Detailed financial statements for Phoenix New Media Limited (FENG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Phoenix New Media Limited is a company based in the People's Republic of China, dedicated to providing digital content across an integrated internet platform. Its business operations are structured into two primary divisions: Net Advertising Services and Paid Services.
Analysis Summary
Phoenix New Media Limited reported revenue of $765.6M in the most recent fiscal year, growing at a 5-year CAGR of -8.7%. Net income reached $336000, with a -75.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 53.6%, operating margin -2.9%, net margin 3.6%.
At the current price of $1.47, FENG trades at a P/E of 0.58 and an ROE of 2.62%. Market capitalisation stands at $0M.
Balance sheet quality for FENG: current ratio of 2.8, net cash position of $975.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$15.7M represents -4676% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.58B | $1.38B | $1.33B | $1.21B | $1.03B | $785.7M | $692.0M | $703.7M | $765.6M |
| Cost of Revenue | $726.8M | $727.2M | $596.5M | $683.3M | $583.8M | $597.4M | $548.5M | $464.1M | $435.0M | $391.4M |
| Gross Profit | $718.1M | $847.9M | $780.8M | $644.5M | $625.0M | $432.9M | $237.2M | $227.9M | $268.7M | $374.1M |
| Research & Development | $161.9M | $192.3M | $204.7M | $216.7M | $172.0M | $158.6M | $131.8M | $82.7M | $70.8M | $64.6M |
| Selling, General & Admin | $520.8M | $640.6M | $700.1M | $783.8M | $557.4M | $610.4M | $296.8M | $270.9M | $262.7M | $343.9M |
| Operating Expenses | $682.7M | $832.9M | $904.9M | $1.00B | $727.6M | $769.0M | $428.6M | $353.6M | $333.4M | $408.5M |
| Operating Income | $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 |
| Interest Expense | $7.1M | $22.2M | $13.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $92.3M | $49.2M | -$45.5M | $691.7M | $543.2M | -$252.5M | -$131.8M | -$96.1M | -$48.3M | $8.5M |
| Income Tax | $14.1M | $14.8M | $20.1M | $21.9M | $115.6M | $20.6M | -$6.0M | $13.0M | $4.6M | $8.2M |
| Net Income | $80.6M | $37.5M | -$63.2M | $727.8M | $380.4M | -$205.7M | -$109.7M | -$102.5M | -$53.6M | $336000 |
| EPS | $48.48 | $24.00 | $-37.92 | $380.16 | $239.52 | $-126.24 | $-64.32 | $-57.60 | $-29.76 | $0.19 |
| EPS (Diluted) | $48.48 | $20.64 | $-37.92 | $380.16 | $239.52 | $-126.24 | $-64.32 | $-57.60 | $-29.76 | $0.19 |
| Shares Outstanding (Diluted) | $12.0M | $12.3M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.0M | $12.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $202.7M | $362.9M | $174.0M | $341.0M | $357.8M | $189.0M | $96.0M | $527.4M | $607.6M | $554.0M |
| Short-term Investments | $781.3M | $737.7M | $912.6M | $1.27B | $1.28B | $1.31B | $1.05B | $558.8M | $428.3M | $464.5M |
| Receivables | $410.2M | $463.1M | $488.2M | $591.4M | $708.2M | $514.0M | $478.2M | $351.3M | $403.2M | $367.7M |
| Inventory | $408.9M | $336.7M | $269.6M | $82.9M | $31.0M | $15.6M | $9.1M | 0 | 0 | 0 |
| Total Current Assets | $2.12B | $2.24B | $2.02B | $2.56B | $2.42B | $2.08B | $1.66B | $1.48B | $1.47B | $1.42B |
| Property, Plant & Equipment | $72.1M | $64.5M | $95.6M | $187.4M | $112.1M | $70.4M | $116.6M | $75.2M | $61.2M | $52.7M |
| Goodwill | 0 | 0 | $338.3M | $361.1M | 0 | 0 | 0 | 0 | 0 | $10.4M |
| Intangible Assets | $9.5M | $6.7M | $97.4M | $99.3M | $12.4M | $22.5M | $29.1M | $20.1M | $13.7M | 0 |
| Total Assets | $3.17B | $3.60B | $4.63B | $5.32B | $2.77B | $2.41B | $2.03B | $1.76B | $1.71B | $1.65B |
| Accounts Payable | $260.9M | $262.7M | $264.8M | $249.0M | $221.2M | $217.2M | $177.0M | $122.1M | $144.7M | $122.5M |
| Short-term Debt | $358.6M | $330.0M | $267.7M | 0 | 0 | 0 | 0 | 0 | 0 | $14.1M |
| Total Current Liabilities | $983.1M | $1.07B | $1.07B | $1.51B | $1.06B | $967.0M | $664.3M | $527.0M | $537.3M | $498.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.01B | $1.10B | $1.24B | $1.78B | $1.11B | $1.02B | $765.6M | $595.1M | $598.5M | $541.8M |
