
â–²(13.41% Upside)
Action:Reiterated
Date:08/22/26
The score is driven primarily by strong financial performance (high margins, strong free cash flow, and improved leverage) and a supportive earnings outlook with raised retail growth guidance and ongoing network expansion. Offsetting factors are some margin pressure and mature-hotel RevPAR softness noted on the call, while technicals are only moderately positive (not yet above the 200DMA) and valuation looks fair rather than distinctly cheap.
Positive Factors
Asset-Light Hotel Network Expansion
The expanding manachised network can increase recurring fee revenue with lower capital intensity than leased hotels. A large pipeline supports multi-year distribution growth and strengthens Atour’s brand presence across China.
Negative Factors
Mature-Hotel RevPAR Weakness
Underperformance at mature properties suggests that established hotels face demand or pricing pressure even as the network expands. Persistent softness could limit same-store revenue growth and reduce the operating leverage of the portfolio.
Read all positive and negative factors
Positive Factors
Negative Factors
Asset-Light Hotel Network Expansion
The expanding manachised network can increase recurring fee revenue with lower capital intensity than leased hotels. A large pipeline supports multi-year distribution growth and strengthens Atour’s brand presence across China.
Read all positive factors
Atour Lifestyle Holdings (ATAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.82B
Dividend Yield2.6%
Average Volume (3M)988.05K
Price to Earnings (P/E)16.3
Beta (1Y)0.40
Revenue Growth45.01%
EPS Growth48.02%
CountryUS
Employees6,356
SectorConsumer Cyclical
Sector Strength84
IndustryTravel Lodging
Share Statistics
EPS (TTM)14.28
Shares Outstanding111,482,890
10 Day Avg. Volume1,364,790
30 Day Avg. Volume988,054
Financial Highlights & Ratios
PEG Ratio1.03
Price to Book (P/B)10.61
Price to Sales (P/S)3.90
P/FCF Ratio20.57
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)15.38
Revenue Forecast (FY)$12.86B
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 primarily makes money through a combination of (1) hotel network monetization and (2) retail sales of lifestyle products. On the hotel side, Atour earns revenue from (a) franchised/managed hotels via fees charged to third-party hotel owners ...
Atour Lifestyle Holdings Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call highlights strong top-line growth, led by an accelerating retail business (+63% Q2 retail revenue) and expanded hotel network (101 openings in Q2, 2,175 hotels operating, 811 pipeline), supported by solid cash and active shareholder returns. Offsetting this are modest margin compression (adjusted net margin down 1.3 pp), RevPAR softness at mature hotels (97% of prior year), decline in leased-hotel revenue (-11.8%) and increased S&M spend. Overall, the company demonstrates strong growth momentum and brand/product differentiation, with manageable near-term profitability headwinds driven largely by mix and investment choices.Positive Updates
Strong Top-Line Revenue Growth
Net revenues for Q2 2026 grew 41.4% year-over-year to RMB 3,490 million; company reiterates full-year revenue growth target of ~30% year-over-year.
Negative Updates
RevPAR and Mature Hotel Performance Softness
Overall hotel RevPAR for Q2 was RMB 345.4 (100.7% of Q2 2025) while RevPAR for mature hotels (operating >18 months) was RMB 336.8, only 97.0% of the prior-year level; ADR and OCC for mature hotels were 98.3% and 99.0% respectively versus prior year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Revenue Growth
Net revenues for Q2 2026 grew 41.4% year-over-year to RMB 3,490 million; company reiterates full-year revenue growth target of ~30% year-over-year.
