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ATAT, Atour Lifestyle Holdings Limited

Hotels & Resorts diversified Cyclical

Revenue is led by Manachised Hotels (54%) and Retail (37%), with 3 more lines behind.

Latest annual: FY2025 20-F · figures as filed, in CNY · 1 ADS = 3 ordinary shares

ATAT · Atour Lifestyle Holdings Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

CN¥9.8B

+35.1% YoY · 44% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue CN¥9.8B 5-yr avg CN¥5.2B

Operating margin 23.6% 5-yr avg 16.4%

Owner-earnings margin 20% 5-yr avg 22%

Free cash flow margin 19% 5-yr avg 22%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A hotel and lodging business, earning on rooms filled and the brand that fills them.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 9.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from 4.0% to 24% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Read this kind of business on occupancy and revenue per available room, and the model. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 7 lines, the largest Manachised Hotels at 54%.

Revenue by product line, FY2025

Manachised Hotels54%CN¥5.3B
Retail37%CN¥3.7B
Leased Hotels6%CN¥590M
Room6%CN¥550M
Others2%CN¥220M
Food and beverage0%CN¥35M
Others0%CN¥5M

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2020–2025

realized figures from each filing · older years to the left

2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
							Income statement
CN¥1.6B	CN¥2.1B	CN¥2.3B	CN¥4.7B	CN¥7.2B	CN¥9.8B	CN¥9.8B	RevenueRevenue
CN¥63M	CN¥196M	CN¥165M	CN¥924M	CN¥1.6B	CN¥2.3B	CN¥2.3B	Operating incomeOp. inc.
4.0%	9.1%	7.3%	19.8%	22.4%	23.6%	23.6%	Operating marginOp. mgn
CN¥38M	CN¥140M	CN¥96M	CN¥739M	CN¥1.3B	CN¥1.6B	CN¥1.6B	Net incomeNet inc.
50%	31%	47%	25%	26%	31%	31%	Effective tax rateTax rate
							Cash flow & returns
CN¥119M	CN¥418M	CN¥284M	CN¥2.0B	CN¥1.7B	CN¥2.0B	CN¥2.0B	Operating cash flowOp. cash
CN¥85M	CN¥94M	CN¥89M	CN¥85M	CN¥65M	CN¥54M	CN¥54M	DepreciationDeprec.
(CN¥4M)	CN¥184M	CN¥99M	CN¥1.2B	CN¥388M	CN¥317M	CN¥317M	Working capital & otherWC & other
CN¥113M	CN¥64M	CN¥36M	CN¥42M	CN¥56M	CN¥86M	CN¥86M	CapexCapex
7.2%	3.0%	1.6%	0.9%	0.8%	0.9%	0.9%	Capex / revenueCapex/rev
CN¥34M	CN¥354M	CN¥247M	CN¥1.9B	CN¥1.7B	CN¥1.9B	CN¥1.9B	Owner earningsOwner earn.
2.2%	16.5%	10.9%	41.7%	23.0%	19.8%	19.8%	Owner earnings marginOE mgn
CN¥6M	CN¥354M	CN¥247M	CN¥1.9B	CN¥1.7B	CN¥1.9B	CN¥1.9B	Free cash flowFCF
0.4%	16.5%	10.9%	41.7%	23.0%	19.5%	19.5%	Free cash flow marginFCF mgn
—	CN¥21M	—	CN¥151M	CN¥436M	CN¥772M	CN¥772M	Dividends paidDiv. paid
—	24%	8%	36%	43%	45%	45%	Return on equityROE
—	21%	—	28%	28%	24%	24%	Retained to equityRetained/eq
							Balance sheet
CN¥825M	CN¥1.0B	CN¥1.7B	CN¥3.6B	CN¥4.9B	CN¥5.9B	CN¥5.9B	Cash & investmentsCash+inv
—	CN¥100M	CN¥133M	CN¥162M	CN¥186M	CN¥341M	CN¥341M	ReceivablesReceiv.
—	CN¥59M	CN¥57M	CN¥119M	CN¥167M	CN¥279M	CN¥279M	InventoryInvent.
—	CN¥161M	CN¥185M	CN¥595M	CN¥694M	CN¥822M	CN¥822M	Accounts payablePayables
—	(CN¥3M)	CN¥5M	(CN¥313M)	(CN¥340M)	(CN¥202M)	(CN¥202M)	Operating working capitalOper. WC
—	CN¥1.4B	CN¥2.1B	CN¥4.2B	CN¥5.7B	CN¥7.4B	CN¥7.4B	Current assetsCur. assets
—	CN¥1.1B	CN¥1.3B	CN¥2.4B	CN¥2.8B	CN¥3.7B	CN¥3.7B	Current liabilitiesCur. liab.
—	1.3×	1.6×	1.8×	2.0×	2.0×	2.0×	Current ratioCurr. ratio
—	CN¥17M	CN¥17M	CN¥17M	CN¥17M	CN¥17M	CN¥17M	GoodwillGoodwill
—	CN¥2.2B	CN¥4.8B	CN¥6.6B	CN¥7.9B	CN¥9.2B	CN¥9.2B	Total assetsAssets
—	CN¥45M	CN¥31M	CN¥2M	CN¥2M	CN¥2M	CN¥31M	Total debtDebt
—	(CN¥994M)	(CN¥1.7B)	(CN¥3.6B)	(CN¥4.9B)	(CN¥5.9B)	(CN¥5.8B)	Net debt / (cash)Net debt
42.7×	24.7×	25.4×	184.6×	521.6×	542.9×	614.9×	Interest coverageInt. cov.
—	CN¥579M	CN¥1.2B	CN¥2.1B	CN¥3.0B	CN¥3.6B	CN¥3.6B	Shareholders’ equityEquity
							Per share
172M	323M	382M	415M	417M	419M	419M	Shares out (diluted)Shares
CN¥9.13	CN¥6.65	CN¥5.93	CN¥11.25	CN¥17.37	CN¥23.35	CN¥23.35	Revenue / shareRev/sh
CN¥0.22	CN¥0.43	CN¥0.25	CN¥1.78	CN¥3.05	CN¥3.87	CN¥3.87	EPS (diluted)EPS
CN¥0.20	CN¥1.10	CN¥0.65	CN¥4.69	CN¥4.00	CN¥4.62	CN¥4.62	Owner earnings / shareOE/sh
CN¥0.03	CN¥1.10	CN¥0.65	CN¥4.69	CN¥4.00	CN¥4.55	CN¥4.55	Free cash flow / shareFCF/sh
—	CN¥0.06	—	CN¥0.36	CN¥1.05	CN¥1.84	CN¥1.84	Dividends / shareDiv/sh
CN¥0.66	CN¥0.20	CN¥0.10	CN¥0.10	CN¥0.13	CN¥0.20	CN¥0.20	Cap. spending / shareCapex/sh
—	CN¥1.79	CN¥3.14	CN¥4.99	CN¥7.09	CN¥8.57	CN¥8.57	Book value / shareBVPS

