Atour Lifestyle Holdings Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Atour Lifestyle Holdings Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2023	FY2024	FY2025
Revenue	328	657	993	1,400
Research and development	9.59	10.9	18.4	25.4
Selling and marketing	20.3	66.1	133	213
General and administrative	50.7	63.6	48.3	73.9
Operating income	23.9	130	222	330
Interest expense	0.94	0.71	0.43	0.61
Interest income	2.1	4.17	6.63	10.3
Other non-operating income	-0.12	-0.15	0.34	-8.09
Pre-tax income	26.2	138	236	338
Income tax	12.2	34.2	61.1	106
Net income to minority interests	-0.29	0.27	-0.32	0.04
Net income	14.2	104	175	232
EBITDA	36.8	142	231	338
EPS, basic	0.04	0.26	0.42	0.56
EPS, diluted	0.04	0.25	0.42	0.55
Shares, basic (weighted)	379	406	414	416
Shares, diluted (weighted)	382	415	417	419

Balance sheet

	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	230	400	496	472
Short-term investments	22.9	106	173	366
Receivables	19.2	22.8	25.5	48.8
Inventory	8.33	16.8	22.9	39.9
Other current assets	19.4	35.5	45.4	96.7
Total current assets	308	597	783	1,052
Property, plant and equipment	52.2	37.5	29.3	32.3
Lease right-of-use assets	280	241	206	159
Goodwill	2.53	2.46	2.39	2.5
Intangible assets	0.8	0.6	0.87	0.67
Other non-current assets	20.5	14.2	9.76	7.42
Total assets	690	928	1,079	1,311
Accounts payable	26.8	83.7	95	118
Accrued liabilities	15	26.7	30.9	45.3
Deferred revenue	29.4	57.2	62.2	100
Short-term debt	4.22	9.86	8.22	35.8
Total current liabilities	195	335	388	533
Long-term debt	0.29	0.28	0.27	0.29
Lease liabilities	262	223	189	149
Other non-current liabilities	20.6	27.4	33.6	41.5
Total liabilities	518	638	676	799
Total debt	4.51	0.28	0.27	0.29
Paid-in capital	186	219	220	251
Retained earnings	-11.4	71.4	184	314
Treasury stock				-46.7
Other comprehensive income	-1.58	0.67	0.19	-4.91
Shareholders' equity	174	291	405	514
Minority interests	-1.44	-1.12	-1.42	-1.81
Total equity	172	290	404	512
Total liabilities and equity	690	928	1,079	1,311

Cash flow statement

	FY2022	FY2023	FY2024	FY2025
Net income	13.9	104	174	232
Depreciation and amortization	12.8	12	8.94	7.74
Stock-based compensation	23.7	23.1	4.49	18.8
Deferred income tax	1.48	-4.52	-11.8	-3.25
Change in receivables	-5.43	-6.02	-4.07	-22.8
Change in inventory	0.16	-12	-13.6	-26.5
Cash from operations	41.1	280	236	285
Capital expenditures	-5.28	-5.88	-7.71	-12.3
Purchases of investments	-425	-1,328	-2,742	-2,278
Cash from investing	-27.9	-84.6	-71.3	-190
Debt issued	28.9	5.63	8.22	36.5
Debt repaid	-19.5	-20	-9.59	-9.3
Stock issued		14.9	2.67	2.7
Share buybacks				-47.2
Dividends paid		-21.2	-59.7	-110
Cash from financing	66.2	-20.7	-58.4	-132
Net change in cash	79.8	176	107	-42.8
Free cash flow	35.8	274	229	273
Interest paid	0.67	0.85	0.49
Income taxes paid	12	24	61.2	96.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $32.23 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	23.6%	Operating income / revenue.
EBITDA margin	24.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.1%	Pre-tax income / revenue.
Net margin	16.6%	Net income / revenue.
FCF margin	19.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.4%	Cash from operations / revenue.
Effective tax rate	31.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	50.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	19.4%	Net income / average total assets.
R&D / revenue	1.8%	Research and development expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.9%	Capital expenditures / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	41.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	62.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	48.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	139.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	46.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	109.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	32.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	153.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	31.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	139.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	90.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	96.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	26.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	43.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	21.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.97x	Current assets / current liabilities.
Quick ratio	1.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.57x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	60.9%	Total liabilities / total assets.
Net debt	-$838.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	543x	Operating income / interest expense.
Working capital	$519.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$510.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.17x	Revenue / average total assets.
Fixed asset turnover	45.5x	Revenue / average property, plant and equipment.
Receivables turnover	37.7x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
FCF conversion	117.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.56	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.34	Revenue / diluted weighted shares.
FCF per share	$0.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.68	Cash from operations / diluted weighted shares.
Book value per share	$1.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.22	Tangible book value / shares outstanding.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	47.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	40.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	17.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.38B	Share price x shares outstanding.
Enterprise value	$3.55B	Market cap + total debt - cash - short-term investments.
P/E	18.9x	Market cap / net income. Only when net income is positive.
P/S	3.13x	Market cap / revenue.
P/B	8.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.59x	Market cap / tangible book value, when positive.
P/FCF	16.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.4x	Market cap / cash from operations, when positive.
EV/Sales	2.53x	Enterprise value / revenue.
EV/EBIT	10.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	0.14x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Atour Lifestyle Holdings Ltd's revenue in fiscal 2025?

Atour Lifestyle Holdings Ltd reported revenue of $1.40B for fiscal 2025, 41% higher than the year before.

Was Atour Lifestyle Holdings Ltd profitable in fiscal 2025?

Yes. Net income was $231.8M, a net margin of 16.6%.

How much free cash flow did Atour Lifestyle Holdings Ltd generate in fiscal 2025?

Cash from operations of $285.0M minus capital expenditures of $12.3M left free cash flow of $272.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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