Read all positive updates
Company Guidance
Management guided full-year 2026 net revenues to grow ~30% YoY (with retail revenue growth guidance raised to 40% YoY), reiterated their full-year hotel opening target (Q2 openings: 101; hotels in operation: 2,175; development pipeline: 811) and kept closure guidance at ~80 hotels, and expects a slight YoY decline in full-year net profit margin driven by a revenue‑mix shift and a higher effective tax rate even as G&A and R&D ratios should remain broadly stable; Q2 metrics supporting the outlook included net revenues of RMB 3,490m, retail revenue RMB 1,575m (+63.2% YoY), manachised hotel revenue RMB 1,725m (+32.8% YoY), adjusted net profit margin 16.0% (‑1.3 pp YoY), adjusted EBITDA margin 23.5% (‑1.2 pp YoY), selling & marketing at 17.4% of revenues, and a strong balance sheet with cash & equivalents of RMB 3.9bn and net cash of RMB 3.7bn, while the share repurchase program has cumulatively exceeded USD 150m.Atour Lifestyle Holdings Financial Statement Overview
Summary
Income Statement
88
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 | 11.71B | 9.79B | 7.25B | 4.67B | 2.26B | 2.15B |
| Gross Profit | 5.06B | 4.33B | 3.06B | 1.91B | 717.86M | 606.63M |
| EBITDA | 2.84B | 2.42B | 1.79B | 1.07B | 275.62M | 305.74M |
| Net Income | 1.96B | 1.62B | 1.28B | 737.14M | 98.10M | 145.05M |
Balance Sheet | ||||||
| Total Assets | 8.69B | 9.17B | 7.88B | 6.59B | 4.76B | 2.25B |
| Cash, Cash Equivalents and Short-Term Investments | 5.72B | 5.87B | 4.88B | 3.59B | 1.75B | 1.04B |
| Total Debt | 1.30B | 1.53B | 1.73B | 1.95B | 2.30B | 109.44M |
| Total Liabilities | 5.32B | 5.59B | 4.93B | 4.53B | 3.57B | 1.68B |
| Stockholders Equity | 3.37B | 3.60B | 2.96B | 2.07B | 1.20B | 579.43M |
Cash Flow | ||||||
| Free Cash Flow | 2.28B | 1.86B | 1.67B | 1.95B | 244.45M | 351.91M |
| Operating Cash Flow | 2.33B | 1.94B | 1.73B | 1.99B | 283.68M | 417.88M |
| Investing Cash Flow | 673.17M | -1.30B | -520.55M | -600.52M | -192.22M | -42.23M |
| Financing Cash Flow | -1.77B | -899.69M | -426.60M | -146.92M | 456.31M | -161.08M |
Atour Lifestyle Holdings Technical Analysis
Negative
35.27
Price Trends
33.62
Positive
34.59
Positive
36.21
Negative
Market Momentum
0.28
Positive
50.15
Neutral
26.38
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 35.27 is above the 20-day moving average (MA) of 34.87, above the 50-day MA of 33.62, and below the 200-day MA of 36.21, indicating a neutral trend. The MACD of 0.28 indicates Positive momentum. The RSI at 50.15 is Neutral, neither overbought nor oversold. The STOCH value of 26.38 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $4.82B | 16.27 | 54.74% | 2.82% | 45.01% | 48.02% | |
77 Outperform | $13.90B | 18.86 | 40.36% | 5.21% | 13.03% | 37.67% | |
64 Neutral | $4.52B | 13.94 | 214.91% | 1.04% | 2.65% | 8.53% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | $5.29B | 25.72 | 42.06% | 2.28% | -2.21% | -35.98% | |
52 Neutral | $106.95M | 17.25 | 0.47% | 5.36% | -17.78% | -77.82% |
* Consumer Cyclical Sector Average
ATAT
Atour Lifestyle Holdings
34.62
-3.40
-8.95%
HTHT
H World Group
46.34
11.60
33.38%
CHH
Choice Hotels
99.40
-16.43
-14.18%
GHG
Greentree Hospitality Group
1.08
-1.04
-49.06%
WH
Wyndham Hotels & Resorts
70.99
-13.43
-15.90%
Atour Lifestyle Holdings Corporate Events
Atour Lifestyle Posts Strong Q2 2026 Growth on Hotel Expansion and Retail Surge
Aug 20, 2026
For the quarter ended June 30, 2026, Atour operated 2,175 hotels with 242,526 rooms, up about 19% year over year, supported by a pipeline of 811 manachised hotels under development. Key operating metrics showed modest improvement, with average dai...
Atour Lifestyle to Release Second-Quarter 2026 Results on August 20
Aug 6, 2026
Atour Lifestyle Holdings Limited, a Chinese lifestyle group with hospitality and retail operations, emphasizes quality living and intimate, people-focused experiences across its portfolio. The company positions itself as a curator of premium lifes...
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.