Demonstrações financeiras detalhadas de Phoenix New Media Limited (FENG): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Phoenix New Media Limited registou receitas de $765.6M no último exercício, com um CAGR de 5 anos de -8.7%. O lucro líquido atingiu $336000, com CAGR de 5 anos de -75.5%.
Margens dos últimos 12 meses: margem bruta 53.6%, margem operacional -2.9%, margem líquida 3.6%.
Ao preço atual de $1.47, FENG negocia a um P/L de 0.58 e um ROE de 2.62%. A capitalização de mercado é de $0M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.44B | $1.58B | $1.38B | $1.33B | $1.21B | $1.03B | $785.7M | $692.0M | $703.7M | $765.6M |
| Custo da Receita | $726.8M | $727.2M | $596.5M | $683.3M | $583.8M | $597.4M | $548.5M | $464.1M | $435.0M | $391.4M |
| Lucro Bruto | $718.1M | $847.9M | $780.8M | $644.5M | $625.0M | $432.9M | $237.2M | $227.9M | $268.7M | $374.1M |
| P&D | $161.9M | $192.3M | $204.7M | $216.7M | $172.0M | $158.6M | $131.8M | $82.7M | $70.8M | $64.6M |
| Despesas Gerais e Administrativas | $520.8M | $640.6M | $700.1M | $783.8M | $557.4M | $610.4M | $296.8M | $270.9M | $262.7M | $343.9M |
| Despesas Operacionais | $682.7M | $832.9M | $904.9M | $1.00B | $727.6M | $769.0M | $428.6M | $353.6M | $333.4M | $408.5M |
| Lucro Operacional | $35.4M | $15.0M | -$124.0M | -$356.1M | -$102.6M | -$336.1M | -$191.4M | -$125.7M | -$64.7M | -$34.4M |
| EBITDA | $77.3M | $50.6M | -$91.5M | -$306.6M | -$65.4M | -$186.4M | -$77.0M | -$53.6M | -$26.8M | $35.6M |
| Despesas com Juros | $7.1M | $22.2M | $13.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Antes de Impostos | $92.3M | $49.2M | -$45.5M | $691.7M | $543.2M | -$252.5M | -$131.8M | -$96.1M | -$48.3M | $8.5M |
| Imposto | $14.1M | $14.8M | $20.1M | $21.9M | $115.6M | $20.6M | -$6.0M | $13.0M | $4.6M | $8.2M |
| Lucro Líquido | $80.6M | $37.5M | -$63.2M | $727.8M | $380.4M | -$205.7M | -$109.7M | -$102.5M | -$53.6M | $336000 |
| LPA | $48.48 | $24.00 | $-37.92 | $380.16 | $239.52 | $-126.24 | $-64.32 | $-57.60 | $-29.76 | $0.19 |
| LPA Diluído | $48.48 | $20.64 | $-37.92 | $380.16 | $239.52 | $-126.24 | $-64.32 | $-57.60 | $-29.76 | $0.19 |
| Ações em Circulação (Diluídas) | $12.0M | $12.3M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.0M | $12.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $200.9M | $222.3M | $188.8M | $216.7M |
| Lucro Bruto | $95.7M | $123.7M | $101.0M | $124.1M |
| Lucro Operacional | -$13.3M | $24.5M | -$29.9M | -$5.3M |
| EBITDA | $3.0M | $44.0M | -$19.6M | -$2.6M |
| Lucro Líquido | -$4.9M | $45.3M | -$16.8M | $6.5M |
| LPA | $-2.75 | $25.44 | $-9.60 | $3.84 |
| LPA Diluído | $-2.75 | $25.44 | $-9.60 | $3.84 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $202.7M | $362.9M | $174.0M | $341.0M | $357.8M | $189.0M | $96.0M | $527.4M | $607.6M | $554.0M |
| Investimentos de Curto Prazo | $781.3M | $737.7M | $912.6M | $1.27B | $1.28B | $1.31B | $1.05B | $558.8M | $428.3M | $464.5M |