| Retained Earnings | $195.1M | $229.2M | $159.6M | $185.2M | -$88.2M | -$300.4M | -$411.1M | -$513.4M | -$467.6M | -$567.8M |
| Total Equity | $2.17B | $2.51B | $3.08B | $3.33B | $1.64B | $1.43B | $1.32B | $1.23B | $1.18B | $1.17B |
| Total Debt | $358.6M | $330.0M | $267.7M | $90.3M | $53.0M | $45.9M | $104.6M | $69.4M | $56.7M | $43.3M |
| Net Debt | -$625.4M | -$770.5M | -$819.0M | -$1.52B | -$1.58B | -$1.45B | -$1.04B | -$1.02B | -$979.2M | -$975.2M |
| Working Capital | $1.14B | $1.17B | $947.3M | $1.05B | $1.36B | $1.11B | $997.3M | $951.6M | $937.0M | $920.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $78.2M | $34.4M | -$65.6M | $724.0M | $365.3M | -$273.1M | -$125.7M | -$109.1M | -$53.6M | $365000 |
| Depreciation & Amortization | $42.0M | $35.6M | $32.5M | $112.3M | $78.9M | $66.1M | $54.7M | $42.6M | 0 | $27.1M |
| Stock-based Compensation | $1.9M | $20.9M | $14.0M | $20.2M | $9.4M | $9.6M | $7.9M | $3.7M | $1.5M | $17000 |
| Change in Working Capital | $59.5M | $65.5M | -$57.9M | -$157.4M | -$235.7M | -$117.1M | -$275.8M | -$43.4M | -$48.3M | -$16.5M |
| Operating Cash Flow | $203.7M | $173.0M | -$76.8M | -$330.3M | -$103.1M | -$142.8M | -$312.4M | -$60.8M | -$44.3M | -$2.7M |
| Capital Expenditure | -$29.3M | -$27.8M | -$56.0M | -$83.8M | -$12.1M | -$16.8M | -$34.0M | -$9.7M | -$5.2M | -$13.0M |
| Acquisitions | 0 | 0 | -$68.6M | $114.6M | -$82.0M | -$14.0M | -$9.0M | $1.1M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$511000 | 0 | 0 | 0 | -$655000 | -$825000 | 0 |
| Dividends Paid | 0 | 0 | 0 | -$703.1M | -$645.2M | -$3.5M | 0 | 0 | 0 | 0 |
| Free Cash Flow | $174.4M | $145.2M | -$132.8M | -$414.1M | -$115.2M | -$159.7M | -$346.4M | -$70.5M | -$49.5M | -$15.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.0% | -12.6% | -3.6% | -9.0% | -14.8% | -23.7% | -11.9% | +1.7% | +8.8% | |
| Net Income Growth (YoY) | -53.5% | -268.7% | +1251.2% | -47.7% | -154.1% | +46.7% | +6.5% | +47.8% | +100.6% | |
| EPS Growth (YoY) | -50.5% | -258.0% | +1102.5% | -37.0% | -152.7% | +49.0% | +10.4% | +48.3% | +100.6% | |
| Shares Change (YoY) | +2.3% | -1.6% | +0.2% | +0.0% | +0.0% | +0.0% | -0.4% | -0.6% | -0.0% | |
| FCF Growth (YoY) | -16.8% | -191.5% | -211.9% | +72.2% | -38.6% | -116.9% | +79.6% | +29.8% | +68.3% | |
| Gross Margin | 49.7% | 53.8% | 56.7% | 48.5% | 51.7% | 42.0% | 30.2% | 32.9% | 38.2% | 48.9% |
| Operating Margin | 2.4% | 1.0% | -9.0% | -26.8% | -8.5% | -32.6% | -24.4% | -18.2% | -9.2% | -4.5% |
| EBITDA Margin | 5.4% | 3.2% | -6.6% | -23.1% | -5.4% | -18.1% | -9.8% | -7.7% | -3.8% | 4.7% |
| Net Margin | 5.6% | 2.4% | -4.6% | 54.8% | 31.5% | -20.0% | -14.0% | -14.8% | -7.6% | 0.0% |
| FCF Margin | 12.1% | 9.2% | -9.6% | -31.2% | -9.5% | -15.5% | -44.1% | -10.2% | -7.0% | -2.1% |
| Effective Tax Rate | 15.3% | 30.0% | -44.2% | 3.2% | 21.3% | -8.2% | 4.6% | -13.5% | -9.6% | 95.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $14.51 | $11.80 | $-10.97 | $-34.14 | $-9.50 | $-13.16 | $-28.55 | $-5.84 | $-4.12 | $-1.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $57.96 | $53.19 | $0.29 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.9M | $12.0M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.1M | $12.0M | $12.0M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 2.62% |
| Return on Invested Capital | -1.75% |
| Return on Assets | 1.88% |
| Gross Margin | 53.64% |
| Operating Margin | -2.89% |
| Net Margin | 3.64% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 2.70 | 11.04 | -3.48 | 0.22 | 0.20 | -0.26 | -0.29 | -0.17 | -0.58 | 62.38 |
| P/B | 0.72 | 1.27 | 0.52 | 0.30 | 0.35 | 0.28 | 0.17 | 0.10 | 0.18 | 0.12 |
| P/S | 1.08 | 2.02 | 1.16 | 0.75 | 0.47 | 0.39 | 0.29 | 0.17 | 0.30 | 0.18 |
| Gross Margin | 49.7% | 53.8% | 56.7% | 48.5% | 51.7% | 42.0% | 30.2% | 32.9% | 38.2% | 48.9% |
| Operating Margin | 2.4% | 1.0% | -9.0% | -26.8% | -8.5% | -32.6% | -24.4% | -18.2% | -9.2% | -4.5% |
| Net Margin | 5.6% | 2.4% | -4.6% | 54.8% | 31.5% | -20.0% | -14.0% | -14.8% | -7.6% | 0.0% |
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