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Side-by-side financial comparison of Atour Lifestyle Holdings Ltd (ATAT) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Atour Lifestyle Holdings Ltd is the larger business by last-quarter revenue ($789.6M vs $788.1M, roughly 1.0× Zscaler, Inc.). Atour Lifestyle Holdings Ltd runs the higher net margin — 17.6% vs -1.5%, a 19.1% gap on every dollar of revenue. On growth, Atour Lifestyle Holdings Ltd posted the faster year-over-year revenue change (252.5% vs 25.5%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $210.7M).
Atour Lifestyle Holdings Ltd is a leading China-based hospitality and lifestyle enterprise. It operates a wide portfolio of mid-to-premium hotel brands for business and leisure travelers, and offers complementary lifestyle retail products and experience services, catering primarily to middle-class consumers across domestic and selected overseas markets.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
ATAT vs ZS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $789.6M | $788.1M |
| Net Profit | $139.1M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | 22.5% | -4.6% |
| Net Margin | 17.6% | -1.5% |
| Revenue YoY | 252.5% | 25.5% |
| Net Profit YoY | 322.2% | 3.6% |
| EPS (diluted) | $0.33 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $788.1M | ||
| Q3 25 | $789.6M | $719.2M | ||
| Q2 25 | — | $678.0M | ||
| Q1 25 | — | $647.9M | ||
| Q4 24 | — | $628.0M | ||
| Q3 24 | $224.0M | $592.9M | ||
| Q2 24 | — | $553.2M | ||
| Q1 24 | $203.4M | $525.0M |
| Q4 25 | — | $-11.6M | ||
| Q3 25 | $139.1M | $-17.6M | ||
| Q2 25 | — | $-4.1M | ||
| Q1 25 | — | $-7.7M | ||
| Q4 24 | — | $-12.1M | ||
| Q3 24 | $33.0M | $-14.9M | ||
| Q2 24 | — | $19.1M | ||
| Q1 24 | $35.6M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | — | -4.6% | ||
| Q3 25 | 22.5% | -4.5% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | -4.9% | ||
| Q3 24 | 14.7% | -4.5% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | 22.1% | -8.7% |
| Q4 25 | — | -1.5% | ||
| Q3 25 | 17.6% | -2.4% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -1.9% | ||
| Q3 24 | 14.7% | -2.5% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 17.5% | -5.4% |
| Q4 25 | — | $-0.07 | ||
| Q3 25 | $0.33 | $-0.11 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $-0.08 | ||
| Q3 24 | $0.08 | $-0.09 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | $0.09 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $669.2M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.0M | $2.0B |
| Total Assets | $1.1B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | $669.2M | $2.4B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | $506.0M | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | $520.7M | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $277.0K | $1.1B |
| Q4 25 | — | $2.0B | ||
| Q3 25 | $405.0M | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $291.3M | $1.3B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $323.5M | $958.9M |
| Q4 25 | — | $6.5B | ||
| Q3 25 | $1.1B | $6.4B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | $927.8M | $4.7B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | $936.3M | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | 0.00× | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $216.6M | $448.3M |
| Free Cash FlowOCF − Capex | $210.7M | $431.0M |
| FCF MarginFCF / Revenue | 26.7% | 54.7% |
| Capex IntensityCapex / Revenue | 0.8% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.56× | — |
| TTM Free Cash FlowTrailing 4 quarters | $359.6M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $448.3M | ||
| Q3 25 | $216.6M | $250.6M | ||
| Q2 25 | — | $211.1M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | — | $331.3M | ||
| Q3 24 | $84.8M | $203.6M | ||
| Q2 24 | — | $173.4M | ||
| Q1 24 | $19.8M | $142.1M |
| Q4 25 | — | $431.0M | ||
| Q3 25 | $210.7M | $190.6M | ||
| Q2 25 | — | $138.9M | ||
| Q1 25 | — | $164.4M | ||
| Q4 24 | — | $314.3M | ||
| Q3 24 | $83.3M | $154.2M | ||
| Q2 24 | — | $137.8M | ||
| Q1 24 | $18.1M | $111.2M |
| Q4 25 | — | 54.7% | ||
| Q3 25 | 26.7% | 26.5% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 25.4% | ||
| Q4 24 | — | 50.1% | ||
| Q3 24 | 37.2% | 26.0% | ||
| Q2 24 | — | 24.9% | ||
| Q1 24 | 8.9% | 21.2% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | 0.8% | 8.3% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | 0.7% | 8.3% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | 0.9% | 5.9% |
| Q4 25 | — | — | ||
| Q3 25 | 1.56× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | 0.56× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
