The company has aggressively strengthened its capital structure, reducing the debt-to-equity ratio from 0.95 in 2023Q4 to 0.37 in 2026Q1.
| Total Current Assets | 6.96B | 7.36B | 5.72B | 4.24B | 2.12B | 1.42B | 1.17B | 963.01M |
| Cash & Short-Term Investments | 5.74B | 5.87B | 4.88B | 3.59B | 1.75B | 1.04B | 830.23M | 775.63M |
| Cash Only | 3.67B | 3.31B | 3.62B | 2.84B | 1.59B | 1.04B | 824.55M | 763.23M |
| Short-Term Investments | 2.07B | 2.56B | 1.27B | 751.79M | 157.81M | 0 | 5.69M | 12.4M |
| Accounts Receivable | 553.07M | 534.07M | 332.17M | 167.28M | 186.33M | 284.87M | 143.58M | 134.47M |
| Days Sales Outstanding | 16.74 | 19.91 | 16.73 | 13.09 | 30.05 | 48.42 | 33.45 | 31.32 |
| Inventory | 209.71M | 278.98M | 167.44M | 123.34M | 57.46M | 58.58M | 54.19M | 14.62M |
| Days Inventory Outstanding | 12.1 | 18.66 | 14.58 | 16.35 | 13.57 | 13.87 | 17.2 | 4.86 |
| Other Current Assets | 463.67M | 676.4M | 0 | 108.39M | 169.34M | 184.66M | 131.9M | 63.4M |
| Total Non-Current Assets | 1.64B | 1.81B | 2.16B | 2.35B | 2.64B | 828.93M | 815.82M | 685.53M |
| Property, Plant & Equipment | 1.17B | 1.34B | 1.72B | 1.98B | 2.29B | 439.46M | 467.45M | 424.48M |
| Fixed Asset Turnover | 7.30x | 7.33x | 4.22x | 2.36x | 0.99x | 4.89x | 3.35x | 3.69x |
| Goodwill | 17.38M | 17.46M | 17.45M | 17.45M | 17.45M | 17.45M | 17.45M | 17.45M |
| Intangible Assets | 4.16M | 4.71M | 6.37M | 4.25M | 5.54M | 3.82M | 3.32M | 3.05M |
| Long-Term Investments | 32.4M | 16.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 184.94M | 186.29M | 422.68M | 200.1M | 209.55M | 245.5M | 327.6M | 161.57M |
| Total Assets | 8.6B | 9.17B | 7.88B | 6.59B | 4.76B | 2.25B | 1.99B | 1.65B |
| Asset Turnover | 1.22x | 1.07x | 0.92x | 0.71x | 0.48x | 0.96x | 0.79x | 0.95x |
| Asset Growth % | 63.95% | 16.43% | 19.61% | 38.32% | 112.1% | 13.06% | 20.45% | - |
| Total Current Liabilities | 3.21B | 3.73B | 2.83B | 2.38B | 1.35B | 1.05B | 898.48M | 676.69M |
| Accounts Payable | 592.41M | 822.52M | 693.78M | 595.65M | 184.9M | 161.28M | 89.53M | 80.92M |
| Days Payables Outstanding | 45.02 | 55.01 | 60.41 | 78.94 | 43.68 | 38.2 | 28.41 | 26.91 |
| Short-Term Debt | 497.53M | 480.51M | 60M | 70M | 0 | 65.81M | 90.27M | 44.35M |
| Deferred Revenue (Current) | 2.16B | 701.59M | 453.99M | 406.07M | 203M | 233.74M | 0 | 171.96M |
| Other Current Liabilities | 1.13B | 1.09B | 0 | 1.7B | 741.71M | 705.17M | 610.01M | 438.76M |
| Current Ratio | 2.17x | 1.97x | 2.02x | 1.78x | 1.58x | 1.35x | 1.30x | 1.42x |
| Quick Ratio | 2.11x | 1.90x | 1.96x | 1.73x | 1.53x | 1.29x | 1.24x | 1.40x |
| Cash Conversion Cycle | -16.18 | -16.44 | -29.1 | -49.51 | -0.05 | 24.09 | 22.24 | 9.27 |
| Total Non-Current Liabilities | 1.73B | 1.86B | 2.1B | 2.15B | 2.23B | 629.15M | 521.44M | 1.27B |
| Long-Term Debt | 1.99M | 2M | 2M | 2M | 2M | 43.63M | 31.16M | 28.29M |
| Capital Lease Obligations | 4.54B | 1.04B | 1.38B | 1.58B | 1.81B | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 294.49M | 290.24M | 245.57M | 563.91M | 141.76M | 585.52M | 490.27M | 972.84M |
| Total Liabilities | 4.93B | 5.59B | 4.93B | 4.53B | 3.57B | 1.68B | 1.42B | 1.95B |
| Total Debt | 1.36B | 1.53B | 1.73B | 1.95B | 2.3B | 109.44M | 121.43M | 72.64M |
| Net Debt | -2.3B | -1.78B | -1.89B | -889.91M | 709.8M | -929.14M | -703.11M | -690.59M |
| Debt / Equity | 0.37x | 0.43x | 0.59x | 0.95x | 1.94x | 0.19x | 0.21x | - |
| Debt / EBITDA | 0.51x | 0.65x | 1.03x | 1.93x | 9.07x | 0.38x | 0.82x | 0.45x |
| Net Debt / EBITDA | -0.86x | -0.75x | -1.12x | -0.88x | 2.80x | -3.20x | -4.74x | -4.28x |
| Interest Coverage | 499.02x | 557.11x | 553.74x | 197.22x | 28.77x | 26.69x | 51.93x | 26.23x |
| Total Equity | 3.67B | 3.58B | 2.95B | 2.06B | 1.19B | 564.62M | 565.8M | -299.76M |
| Equity Growth % | 99.3% | 21.63% | 43% | 73.49% | 110.3% | -0.21% | 288.75% | - |
| Book Value per Share | 26.45 | 25.64 | 21.18 | 14.90 | 9.16 | 4.33 | 4.34 | -2.30 |
| Total Shareholders' Equity | 3.68B | 3.6B | 2.96B | 2.07B | 1.2B | 579.43M | 575.22M | -295.34M |
| Common Stock | 296.89K | 302.19K | 301K | 300K | 285K | 274K | 130K | 173K |
| Retained Earnings | 2.65B | 2.2B | 1.35B | 507.23M | -78.3M | -176.4M | -306.34M | -295.51M |
