MeritValue

Atour Lifestyle Holdings Ltd

ATATdata completeness 100%4 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$328.1M1$657.2M2$993M3$1.4B4
Net income$14.2M5$103.8M6$174.7M7$231.8M8
Operating cash flow$41.1M9$280.1M10$236.5M11$285M12
Capital expenditure$5.28M13$5.88M14$7.71M15$12.3M16
Free cash flow (derived)$35.8M9$274.2M10$228.7M11$272.7M12
Total debt$25.2M17$10.1M18$8.49M19$36M20
Cash & equivalents$230.4M21$400.1M22$495.7M23$472.5M24
Diluted shares381.6M414.8M417.2M419.3M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000024%
of the whole company
Your share of last year’s profit
$5.53
Your share of its debt
$0.86
Your share of free cash flow
$6.5
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$38.74
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth19.2%
  • fcfBase$272.7M
DCF · Growth Exit 5Y
$22.15
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth19.2%
  • fcfBase$272.7M
Earnings Power Value
$3.5
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$139.3M
  • growthAssumed0.0%
Graham Number
$3.89
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years19.2%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $22.15

Default growth 19.2%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (NetIncomeLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (NetIncomeLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (NetIncomeLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (NetCashProvidedByUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (LongTermDebtNoncurrent)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (LongTermDebtNoncurrent)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (LongTermDebtNoncurrent)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (LongTermDebtNoncurrent)
  21. 20-F · period ending 2022-12-31 · accession 0001104659-23-051918 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2023-12-31 · accession 0001104659-24-052246 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2024-12-31 · accession 0001410578-25-000890 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2025-12-31 · accession 0001104659-26-044551 (CashAndCashEquivalentsAtCarryingValue)