| Contas a Receber | $410.2M | $463.1M | $488.2M | $591.4M | $708.2M | $514.0M | $478.2M | $351.3M | $403.2M | $367.7M |
| Estoque | $408.9M | $336.7M | $269.6M | $82.9M | $31.0M | $15.6M | $9.1M | 0 | 0 | 0 |
| Ativos Circulantes | $2.12B | $2.24B | $2.02B | $2.56B | $2.42B | $2.08B | $1.66B | $1.48B | $1.47B | $1.42B |
| Imobilizado | $72.1M | $64.5M | $95.6M | $187.4M | $112.1M | $70.4M | $116.6M | $75.2M | $61.2M | $52.7M |
| Ágio | 0 | 0 | $338.3M | $361.1M | 0 | 0 | 0 | 0 | 0 | $10.4M |
| Ativos Intangíveis | $9.5M | $6.7M | $97.4M | $99.3M | $12.4M | $22.5M | $29.1M | $20.1M | $13.7M | 0 |
| Ativos Totais | $3.17B | $3.60B | $4.63B | $5.32B | $2.77B | $2.41B | $2.03B | $1.76B | $1.71B | $1.65B |
| Contas a Pagar | $260.9M | $262.7M | $264.8M | $249.0M | $221.2M | $217.2M | $177.0M | $122.1M | $144.7M | $122.5M |
| Dívida de Curto Prazo | $358.6M | $330.0M | $267.7M | 0 | 0 | 0 | 0 | 0 | 0 | $14.1M |
| Passivos Circulantes | $983.1M | $1.07B | $1.07B | $1.51B | $1.06B | $967.0M | $664.3M | $527.0M | $537.3M | $498.6M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $1.01B | $1.10B | $1.24B | $1.78B | $1.11B | $1.02B | $765.6M | $595.1M | $598.5M | $541.8M |
| Reservas | $195.1M | $229.2M | $159.6M | $185.2M | -$88.2M | -$300.4M | -$411.1M | -$513.4M | -$467.6M | -$567.8M |
| Patrimônio Líquido | $2.17B | $2.51B | $3.08B | $3.33B | $1.64B | $1.43B | $1.32B | $1.23B | $1.18B | $1.17B |
| Dívida Total | $358.6M | $330.0M | $267.7M | $90.3M | $53.0M | $45.9M | $104.6M | $69.4M | $56.7M | $43.3M |
| Dívida Líquida | -$625.4M | -$770.5M | -$819.0M | -$1.52B | -$1.58B | -$1.45B | -$1.04B | -$1.02B | -$979.2M | -$975.2M |
| Capital de Giro | $1.14B | $1.17B | $947.3M | $1.05B | $1.36B | $1.11B | $997.3M | $951.6M | $937.0M | $920.6M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $488.3M | $554.0M | $510.9M | $502.8M |
| Ativos Totais | $1.63B | $1.65B | $1.59B | $1.61B |
| Passivos Totais | $564.4M | $541.8M | $506.8M | $514.4M |
| Patrimônio Líquido | $1.13B | $1.17B | $1.15B | $1.16B |
| Dívida Total | $47.8M | $43.3M | $39.8M | $38.6M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $78.2M | $34.4M | -$65.6M | $724.0M | $365.3M | -$273.1M | -$125.7M | -$109.1M | -$53.6M | $365000 |
| Depreciação e Amortização | $42.0M | $35.6M | $32.5M | $112.3M | $78.9M | $66.1M | $54.7M | $42.6M | 0 | $27.1M |
| Compensação em Ações | $1.9M | $20.9M | $14.0M | $20.2M | $9.4M | $9.6M | $7.9M | $3.7M | $1.5M | $17000 |
| Variação Capital de Giro | $59.5M | $65.5M | -$57.9M | -$157.4M | -$235.7M | -$117.1M | -$275.8M | -$43.4M | -$48.3M | -$16.5M |
| Fluxo de Caixa Operacional | $203.7M | $173.0M | -$76.8M | -$330.3M | -$103.1M | -$142.8M | -$312.4M | -$60.8M | -$44.3M | -$2.7M |
| CapEx | -$29.3M | -$27.8M | -$56.0M | -$83.8M | -$12.1M | -$16.8M | -$34.0M | -$9.7M | -$5.2M | -$13.0M |