| Treasury Stock | -176.8M | -326.61M | - | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -42.57M | -34.33M | 1.39M | 4.77M | -10.87M | -8.95M | 0 | 0 |
| Minority Interest | -12.5M | -12.69M | -10.34M | -7.98M | -9.9M | -14.81M | -9.43M | -4.42M |
Franchise Pipeline Execution Risk
As reported in recent financial statements, Atour has successfully expanded its equity base from $2.1 billion in 2023Q4 to $3.7 billion by 2026Q1, signaling a robust trajectory of retained earnings accumulation that significantly outpaces the company's historical debt-funded expansion efforts during the same period.
The consistent growth in retained earnings suggests that the underlying business model is generating substantial surplus capital beyond what is required for operational maintenance. This trend indicates a strengthening balance sheet that provides the company with increased flexibility to navigate potential cyclical downturns in the Chinese hospitality sector.
Based on the provided quarterly data, Atour has aggressively reduced its debt-to-equity ratio from 0.95 in 2023Q4 to 0.37 in 2026Q1, reflecting a strategic shift toward a more conservative capital structure that minimizes interest rate sensitivity and enhances the durability of future cash flows.
The reduction in total debt from $2.0 billion to $1.4 billion over the last ten quarters suggests management is prioritizing balance sheet health over aggressive leverage-driven expansion. This deleveraging trend likely lowers the company's cost of capital and provides a significant buffer against potential volatility in the broader credit environment.
According to the latest balance sheet filings, Atour maintains a current ratio of 2.17 as of 2026Q1, supported by a substantial cash position of $3.7 billion, which provides a significant liquidity cushion to cover short-term obligations and fund ongoing strategic initiatives in the competitive lodging market.
The company's ability to maintain a current ratio consistently above 2.0 suggests a high degree of liquidity management, ensuring that short-term operational needs are well-covered. This cash-heavy position appears to be a deliberate strategy to maintain optionality, though investors should monitor whether this capital is deployed efficiently in future periods.
As indicated in recent financial disclosures, Atour's deferred revenue has climbed to $1.1 billion in 2026Q1, representing a significant increase from the $381.8 million reported in 2024Q1 and suggesting a growing base of prepaid loyalty and franchise-related obligations that provide visibility into future revenue streams.
The steady accumulation of deferred revenue suggests that the company's loyalty program and franchise model are successfully capturing value in advance of service delivery. This trend serves as a leading indicator of sustained demand, though it also represents a liability that must be fulfilled through future operational performance.
Based on reported figures, Atour's net PPE has declined from $2.0 billion in 2023Q4 to $1.2 billion in 2026Q1, which may indicate a successful transition toward an asset-light manachised model but warrants investigation into whether this reflects divestment of core assets or simply a shift in accounting focus.
While the reduction in PPE aligns with the company's stated strategy of offloading capital intensity, it also raises questions regarding the long-term quality of the remaining asset base. Investors should monitor whether this shift in asset composition impacts the company's ability to maintain its premium brand positioning as it expands into new markets.
Quick answers to the most common questions about buying ATAT stock.
As of 2025, Atour Lifestyle Holdings Limited (ATAT) had total assets of $9.17B including $7.36B in current assets.
Atour Lifestyle Holdings Limited (ATAT) carries total debt of $1.53B, offset by $5.87B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Atour Lifestyle Holdings Limited (ATAT) has total shareholders' equity (book value) of $3.60B ($25.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Atour Lifestyle Holdings Limited (ATAT) reported a current ratio of 1.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.