The diluted share count moved ×1.88 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	5-yr	5-yr
Revenue / share	+20.7%/yr	+20.7%/yr
Owner earnings / share	+88.1%/yr	+88.1%/yr
EPS	+77.3%/yr	+77.3%/yr
Dividends / share	+131.7%/yr (4-yr)	+131.7%/yr (4-yr)
Capital spending / share	−20.8%/yr	−20.8%/yr
Book value / share	+47.9%/yr (4-yr)	+47.9%/yr (4-yr)

The record, charted

FY2020–2025

Each measure over its full record; the current point and the worst year marked.

Share count

419Mpeak FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

CN¥1.9Bowner earningsvs.CN¥1.6Bnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2020FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned CN¥1.9B of owner earnings, the operating cash left after the CN¥54M it takes just to hold its position. It put CN¥32M more into growth; free cash flow, after that spending, was CN¥1.9B.

Reported net incomeCN¥1.6B

Owner earningsCN¥1.9B · 20% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	CN¥1.6B	CN¥1.3B	CN¥739M	CN¥96M	CN¥140M
Depreciation & amortizationnon-cash charge added back	+CN¥54M	+CN¥65M	+CN¥85M	+CN¥89M	+CN¥94M
Working capital & othertiming of cash in and out, other non-cash items	+CN¥317M	+CN¥388M	+CN¥1.2B	+CN¥99M	+CN¥184M
Cash from operations	CN¥2.0B	CN¥1.7B	CN¥2.0B	CN¥284M	CN¥418M
Maintenance capital expenditurethe spending needed just to hold position and volume	−CN¥54M	−CN¥56M	−CN¥42M	−CN¥36M	−CN¥64M
Owner earnings	CN¥1.9B	CN¥1.7B	CN¥1.9B	CN¥247M	CN¥354M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−CN¥32M	—	—	—	—
Free cash flow	CN¥1.9B	CN¥1.7B	CN¥1.9B	CN¥247M	CN¥354M
Owner-earnings marginowner earnings ÷ revenue	20%	23%	42%	11%	16%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about CN¥54M, roughly its depreciation, the rate its assets wear out). The other CN¥32M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 614.9×

Comfortable

Operating income CN¥2.3B ÷ interest expense CN¥4M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +CN¥5.8B

Net cash

Cash CN¥3.3B + ST investments CN¥2.6B − debt CN¥31M

What this means
Cash and short-term investments exceed every dollar of debt by CN¥5.8B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 12%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 16%

High through the cycle

6-yr median margin, range 2%–42%; latest CN¥1.9B = operating cash CN¥2.0B − maintenance capex CN¥54M

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 16% median across 6 years.
Are earnings backed by cash? 1.23×

Cash-backed

Cash from ops CN¥2.0B ÷ net income CN¥1.6B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 57%