| Aquisições | 0 | 0 | -$68.6M | $114.6M | -$82.0M | -$14.0M | -$9.0M | $1.1M | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | -$511000 | 0 | 0 | 0 | -$655000 | -$825000 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | -$703.1M | -$645.2M | -$3.5M | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $174.4M | $145.2M | -$132.8M | -$414.1M | -$115.2M | -$159.7M | -$346.4M | -$70.5M | -$49.5M | -$15.7M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | 0 | 0 | 0 | 0 |
| CapEx | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +9.0% | -12.6% | -3.6% | -9.0% | -14.8% | -23.7% | -11.9% | +1.7% | +8.8% |
| Crescimento Lucro Líquido (anual) | | -53.5% | -268.7% | +1251.2% | -47.7% | -154.1% | +46.7% | +6.5% | +47.8% | +100.6% |
| Crescimento LPA (anual) | | -50.5% | -258.0% | +1102.5% | -37.0% | -152.7% | +49.0% | +10.4% | +48.3% | +100.6% |
| Variação de Ações (anual) | | +2.3% | -1.6% | +0.2% | +0.0% | +0.0% | +0.0% | -0.4% | -0.6% | -0.0% |
| Crescimento FCF (anual) | | -16.8% | -191.5% | -211.9% | +72.2% | -38.6% | -116.9% | +79.6% | +29.8% | +68.3% |
| Margem Bruta | 49.7% | 53.8% | 56.7% | 48.5% | 51.7% | 42.0% | 30.2% | 32.9% | 38.2% | 48.9% |
| Margem Operacional | 2.4% | 1.0% | -9.0% | -26.8% | -8.5% | -32.6% | -24.4% | -18.2% | -9.2% | -4.5% |
| Margem EBITDA | 5.4% | 3.2% | -6.6% | -23.1% | -5.4% | -18.1% | -9.8% | -7.7% | -3.8% | 4.7% |
| Margem Líquida | 5.6% | 2.4% | -4.6% | 54.8% | 31.5% | -20.0% | -14.0% | -14.8% | -7.6% | 0.0% |
| Margem FCF | 12.1% | 9.2% | -9.6% | -31.2% | -9.5% | -15.5% | -44.1% | -10.2% | -7.0% | -2.1% |
| Taxa Efetiva de Imposto | 15.3% | 30.0% | -44.2% | 3.2% | 21.3% | -8.2% | 4.6% | -13.5% | -9.6% | 95.7% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $14.51 | $11.80 | $-10.97 | $-34.14 | $-9.50 | $-13.16 | $-28.55 | $-5.84 | $-4.12 | $-1.31 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $57.96 | $53.19 | $0.29 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $11.9M | $12.0M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.0M | $12.0M |
O que olhar em empresas de Communication Services
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 2.62% |
| Retorno sobre capital investido | -1.75% |
| Retorno sobre ativos | 1.88% |
| Margem bruta | 53.64% |
| Margem operacional | -2.89% |
| Margem líquida | 3.64% |
Saúde financeira
| Dívida / Patrimônio | 0.03 |
| Liquidez corrente | 2.89 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 2.70 | 11.04 | -3.48 | 0.22 | 0.20 | -0.26 | -0.29 | -0.17 | -0.58 | 62.38 |
| P/VP | 0.72 | 1.27 | 0.52 | 0.30 | 0.35 | 0.28 | 0.17 | 0.10 | 0.18 | 0.12 |
| P/V | 1.08 | 2.02 | 1.16 | 0.75 | 0.47 | 0.39 | 0.29 | 0.17 | 0.30 | 0.18 |
| Margem Bruta | 49.7% | 53.8% | 56.7% | 48.5% | 51.7% | 42.0% | 30.2% | 32.9% | 38.2% | 48.9% |
| Margem Operacional | 2.4% | 1.0% | -9.0% | -26.8% | -8.5% | -32.6% | -24.4% | -18.2% | -9.2% | -4.5% |
| Margem Líquida | 5.6% | 2.4% | -4.6% | 54.8% | 31.5% | -20.0% | -14.0% | -14.8% | -7.6% | 0.0% |