Atour Lifestyle Holdings Limited

ATAT

Travel Lodging · Consumer Cyclical

Price

$34.75

+0.50 (+1.46%)

Market Cap

$4.80B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+7.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 130.4M (2021) → 139.8M (2025)

Winston Score History

The full picture

Atour Lifestyle Holdings is a Chinese hotel chain that operates mid-to-upscale hotels across China. It targets business travelers and urban tourists who want a comfortable, design-focused stay without paying luxury prices. Atour is one of the fastest-growing branded hotel groups in China, known for blending hotel stays with a retail lifestyle brand called SAVHE (its sleep-product line).

Atour makes money in two main ways: collecting fees from franchised hotel partners and selling its own branded retail products like pillows, bedding, and sleep accessories directly to consumers. Nearly all of its hotels are in China, and the company had over 1,400 properties as of recent reporting periods. Its strong brand loyalty and integrated retail business give it a differentiated edge over generic budget chains. The key growth driver is continued expansion of its franchise network across lower-tier Chinese cities, while a slowdown in Chinese domestic travel or consumer spending remains the primary risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+41.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+30.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

¥178M/ year

↑ Rising (+33% vs prior year)

1.8% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

1.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥5.7B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Atour Lifestyle Holdings Limited grew revenue 41% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

43.6%

Healthy — 43.6% gross margin

Profit after running costs

Operating Margin

20.9%

Excellent — 20.9% operating margin

Return on the money invested

ROCE

70.9%

Exceptional — 70.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+40.1%

Fast-growing sales (+40.1% YoY)

Profit growth

EPS YoY

+42.6%

Earnings growing fast (+42.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

119%

Turns 119% of profit into real cash

Spare cash per sale

FCF Margin

19.5%

Converts sales into free cash efficiently (19.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.15

Conservative — low debt load (0.15)

Covers its interest

Interest Cover

449.35x

Comfortably covers interest (449.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.4x

Fair value — P/E 16.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.1

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.92%

Moderate income — 2.92% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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