ATATNasdaqHotels & MotelsFiscal year ends December 31
Atour Lifestyle Holdings Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 17, 2026
$33.04−0.39 (-1.17%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2019 to 2025
Operating margin
23.6%+19.5 pts over 5 years
Net margin
16.6%+13.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +35.1% | +62.9% | +44.3% | – | |
| Operating income | +42.2% | +140.9% | +105.3% | – | |
| Net income | +27.1% | +154.7% | +107.6% | – | |
| EPS, diluted | +26.5% | +146.0% | – | – | |
| Free cash flow | +14.2% | +97.6% | +217.4% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 49.5% | |
| Return on assets | – | – | 19.0% | |
| Current ratio | – | – | 1.97 | |
| Debt to equity | – | – | 0.07 | |
| Net debt to EBITDA | – | – | -1.29× | |
| Interest coverage | – | 42.7× | 542.9× | |
| Capex to revenue | – | 7.2% | 0.9% | |
| Diluted shares | – | 172M | 419M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Atour Lifestyle generated CN¥6.41B from operations and spent CN¥2.10B on capital expenditure, dividends and share buybacks. 14% of that went back into the business.
Generated
CN¥6.41B
Used
CN¥2.10B
Capital expenditureCN¥284.14M14%DividendsCN¥1.38B66%Share buybacksCN¥441.16M21%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.6%
×Asset turnover1.15×
×Equity multiplier2.60×
=Return on equity, FY202549.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 16.6% | 1.15× | 2.60× | 49.5% |
| FY2024 | 17.6% | 1.00× | 2.88× | 50.8% |
| FY2023 | 15.8% | 0.82× | 3.48× | 45.1% |
| FY2022 | 4.3% | 0.65× | 3.94× | 11.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥1.62B
- Cash generatingOperating cash flow above zeroCN¥1.99B
- Return on assets improvedROA up on the prior year19.4% → 20.6%
- Earnings backed by cashOperating cash flow above net incomeCN¥1.99B vs CN¥1.62B
- Less leverageLong-term debt to assets fell0.0% → 0.0%
- Better liquidityCurrent ratio rose2.02 → 1.97
- No dilutionShare count did not rise417M → 419M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.10 → 1.24