Latest Ratios: P/E Ratio 19.3x · EV/EBITDA 12.1x · ROE 49.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $5.5B | $3.7B | $2.4B | $2.3B | — | — | — |
| Enterprise Value | $4.2B | $3.7B | $1.9B | $1.5B | $3.0B | — | — | — |
| P/E Ratio → | 19.32 | 3.47 | 2.93 | 3.26 | 23.71 | — | — | — |
| P/S Ratio | 3.09 | 0.56 | 0.52 | 0.51 | 1.03 | — | — | — |
| P/B Ratio | 8.55 | 1.54 | 1.27 | 1.17 | 1.97 | — | — | — |
| P/FCF | 16.32 | 2.97 | 2.24 | 1.23 | 9.55 | — | — | — |
| P/OCF | 15.62 | 2.84 | 2.17 | 1.21 | 8.23 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.38 | 0.26 | 0.32 | 1.35 | — | — | — |
| EV / EBITDA | 12.07 | 1.58 | 1.10 | 1.50 | 12.01 | — | — | — |
| EV / EBIT | 12.36 | 1.57 | 1.08 | 1.53 | 16.28 | — | — | — |
| EV / FCF | — | 2.01 | 1.11 | 0.78 | 12.46 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.3% | 44.3% | 42.2% | 41.0% | 31.7% | 28.2% | 26.6% | 30.0% |
| Operating Margin | 23.6% | 23.6% | 22.4% | 19.8% | 7.3% | 9.1% | 4.0% | 5.8% |
| Net Profit Margin | 16.6% | 16.6% | 17.6% | 15.8% | 4.3% | 6.8% | 2.7% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 49.7% | 49.7% | 51.0% | 45.4% | 11.2% | 25.7% | 31.6% | — |
| ROA | 19.0% | 19.0% | 17.6% | 13.0% | 2.8% | 6.9% | 2.3% | 3.9% |
| ROIC | 120.8% | 120.8% | 109.1% | 45.2% | 16.1% | — | — | — |
| ROCE | 44.0% | 44.0% | 35.0% | 24.2% | 7.2% | 17.2% | 6.1% | 9.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.59 | 0.95 | 1.94 | 0.19 | 0.21 | — |
| Debt / EBITDA | 0.65 | 0.65 | 1.03 | 1.93 | 9.07 | 0.38 | 0.82 | 0.45 |
| Net Debt / Equity | — | -0.50 | -0.64 | -0.43 | 0.60 | -1.65 | -1.24 | — |
| Net Debt / EBITDA | -0.75 | -0.75 | -1.12 | -0.88 | 2.80 | -3.20 | -4.74 | -4.28 |
| Debt / FCF | — | -0.96 | -1.13 | -0.46 | 2.90 | -2.64 | -149.69 | -8.01 |
| Interest Coverage | 557.11 | 557.11 | 553.74 | 197.22 | 28.77 | 26.69 | 51.93 | 26.23 |
Net cash position: cash ($3.3B) exceeds total debt ($1.5B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.97 | 1.97 | 2.02 | 1.78 | 1.58 | 1.35 | 1.30 | 1.42 |
| Quick Ratio | 1.90 | 1.90 | 1.96 | 1.73 | 1.53 | 1.29 | 1.24 | 1.40 |
| Cash Ratio | 1.57 | 1.57 | 1.73 | 1.51 | 1.30 | 0.99 | 0.92 | 1.15 |
| Asset Turnover | — | 1.07 | 0.92 | 0.71 | 0.48 | 0.96 | 0.79 | 0.95 |
| Inventory Turnover | 19.56 | 19.56 | 25.04 | 22.33 | 26.89 | 26.31 | 21.22 | 75.08 |
| Days Sales Outstanding | — | 19.91 | 16.73 | 13.09 | 30.05 | 48.42 | 33.45 | 31.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 13.6% | 11.7% | 6.3% | — | — | — | — |
| Payout Ratio | 46.3% | 46.3% | 34.2% | 20.4% | — | 14.2% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 28.8% | 34.1% | 30.6% | 4.2% | — | — | — |
| FCF Yield | 6.1% | 33.7% | 44.6% | 81.1% | 10.5% | — | — | — |
| Buyback Yield | 1.1% | 5.8% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.5% | 19.5% | 11.7% | 6.3% | 0.0% | — | — | — |
| Shares Outstanding | — | $140M | $139M | $138M | $130M | $130M | $130M | $130M |
Franchise Pipeline Execution Risk
According to current market data, Atour trades at a P/E of 19.24, which, when viewed alongside its PEG ratio of 0.18, suggests that investors are pricing in significant future earnings growth that may not be fully captured by traditional lodging sector valuation multiples.
The divergence between the TTM P/E and the forward-looking PEG ratio implies that the market anticipates a rapid expansion in earnings power, likely driven by the high-margin retail integration. Investors should monitor whether this valuation premium remains sustainable if the pace of new hotel openings in the manachised pipeline begins to decelerate.
Based on reported financial statements, Atour has demonstrated a strong ROIC trend, peaking at 31.4% in 2026Q1, which indicates that the company is effectively compounding capital by leveraging its manachised model to minimize the need for heavy property-related investments.
The consistent improvement in ROIC suggests that management's focus on themed, lifestyle-oriented properties is generating superior returns compared to traditional hotel operators. This efficiency appears to be a direct result of shifting the capital burden to franchisees while retaining the high-margin retail and management fee revenue streams.
As indicated by the company's quarterly filings, the cash conversion cycle has remained consistently negative, reaching -8 days in 2026Q1, which highlights Atour's ability to collect payments from customers well before it must settle obligations with its suppliers and franchise partners.
This negative CCC is a hallmark of a high-quality consumer-facing business model that effectively utilizes its scale to manage working capital. The ability to maintain such efficiency suggests that the company possesses significant leverage over its supply chain and operational partners, further insulating its cash position from cyclical downturns.
According to recent balance sheet data, Atour has maintained a disciplined debt-to-equity ratio of 0.37 as of 2026Q1, reflecting a strategic commitment to a fortress balance sheet that provides substantial protection against interest rate volatility and potential sector-wide economic headwinds.
The low leverage profile, combined with an interest coverage ratio of 397.39, suggests that the company faces minimal risk regarding debt service obligations. This financial flexibility appears to be a key differentiator, allowing the firm to pursue opportunistic growth or capital returns without the constraints typically faced by more leveraged lodging peers.
Investors frequently misapply the standard RevPAR metric to Atour, which obscures the significant contribution of its high-margin retail segment and risks underestimating the company's true earning power during periods of cyclical lodging weakness.
Because Atour functions as a hybrid retail-lodging platform, relying solely on room-night metrics ignores the structural hedge provided by its lifestyle product sales. Analysts should instead focus on Retail GMV per Available Room to better capture the unique value proposition and margin stability inherent in the company's business model.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying ATAT stock.
Atour Lifestyle Holdings Limited's current P/E ratio is 19.3x. The historical average is 8.3x. This places it at the 75th percentile of its historical range.
Atour Lifestyle Holdings Limited's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.0x.
Atour Lifestyle Holdings Limited's return on equity (ROE) is 49.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 35.7%.
Based on historical data, Atour Lifestyle Holdings Limited is trading at a P/E of 19.3x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Atour Lifestyle Holdings Limited's current dividend yield is 2.45% with a payout ratio of 46.3%.
Atour Lifestyle Holdings Limited has 44.3% gross margin and 23.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Atour Lifestyle Holdings Limited's Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.