Returns about half

Dividends + buybacks CN¥1.1B ÷ Owner Earnings CN¥1.9B

What this means
Of CN¥1.9B Owner Earnings, CN¥1.1B (57%) went back to shareholders, CN¥772M dividends, CN¥330M buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.59×

Expanding

Capex CN¥86M ÷ depreciation CN¥54M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · CN¥9.8B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Near

Current ratio ≥ 2× · 1.97×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · CN¥31M vs CN¥3.6B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (6-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 5 tagged yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design. One year of this record is untagged in the data, with the dividend paid on both sides; a lone missing tag is treated as unknown, not a suspension, so the streak is judged on the tagged years.
Earnings growth Pass

Earnings +33% over the record · +1228%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are CN¥2.94/share (latest year CN¥3.93), the averaged base the calculator's gate runs on, and book value is CN¥8.71/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2020–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 6

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 7% → 22% (3-yr avg ends)

In the filing’s words The filing ties gains to its own pricing, but names price competition too — pricing power that is real yet contested, not unopposed. The margin shows who is winning.

What this means
Through the cycle the operating margin widened — about 7% early to 22% lately, median 9% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +56%/yr

What this means
Owner earnings grew about 56% a year over the record.
Worst year 2020 · 4.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“Department of the Treasury issued a final rule on outbound investment, effective January 2, 2025, which restricts or requires notification of certain investments by U.S. persons in Chinese entities involved in semiconductors, quantum technologies, and artificial intelligence.”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsCN¥7.4B

Cash & short-term investmentsCN¥5.9B
ReceivablesCN¥341M
InventoryCN¥279M
Other current assetsCN¥868M

Current liabilitiesCN¥3.7B

Debt due within a yearCN¥29M
Accounts payableCN¥822M
Other current liabilitiesCN¥2.9B

Current ratio1.97×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.90×stricter: inventory excluded

Cash ratio1.57×strictest: cash alone against what's due

Working capitalCN¥3.6Bthe cushion left after near-term bills

Debt due this year vs. cashCN¥29M due · CN¥5.9B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book valueCN¥3.6Bequity stripped of goodwill & intangibles

Net current asset valueCN¥1.8BGraham's net-net: current assets less all liabilities

Debt incl. operating leasesCN¥261MCN¥230M of it operating leases

Deferred revenueCN¥701Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2020–2025

Over the record, the business generated CN¥6.5B of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

ReinvestedCN¥397M · 6%
DividendsCN¥1.4B · 21%
BuybacksCN¥441M · 7%
Retained (debt / cash)CN¥4.3B · 66%

Returned to ownersCN¥1.8B
29% of the owner earnings the business produced over the span, CN¥1.4B as dividends and CN¥441M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose CN¥5.0B.
Average price paid for buybacks—
Buybacks ran CN¥441M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count144.4%
The diluted count rose from 172M to 419M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend recordCN¥1.84/sh
Paid in 4 of the years on record, the per-share dividend growing about 207% a year. It was never cut over the span.
Return on what it retained79%
Of the earnings it kept rather than paid out (CN¥2.1B over the span), annual owner earnings (first three years vs last three) grew CN¥1.6B, so each retained CN¥1 added about 0.79 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Atour Lifestyle Holdings Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2020–2025.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereDid the share count rise anyway?144.4%
Diluted shares grew 144.4% over 2020–2025, even as the company spent CN¥441M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Hotels & Resorts

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MARMarriott International	$26.2B	—	12.4%	17%	10%
HLTHilton Worldwide Holdings Inc.	$12.0B	—	17.5%	20%	15%
ATATAtour Lifestyle Holdings Limited	CN¥9.8B	—	14.5%	—	18%
HHyatt Hotels Corporation	$7.1B	—	8.6%	7%	6%
HGVHilton Grand Vacations Inc. Common Stock	$4.5B	—	12.8%	5%	7%
BALYBally's Corporation	$2.5B	—	5.7%	5%	2%
CHHChoice Hotels International	$1.6B	—	28.9%	30%	20%
WHWyndham Hotels & Resorts	$1.4B	—	25.7%	12%	18%
Group median	—	—	13.6%	—	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each ADS represents three Class”; Atour Lifestyle Holdings Limited reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Atour Lifestyle Holdings Limited has delivered.

Today’s price $

Through the cycle, Atour Lifestyle Holdings Limited earns about $262M on its 18.1% median owner-earnings margin. This year’s 19.8% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($262M) Net of stock comp Steady-state · maintenance capex ($286M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+57%/yr

Owner-earnings growth · ’20→’25+58%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $281M on 137M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $861M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($13M) runs well above depreciation ($8M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $286M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ATAT against another business →

Cite: Owner Scorecard, "Atour Lifestyle Holdings Limited (ATAT), the owner's record," https://ownerscorecard.com/c/ATAT, data as of 2026-07-09.

Manual order: ← ASX its page in the Manual ATGL →

Industry order: ← ABNB the Hotels & Resorts chapter BKNG →