Atour Lifestyle Holdings Limited Sponsored ADR
ATAT Consumer Cyclical Lodging
Atour Lifestyle Holdings Limited Sponsored ADR’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 41.0% from fiscal 2024. In the quarter to June 2026, revenue grew 49.3%, EPS grew 42.9%, free cash flow grew 19.4% and total debt rose 5.73%, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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Atour Lifestyle Holdings Limited Sponsored ADR (ATAT) Beneish M-score
Atour Lifestyle Holdings Limited Sponsored ADR's Beneish M-score for fiscal 2025 is −2.32; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.32 | 0.28 |
| FY2024 | −2.60 | 0.48 |
| FY2023 | −3.08 | (1.28) |
| FY2022 | −1.80 | 1.44 |
| FY2021 | −3.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.09 | |
| Gross margin index | 0.94 | — | 0.50 | |
| Asset quality index | 0.70 | — | 0.28 | |
| Sales growth index | 1.41 | — | 1.26 | |
| Depreciation index | 1.21 | — | 0.14 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.04) | — | −0.19 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.32 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CVEO Civeo Corporation compare | −3.2× |
| HTHT H World Group Limited Sponsored ADR compare | −2.8× |
| HLT Hilton Worldwide Holdings Inc. compare | −2.6× |
| WH Wyndham Hotels & Resorts compare | −2.6× |
| IHG Intercontinental Hotels Group compare | −2.6× |
| MAR Marriott International, Inc. compare | −2.5× |
| H Hyatt Hotels Corporation compare | −2.5× |
| ATAT Atour Lifestyle Holdings Limited Sponsored ADR | −2.3× |
| CHH Choice Hotels International, Inc. compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI