Phoenix New Media Limited (FENG) 10-Year Financial Performance & Capital Metrics

FENG • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsNews & Digital Media Publishers

AboutPhoenix New Media Limited provides content on an integrated Internet platform in the People's Republic of China. The company operates through two segments, Net Advertising Services and Paid Services. It offers content and services through PC channel, mobile channel, and telecom operators, as well as transmits content to TV viewers, primarily through Phoenix TV. The company, through its website, ifeng.com, provides various interest-based content verticals, such as news, finance, video, automobiles, technology, entertainment, military, real estate, fashion, and sport; and offers interactive services, including comments posting and user surveys. Its mobile channel consists of ifeng News, a news application that provides newsfeeds and other contents in the form of text, image, live streaming, and video; ifeng Video, a video application, which offers video news, live broadcasting, Phoenix TV programs content, etc.; i.ifeng.com mobile Internet website; and digital reading applications. In addition, Phoenix New Media Limited offers mobile newspaper, mobile video, and mobile game services, as well as wireless value-added services. The company was incorporated in 2007 and is headquartered in Beijing, the People's Republic of China. Phoenix New Media Limited is a subsidiary of Phoenix Satellite Television (B.V.I.) Holding Limited.Show more

Revenue $704M +1.7%
EBITDA -$43M +48.0%
Net Income -$54M +47.8%
EPS (Diluted) -4.46 +48.4%
Gross Margin 38.19% +16.0%
EBITDA Margin -6.14% +48.9%
Operating Margin -9.2% +49.4%
Net Margin -7.61% +48.6%
ROE -4.7% +44.3%
ROIC -7.66% +19.6%
Debt/Equity 0.05 -14.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Trading at only 0.0x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Sales declining 11.9% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-8.1%

5Y-11.93%

3Y-11.94%

TTM9.17%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-16.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1959.89%

ROCE

10Y Avg-6.07%

5Y Avg-10.75%

3Y Avg-9.57%

Latest-5.38%

Peer Comparison

News & Digital Media Publishers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OPRAOpera Limited	1.26B	14.08	15.64	21.12%	13.93%	8.58%	5.89%	0.01
BIDUBaidu, Inc.	41.57B	149.40	2.27	-1.09%	6.9%	3.13%	31.52%	0.28
KRKR36Kr Holdings Inc.	9.01M	5.07	-0.06	-32.08%	-26.64%	-34.61%		0.25
FENGPhoenix New Media Limited	10.3M	1.90	-0.43	1.69%	-6.38%	-4.56%		0.05
BZFDBuzzFeed, Inc.	35.61M	0.99	-1.09	-24.85%	0.06%	0.14%		0.59
ARENThe Arena Group Holdings, Inc.	197.93M	4.17	-1.46	-12.34%	88.51%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.61B	1.44B	1.58B	1.38B	1.33B	1.21B	1.03B	785.71M	692.02M	703.7M
Revenue Growth %	-0.02%	-0.1%	0.09%	-0.13%	-0.04%	-0.09%	-0.15%	-0.24%	-0.12%	0.02%
Cost of Goods Sold+	829.39M	726.81M	727.2M	596.55M	683.33M	583.82M	597.4M	548.5M	464.14M	434.99M
COGS % of Revenue	0.52%	0.5%	0.46%	0.43%	0.51%	0.48%	0.58%	0.7%	0.67%	0.62%
Gross Profit+	779.81M	718.1M	847.89M	780.83M	644.45M	625.02M	432.93M	237.2M	227.88M	268.71M
Gross Margin %	0.48%	0.5%	0.54%	0.57%	0.49%	0.52%	0.42%	0.3%	0.33%	0.38%
Gross Profit Growth %	-0.09%	-0.08%	0.18%	-0.08%	-0.17%	-0.03%	-0.31%	-0.45%	-0.04%	0.18%
Operating Expenses+	700.84M	682.73M	832.91M	904.85M	1B	727.6M	769.03M	428.64M	353.57M	333.43M
OpEx % of Revenue	0.44%	0.47%	0.53%	0.66%	0.75%	0.6%	0.75%	0.55%	0.51%	0.47%
Selling, General & Admin	530.12M	520.85M	640.59M	700.13M	783.82M	557.36M	610.44M	296.83M	270.91M	262.68M
SG&A % of Revenue	0.33%	0.36%	0.41%	0.51%	0.59%	0.46%	0.59%	0.38%	0.39%	0.37%
Research & Development	170.71M	161.88M	192.32M	204.72M	216.74M	171.99M	158.59M	131.81M	82.66M	70.75M
R&D % of Revenue	0.11%	0.11%	0.12%	0.15%	0.16%	0.14%	0.15%	0.17%	0.12%	0.1%
Other Operating Expenses	0	0	0	0	0	-1.75M	0	0	0	0
Operating Income+	78.97M	35.37M	14.98M	-124.02M	-356.11M	-102.58M	-336.1M	-191.44M	-125.7M	-64.72M
Operating Margin %	0.05%	0.02%	0.01%	-0.09%	-0.27%	-0.08%	-0.33%	-0.24%	-0.18%	-0.09%
Operating Income Growth %	-0.67%	-0.55%	-0.58%	-9.28%	-1.87%	0.71%	-2.28%	0.43%	0.34%	0.49%
EBITDA+	124.45M	77.32M	50.6M	-91.55M	-306.55M	-63.65M	-270.04M	-136.69M	-83.13M	-43.19M
EBITDA Margin %	0.08%	0.05%	0.03%	-0.07%	-0.23%	-0.05%	-0.26%	-0.17%	-0.12%	-0.06%
EBITDA Growth %	-0.55%	-0.38%	-0.35%	-2.81%	-2.35%	0.79%	-3.24%	0.49%	0.39%	0.48%
D&A (Non-Cash Add-back)	45.47M	41.95M	35.62M	32.47M	49.56M	38.93M	66.05M	54.75M	42.56M	21.53M
EBIT	100.23M	35.37M	14.98M	-123.69M	-356.11M	-104.33M	-336.1M	-191.44M	-125.7M	-64.72M
Net Interest Income+	27.91M	28.05M	32.06M	33.9M	22.72M	35.42M	47.3M	31.41M	34.67M	32.4M
Interest Income	27.91M	35.11M	54.29M	47.45M	22.72M	35.42M	47.3M	31.41M	34.67M	32.4M
Interest Expense	0	7.06M	22.22M	13.54M	0	0	0	0	0	0
Other Income/Expense	18.93M	56.94M	34.22M	78.51M	1.05B	645.8M	83.61M	59.68M	29.56M	16.42M
Pretax Income+	97.9M	92.31M	49.21M	-45.51M	691.71M	543.23M	-252.49M	-131.76M	-96.14M	-48.3M
Pretax Margin %	0.06%	0.06%	0.03%	-0.03%	0.52%	0.45%	-0.25%	-0.17%	-0.14%	-0.07%
Income Tax+	25.52M	14.09M	14.78M	20.11M	21.95M	115.58M	20.58M	-6.04M	12.98M	4.64M
Effective Tax Rate %	0.75%	0.87%	0.76%	1.39%	1.05%	0.7%	0.81%	0.83%	1.07%	1.11%
Net Income+	73.58M	80.61M	37.47M	-63.22M	727.83M	380.37M	-205.7M	-109.65M	-102.5M	-53.55M
Net Margin %	0.05%	0.06%	0.02%	-0.05%	0.55%	0.31%	-0.2%	-0.14%	-0.15%	-0.08%
Net Income Growth %	-0.72%	0.1%	-0.54%	-2.69%	12.51%	-0.48%	-1.54%	0.47%	0.07%	0.48%
Net Income (Continuing)	72.39M	78.22M	34.42M	-65.3M	669.76M	427.64M	-273.07M	-125.72M	-109.11M	-52.95M
Discontinued Operations	0	0	0	0	63.63M	-37.61M	0	0	0	0
Minority Interest	-949K	-3.34M	-6.39M	310.63M	213.26M	28.23M	-38.23M	-54.22M	-61.39M	-61.86M
EPS (Diluted)+	5.76	6.24	2.76	-5.28	57.60	34.56	-16.80	-9.12	-8.64	-4.46
EPS Growth %	-0.71%	0.08%	-0.56%	-2.91%	11.91%	-0.4%	-1.49%	0.46%	0.05%	0.48%
EPS (Basic)	5.76	6.24	3.23	-5.28	57.60	34.56	-16.80	-9.12	-8.64	-4.46
Diluted Shares Outstanding	12.1M	12.02M	12.3M	12.11M	12.13M	12.13M	12.13M	12.13M	12.13M	11.92M
Basic Shares Outstanding	11.9M	11.95M	11.97M	11.96M	12.13M	12.13M	12.13M	12.13M	11.86M	11.92M
Dividend Payout Ratio	-	-	-	-	0.97%	1.7%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.93B	2.12B	2.24B	2.02B	2.56B	2.42B	2.08B	1.66B	1.48B	1.47B
Cash & Short-Term Investments	1.08B	983.99M	1.1B	1.09B	1.61B	1.64B	1.5B	1.15B	1.09B	1.04B
Cash Only	310.67M	202.69M	362.86M	174.02M	341.02M	357.8M	188.98M	95.98M	527.41M	607.58M
Short-Term Investments	769.68M	781.3M	737.66M	912.59M	1.27B	1.28B	1.31B	1.05B	558.76M	428.34M
Accounts Receivable	631.03M	410.16M	463.15M	488.21M	591.42M	708.2M	514.01M	478.19M	351.3M	403.2M
Days Sales Outstanding	143.13	103.61	107.33	129.37	162.58	213.84	182.09	222.14	185.29	209.14
Inventory	160.96M	408.91M	336.7M	269.65M	82.93M	31.04M	15.62M	9.05M	0	0
Days Inventory Outstanding	70.84	205.35	169	164.99	44.3	19.41	9.54	6.03	-	-
Other Current Assets	215.87M	568.26M	582.77M	365.83M	222.7M	10.26M	14.18M	6.87M	33.83M	13.67M
Total Non-Current Assets+	636.29M	1.05B	1.36B	2.61B	2.77B	352.63M	328.84M	369.17M	280.12M	237.57M
Property, Plant & Equipment	80.54M	72.09M	64.45M	95.63M	187.44M	112.14M	70.41M	116.64M	75.19M	61.23M
Fixed Asset Turnover	19.98x	20.04x	24.44x	14.40x	7.08x	10.78x	14.63x	6.74x	9.20x	11.49x
Goodwill	0	0	0	338.29M	361.07M	0	0	0	0	0
Intangible Assets	12.4M	9.47M	6.71M	97.45M	99.28M	12.4M	22.5M	29.13M	20.05M	13.72M
Long-Term Investments	525.6M	948.24M	1.21B	2B	2.03B	131.48M	140.53M	114.69M	101.53M	85.75M
Other Non-Current Assets	17.75M	16.05M	12.54M	23.45M	19.86M	9.75M	3.22M	19.65M	83.35M	13.61M
Total Assets+	2.57B	3.17B	3.6B	4.63B	5.32B	2.77B	2.41B	2.03B	1.76B	1.71B
Asset Turnover	0.63x	0.46x	0.44x	0.30x	0.25x	0.44x	0.43x	0.39x	0.39x	0.41x
Asset Growth %	0.1%	0.23%	0.14%	0.29%	0.15%	-0.48%	-0.13%	-0.16%	-0.13%	-0.03%
Total Current Liabilities+	742.84M	983.08M	1.07B	1.07B	1.51B	1.06B	966.98M	664.32M	526.99M	537.32M
Accounts Payable	289.15M	260.9M	262.66M	264.75M	249.02M	221.2M	217.17M	176.96M	122.13M	144.67M
Days Payables Outstanding	127.25	131.02	131.83	161.99	133.01	138.29	132.69	117.75	96.04	121.39
Short-Term Debt	131.05M	358.6M	330M	267.67M	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	142.63M	145.78M	182.43M	280.11M	229.16M	17.68M	15.38M	12.2M	257.36M	229.36M
Current Ratio	2.60x	2.16x	2.09x	1.88x	1.70x	2.28x	2.15x	2.50x	2.81x	2.74x
Quick Ratio	2.38x	1.74x	1.78x	1.63x	1.64x	2.25x	2.13x	2.49x	2.81x	2.74x
Cash Conversion Cycle	86.72	177.94	144.49	132.37	73.87	94.95	58.95	110.42	-	-
Total Non-Current Liabilities+	19.68M	23.04M	26.03M	167.09M	275.36M	46.17M	49.71M	101.28M	68.13M	61.2M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	49.93M	16.67M	20.07M	80.95M	49.53M	45.7M
Deferred Tax Liabilities	1.31M	1.31M	1.31M	140.96M	192.14M	1.31M	1.31M	0	0	0
Other Non-Current Liabilities	19.68M	21.72M	24.71M	26.13M	33.29M	28.18M	28.33M	20.33M	18.6M	15.5M
Total Liabilities	762.52M	1.01B	1.1B	1.24B	1.78B	1.11B	1.02B	765.6M	595.12M	598.52M
Total Debt+	131.05M	358.6M	330M	267.67M	90.26M	53.04M	45.85M	104.59M	69.44M	56.67M
Net Debt	-179.62M	155.91M	-32.86M	93.64M	-250.75M	-304.75M	-143.13M	8.6M	-457.96M	-550.91M
Debt / Equity	0.07x	0.17x	0.13x	0.08x	0.03x	0.03x	0.03x	0.08x	0.06x	0.05x
Debt / EBITDA	1.05x	4.64x	6.52x	-	-	-	-	-	-	-
Net Debt / EBITDA	-1.44x	2.02x	-0.65x	-	-	-	-	-	-	-
Interest Coverage	-	5.01x	0.67x	-9.16x	-	-	-	-	-	-
Total Equity+	1.8B	2.16B	2.5B	3.39B	3.54B	1.66B	1.39B	1.27B	1.16B	1.11B
Equity Growth %	0.05%	0.2%	0.16%	0.36%	0.05%	-0.53%	-0.17%	-0.09%	-0.08%	-0.04%
Book Value per Share	149.15	179.88	203.33	280.06	292.14	137.16	114.51	104.29	95.93	93.40
Total Shareholders' Equity	1.81B	2.17B	2.51B	3.08B	3.33B	1.64B	1.43B	1.32B	1.23B	1.18B
Common Stock	38.79M	38.9M	39.23M	39.54M	39.55M	39.55M	39.55M	39.55M	39.55M	39.55M
Retained Earnings	122.09M	195.07M	229.25M	159.62M	185.2M	-88.19M	-300.36M	-411.07M	-513.37M	-467.58M
Treasury Stock	0	0	0	0	0	0	0	0	-655K	-1.48M
Accumulated OCI	93.65M	376.29M	651.48M	1.28B	1.49B	63.8M	59.17M	54.15M	58.95M	-37.3M
Minority Interest	-949K	-3.34M	-6.39M	310.63M	213.26M	28.23M	-38.23M	-54.22M	-61.39M	-61.86M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	220.81M	203.69M	172.98M	-76.82M	-330.31M	-56.27M	-142.82M	-312.41M	-60.83M	-44.3M
Operating CF Margin %	0.14%	0.14%	0.11%	-0.06%	-0.25%	-0.05%	-0.14%	-0.4%	-0.09%	-0.06%
Operating CF Growth %	-0.19%	-0.08%	-0.15%	-1.44%	-3.3%	0.83%	-1.54%	-1.19%	0.81%	0.27%
Net Income	72.39M	78.22M	34.42M	-65.61M	724M	365.28M	-273.07M	-125.72M	-109.11M	-53.55M
Depreciation & Amortization	45.47M	41.95M	35.62M	32.47M	112.33M	78.91M	66.05M	54.75M	42.56M	0
Stock-Based Compensation	34.35M	1.89M	20.85M	13.99M	20.22M	9.38M	9.58M	7.88M	3.71M	1.54M
Deferred Taxes	-11.4M	-18.34M	-6.15M	286K	-2.98M	-13.18M	-5.32M	1.82M	18.89M	0
Other Non-Cash Items	92.16M	40.51M	22.73M	-85K	-1.03B	-260.95M	177.08M	24.63M	26.55M	55.99M
Working Capital Changes	-12.16M	59.46M	65.5M	-57.87M	-157.38M	-235.72M	-117.14M	-275.76M	-43.42M	-48.28M
Change in Receivables	-59.77M	55.31M	-44.58M	-29.98M	-79.2M	-149.78M	33.16M	47.54M	101.52M	-46.83M
Change in Inventory	25.54M	23.1M	67.11M	-2.6M	-24.39M	-50.88M	-135.85M	0	0	0
Change in Payables	24.41M	-31.54M	5.6M	-6.1M	-51.11M	-27.72M	-9.08M	-35.28M	-54.7M	22.58M
Cash from Investing+	-1.26B	-543.15M	-6.39M	-114.71M	1.46B	746.22M	-42.65M	228.7M	487.84M	127.52M
Capital Expenditures	-43.46M	-29.28M	-27.8M	-55.95M	-83.84M	-12.09M	-16.83M	-33.96M	-9.72M	0
CapEx % of Revenue	0.03%	0.02%	0.02%	0.04%	0.06%	0.01%	0.02%	0.04%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-125M	-503.75M	-20.94M	175.96M	357.97M	196.89M	17.38M	8.78M	4.3M	127.52M
Cash from Financing+	64.37M	217.15M	-16.23M	-75.83M	-1.11B	-639.66M	-3.54M	0	-655K	-1.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-703.14M	-645.24M	-3.54M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7.19M	2.44M	12.37M	3.68M	-143.59M	1.6M	0	0	0	-1.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	177.35M	174.4M	145.18M	-132.77M	-414.14M	-115.2M	-159.66M	-346.37M	-70.54M	-49.52M
FCF Margin %	0.11%	0.12%	0.09%	-0.1%	-0.31%	-0.1%	-0.15%	-0.44%	-0.1%	-0.07%
FCF Growth %	-0.26%	-0.02%	-0.17%	-1.91%	-2.12%	0.72%	-0.39%	-1.17%	0.8%	0.3%
FCF per Share	14.66	14.51	11.80	-10.97	-34.14	-9.50	-13.16	-28.55	-5.82	-4.15
FCF Conversion (FCF/Net Income)	3.00x	2.53x	4.62x	1.22x	-0.45x	-0.15x	0.69x	2.85x	0.59x	0.83x
Interest Paid	713K	4.98M	22.76M	269.65M	4.03M	1.11M	0	0	0	0
Taxes Paid	36.04M	46.39M	19.42M	10.65M	1.08M	1.69M	1.01M	176.18M	62K	87K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.18%	4.06%	1.61%	-2.15%	20.99%	14.61%	-13.47%	-8.26%	-8.44%	-4.7%
Return on Invested Capital (ROIC)	5.76%	1.35%	0.47%	-3.13%	-7.88%	-3.31%	-19.35%	-11.4%	-9.53%	-7.66%
Gross Margin	48.46%	49.7%	53.83%	56.69%	48.54%	51.7%	42.02%	30.19%	32.93%	38.19%
Net Margin	4.57%	5.58%	2.38%	-4.59%	54.82%	31.47%	-19.96%	-13.96%	-14.81%	-7.61%
Debt / Equity	0.07x	0.17x	0.13x	0.08x	0.03x	0.03x	0.03x	0.08x	0.06x	0.05x
Interest Coverage	-	5.01x	0.67x	-9.16x	-	-	-	-	-	-
FCF Conversion	3.00x	2.53x	4.62x	1.22x	-0.45x	-0.15x	0.69x	2.85x	0.59x	0.83x
Revenue Growth	-1.75%	-10.21%	9.01%	-12.55%	-3.6%	-8.96%	-14.77%	-23.74%	-11.92%	1.69%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paid Services Revenues From Paid Contents	-	-	-	-	205.36M	46.17M	43.11M	33.85M	34.92M	46.57M
Paid Services Revenues From Paid Contents Growth	-	-	-	-	-	-77.52%	-6.63%	-21.49%	3.16%	33.38%
Paid Services Revenues From E Commerce And Others	-	-	-	-	-	-	57.19M	55.2M	37.84M	26.53M
Paid Services Revenues From E Commerce And Others Growth	-	-	-	-	-	-	-	-3.49%	-31.44%	-29.89%
Paid Services Revenues From Others	-	-	-	-	29.55M	36.41M	-	-	-	-
Paid Services Revenues From Others Growth	-	-	-	-	-	23.22%	-	-	-	-
Paid Services Revenues From M V A S	-	-	-	-	18.5M	13.08M	-	-	-	-
Paid Services Revenues From M V A S Growth	-	-	-	-	-	-29.28%	-	-	-	-
Paid Services Revenues From Games	-	-	-	-	14.17M	161K	-	-	-	-
Paid Services Revenues From Games Growth	-	-	-	-	-	-98.86%	-	-	-	-
Paid Services Revenues From Digital Entertainment	-	-	-	132.32M	-	-	-	-	-	-
Paid Services Revenues From Digital Entertainment Growth	-	-	-	-	-	-	-	-	-	-
Paid Services Revenues From Games And Others	-	-	-	46.79M	-	-	-	-	-	-
Paid Services Revenues From Games And Others Growth	-	-	-	-	-	-	-	-	-	-
Net Advertising Services	1.23B	1.23B	1.35B	-	-	-	-	-	-	-
Net Advertising Services Growth	-	0.46%	9.84%	-	-	-	-	-	-	-
Paid Services	382.68M	212.7M	221.61M	-	-	-	-	-	-	-
Paid Services Growth	-	-44.42%	4.19%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Phoenix New Media Limited (FENG) reported $761.4M in revenue for fiscal year 2024. This represents a 20% decrease from $950.6M in 2011.

Phoenix New Media Limited (FENG) grew revenue by 1.7% over the past year. Growth has been modest.

Phoenix New Media Limited (FENG) reported a net loss of $48.6M for fiscal year 2024.

Dividend & Returns

Phoenix New Media Limited (FENG) has a return on equity (ROE) of -4.7%. Negative ROE indicates the company is unprofitable.

Phoenix New Media Limited (FENG) had negative free cash flow of $49.5M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

...

Phoenix New Media Limited (FENG) 10-Year Financial Performance & Capital Metrics

FENG • • Industrial / General

Communication ServicesInternet ServicesDigital Content & Media PlatformsNews & Digital Media Publishers

Revenue $704M +1.7%
EBITDA -$43M +48.0%
Net Income -$54M +47.8%
EPS (Diluted) -4.46 +48.4%
Gross Margin 38.19% +16.0%
EBITDA Margin -6.14% +48.9%
Operating Margin -9.2% +49.4%
Net Margin -7.61% +48.6%
ROE -4.7% +44.3%
ROIC -7.66% +19.6%
Debt/Equity 0.05 -14.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Trading at only 0.0x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 19 (bottom 19%)
✗Sales declining 11.9% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-8.1%

5Y-11.93%

3Y-11.94%

TTM9.17%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-16.14%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1959.89%

ROCE

10Y Avg-6.07%

5Y Avg-10.75%

3Y Avg-9.57%

Latest-5.38%

Peer Comparison

News & Digital Media Publishers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OPRAOpera Limited	1.26B	14.08	15.64	21.12%	13.93%	8.58%	5.89%	0.01
BIDUBaidu, Inc.	41.57B	149.40	2.27	-1.09%	6.9%	3.13%	31.52%	0.28
KRKR36Kr Holdings Inc.	9.01M	5.07	-0.06	-32.08%	-26.64%	-34.61%		0.25
FENGPhoenix New Media Limited	10.3M	1.90	-0.43	1.69%	-6.38%	-4.56%		0.05
BZFDBuzzFeed, Inc.	35.61M	0.99	-1.09	-24.85%	0.06%	0.14%		0.59
ARENThe Arena Group Holdings, Inc.	197.93M	4.17	-1.46	-12.34%	88.51%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.61B	1.44B	1.58B	1.38B	1.33B	1.21B	1.03B	785.71M	692.02M	703.7M
Revenue Growth %	-0.02%	-0.1%	0.09%	-0.13%	-0.04%	-0.09%	-0.15%	-0.24%	-0.12%	0.02%
Cost of Goods Sold+	829.39M	726.81M	727.2M	596.55M	683.33M	583.82M	597.4M	548.5M	464.14M	434.99M
COGS % of Revenue	0.52%	0.5%	0.46%	0.43%	0.51%	0.48%	0.58%	0.7%	0.67%	0.62%
Gross Profit+	779.81M	718.1M	847.89M	780.83M	644.45M	625.02M	432.93M	237.2M	227.88M	268.71M
Gross Margin %	0.48%	0.5%	0.54%	0.57%	0.49%	0.52%	0.42%	0.3%	0.33%	0.38%
Gross Profit Growth %	-0.09%	-0.08%	0.18%	-0.08%	-0.17%	-0.03%	-0.31%	-0.45%	-0.04%	0.18%
Operating Expenses+	700.84M	682.73M	832.91M	904.85M	1B	727.6M	769.03M	428.64M	353.57M	333.43M
OpEx % of Revenue	0.44%	0.47%	0.53%	0.66%	0.75%	0.6%	0.75%	0.55%	0.51%	0.47%
Selling, General & Admin	530.12M	520.85M	640.59M	700.13M	783.82M	557.36M	610.44M	296.83M	270.91M	262.68M
SG&A % of Revenue	0.33%	0.36%	0.41%	0.51%	0.59%	0.46%	0.59%	0.38%	0.39%	0.37%
Research & Development	170.71M	161.88M	192.32M	204.72M	216.74M	171.99M	158.59M	131.81M	82.66M	70.75M
R&D % of Revenue	0.11%	0.11%	0.12%	0.15%	0.16%	0.14%	0.15%	0.17%	0.12%	0.1%
Other Operating Expenses	0	0	0	0	0	-1.75M	0	0	0	0
Operating Income+	78.97M	35.37M	14.98M	-124.02M	-356.11M	-102.58M	-336.1M	-191.44M	-125.7M	-64.72M
Operating Margin %	0.05%	0.02%	0.01%	-0.09%	-0.27%	-0.08%	-0.33%	-0.24%	-0.18%	-0.09%
Operating Income Growth %	-0.67%	-0.55%	-0.58%	-9.28%	-1.87%	0.71%	-2.28%	0.43%	0.34%	0.49%
EBITDA+	124.45M	77.32M	50.6M	-91.55M	-306.55M	-63.65M	-270.04M	-136.69M	-83.13M	-43.19M
EBITDA Margin %	0.08%	0.05%	0.03%	-0.07%	-0.23%	-0.05%	-0.26%	-0.17%	-0.12%	-0.06%
EBITDA Growth %	-0.55%	-0.38%	-0.35%	-2.81%	-2.35%	0.79%	-3.24%	0.49%	0.39%	0.48%
D&A (Non-Cash Add-back)	45.47M	41.95M	35.62M	32.47M	49.56M	38.93M	66.05M	54.75M	42.56M	21.53M
EBIT	100.23M	35.37M	14.98M	-123.69M	-356.11M	-104.33M	-336.1M	-191.44M	-125.7M	-64.72M
Net Interest Income+	27.91M	28.05M	32.06M	33.9M	22.72M	35.42M	47.3M	31.41M	34.67M	32.4M
Interest Income	27.91M	35.11M	54.29M	47.45M	22.72M	35.42M	47.3M	31.41M	34.67M	32.4M
Interest Expense	0	7.06M	22.22M	13.54M	0	0	0	0	0	0
Other Income/Expense	18.93M	56.94M	34.22M	78.51M	1.05B	645.8M	83.61M	59.68M	29.56M	16.42M
Pretax Income+	97.9M	92.31M	49.21M	-45.51M	691.71M	543.23M	-252.49M	-131.76M	-96.14M	-48.3M
Pretax Margin %	0.06%	0.06%	0.03%	-0.03%	0.52%	0.45%	-0.25%	-0.17%	-0.14%	-0.07%
Income Tax+	25.52M	14.09M	14.78M	20.11M	21.95M	115.58M	20.58M	-6.04M	12.98M	4.64M
Effective Tax Rate %	0.75%	0.87%	0.76%	1.39%	1.05%	0.7%	0.81%	0.83%	1.07%	1.11%
Net Income+	73.58M	80.61M	37.47M	-63.22M	727.83M	380.37M	-205.7M	-109.65M	-102.5M	-53.55M
Net Margin %	0.05%	0.06%	0.02%	-0.05%	0.55%	0.31%	-0.2%	-0.14%	-0.15%	-0.08%
Net Income Growth %	-0.72%	0.1%	-0.54%	-2.69%	12.51%	-0.48%	-1.54%	0.47%	0.07%	0.48%
Net Income (Continuing)	72.39M	78.22M	34.42M	-65.3M	669.76M	427.64M	-273.07M	-125.72M	-109.11M	-52.95M
Discontinued Operations	0	0	0	0	63.63M	-37.61M	0	0	0	0
Minority Interest	-949K	-3.34M	-6.39M	310.63M	213.26M	28.23M	-38.23M	-54.22M	-61.39M	-61.86M
EPS (Diluted)+	5.76	6.24	2.76	-5.28	57.60	34.56	-16.80	-9.12	-8.64	-4.46
EPS Growth %	-0.71%	0.08%	-0.56%	-2.91%	11.91%	-0.4%	-1.49%	0.46%	0.05%	0.48%
EPS (Basic)	5.76	6.24	3.23	-5.28	57.60	34.56	-16.80	-9.12	-8.64	-4.46
Diluted Shares Outstanding	12.1M	12.02M	12.3M	12.11M	12.13M	12.13M	12.13M	12.13M	12.13M	11.92M
Basic Shares Outstanding	11.9M	11.95M	11.97M	11.96M	12.13M	12.13M	12.13M	12.13M	11.86M	11.92M
Dividend Payout Ratio	-	-	-	-	0.97%	1.7%	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.93B	2.12B	2.24B	2.02B	2.56B	2.42B	2.08B	1.66B	1.48B	1.47B
Cash & Short-Term Investments	1.08B	983.99M	1.1B	1.09B	1.61B	1.64B	1.5B	1.15B	1.09B	1.04B
Cash Only	310.67M	202.69M	362.86M	174.02M	341.02M	357.8M	188.98M	95.98M	527.41M	607.58M
Short-Term Investments	769.68M	781.3M	737.66M	912.59M	1.27B	1.28B	1.31B	1.05B	558.76M	428.34M
Accounts Receivable	631.03M	410.16M	463.15M	488.21M	591.42M	708.2M	514.01M	478.19M	351.3M	403.2M
Days Sales Outstanding	143.13	103.61	107.33	129.37	162.58	213.84	182.09	222.14	185.29	209.14
Inventory	160.96M	408.91M	336.7M	269.65M	82.93M	31.04M	15.62M	9.05M	0	0
Days Inventory Outstanding	70.84	205.35	169	164.99	44.3	19.41	9.54	6.03	-	-
Other Current Assets	215.87M	568.26M	582.77M	365.83M	222.7M	10.26M	14.18M	6.87M	33.83M	13.67M
Total Non-Current Assets+	636.29M	1.05B	1.36B	2.61B	2.77B	352.63M	328.84M	369.17M	280.12M	237.57M
Property, Plant & Equipment	80.54M	72.09M	64.45M	95.63M	187.44M	112.14M	70.41M	116.64M	75.19M	61.23M
Fixed Asset Turnover	19.98x	20.04x	24.44x	14.40x	7.08x	10.78x	14.63x	6.74x	9.20x	11.49x
Goodwill	0	0	0	338.29M	361.07M	0	0	0	0	0
Intangible Assets	12.4M	9.47M	6.71M	97.45M	99.28M	12.4M	22.5M	29.13M	20.05M	13.72M
Long-Term Investments	525.6M	948.24M	1.21B	2B	2.03B	131.48M	140.53M	114.69M	101.53M	85.75M
Other Non-Current Assets	17.75M	16.05M	12.54M	23.45M	19.86M	9.75M	3.22M	19.65M	83.35M	13.61M
Total Assets+	2.57B	3.17B	3.6B	4.63B	5.32B	2.77B	2.41B	2.03B	1.76B	1.71B
Asset Turnover	0.63x	0.46x	0.44x	0.30x	0.25x	0.44x	0.43x	0.39x	0.39x	0.41x
Asset Growth %	0.1%	0.23%	0.14%	0.29%	0.15%	-0.48%	-0.13%	-0.16%	-0.13%	-0.03%
Total Current Liabilities+	742.84M	983.08M	1.07B	1.07B	1.51B	1.06B	966.98M	664.32M	526.99M	537.32M
Accounts Payable	289.15M	260.9M	262.66M	264.75M	249.02M	221.2M	217.17M	176.96M	122.13M	144.67M
Days Payables Outstanding	127.25	131.02	131.83	161.99	133.01	138.29	132.69	117.75	96.04	121.39
Short-Term Debt	131.05M	358.6M	330M	267.67M	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Liabilities	142.63M	145.78M	182.43M	280.11M	229.16M	17.68M	15.38M	12.2M	257.36M	229.36M
Current Ratio	2.60x	2.16x	2.09x	1.88x	1.70x	2.28x	2.15x	2.50x	2.81x	2.74x
Quick Ratio	2.38x	1.74x	1.78x	1.63x	1.64x	2.25x	2.13x	2.49x	2.81x	2.74x
Cash Conversion Cycle	86.72	177.94	144.49	132.37	73.87	94.95	58.95	110.42	-	-
Total Non-Current Liabilities+	19.68M	23.04M	26.03M	167.09M	275.36M	46.17M	49.71M	101.28M	68.13M	61.2M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	49.93M	16.67M	20.07M	80.95M	49.53M	45.7M
Deferred Tax Liabilities	1.31M	1.31M	1.31M	140.96M	192.14M	1.31M	1.31M	0	0	0
Other Non-Current Liabilities	19.68M	21.72M	24.71M	26.13M	33.29M	28.18M	28.33M	20.33M	18.6M	15.5M
Total Liabilities	762.52M	1.01B	1.1B	1.24B	1.78B	1.11B	1.02B	765.6M	595.12M	598.52M
Total Debt+	131.05M	358.6M	330M	267.67M	90.26M	53.04M	45.85M	104.59M	69.44M	56.67M
Net Debt	-179.62M	155.91M	-32.86M	93.64M	-250.75M	-304.75M	-143.13M	8.6M	-457.96M	-550.91M
Debt / Equity	0.07x	0.17x	0.13x	0.08x	0.03x	0.03x	0.03x	0.08x	0.06x	0.05x
Debt / EBITDA	1.05x	4.64x	6.52x	-	-	-	-	-	-	-
Net Debt / EBITDA	-1.44x	2.02x	-0.65x	-	-	-	-	-	-	-
Interest Coverage	-	5.01x	0.67x	-9.16x	-	-	-	-	-	-
Total Equity+	1.8B	2.16B	2.5B	3.39B	3.54B	1.66B	1.39B	1.27B	1.16B	1.11B
Equity Growth %	0.05%	0.2%	0.16%	0.36%	0.05%	-0.53%	-0.17%	-0.09%	-0.08%	-0.04%
Book Value per Share	149.15	179.88	203.33	280.06	292.14	137.16	114.51	104.29	95.93	93.40
Total Shareholders' Equity	1.81B	2.17B	2.51B	3.08B	3.33B	1.64B	1.43B	1.32B	1.23B	1.18B
Common Stock	38.79M	38.9M	39.23M	39.54M	39.55M	39.55M	39.55M	39.55M	39.55M	39.55M
Retained Earnings	122.09M	195.07M	229.25M	159.62M	185.2M	-88.19M	-300.36M	-411.07M	-513.37M	-467.58M
Treasury Stock	0	0	0	0	0	0	0	0	-655K	-1.48M
Accumulated OCI	93.65M	376.29M	651.48M	1.28B	1.49B	63.8M	59.17M	54.15M	58.95M	-37.3M
Minority Interest	-949K	-3.34M	-6.39M	310.63M	213.26M	28.23M	-38.23M	-54.22M	-61.39M	-61.86M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	220.81M	203.69M	172.98M	-76.82M	-330.31M	-56.27M	-142.82M	-312.41M	-60.83M	-44.3M
Operating CF Margin %	0.14%	0.14%	0.11%	-0.06%	-0.25%	-0.05%	-0.14%	-0.4%	-0.09%	-0.06%
Operating CF Growth %	-0.19%	-0.08%	-0.15%	-1.44%	-3.3%	0.83%	-1.54%	-1.19%	0.81%	0.27%
Net Income	72.39M	78.22M	34.42M	-65.61M	724M	365.28M	-273.07M	-125.72M	-109.11M	-53.55M
Depreciation & Amortization	45.47M	41.95M	35.62M	32.47M	112.33M	78.91M	66.05M	54.75M	42.56M	0
Stock-Based Compensation	34.35M	1.89M	20.85M	13.99M	20.22M	9.38M	9.58M	7.88M	3.71M	1.54M
Deferred Taxes	-11.4M	-18.34M	-6.15M	286K	-2.98M	-13.18M	-5.32M	1.82M	18.89M	0
Other Non-Cash Items	92.16M	40.51M	22.73M	-85K	-1.03B	-260.95M	177.08M	24.63M	26.55M	55.99M
Working Capital Changes	-12.16M	59.46M	65.5M	-57.87M	-157.38M	-235.72M	-117.14M	-275.76M	-43.42M	-48.28M
Change in Receivables	-59.77M	55.31M	-44.58M	-29.98M	-79.2M	-149.78M	33.16M	47.54M	101.52M	-46.83M
Change in Inventory	25.54M	23.1M	67.11M	-2.6M	-24.39M	-50.88M	-135.85M	0	0	0
Change in Payables	24.41M	-31.54M	5.6M	-6.1M	-51.11M	-27.72M	-9.08M	-35.28M	-54.7M	22.58M
Cash from Investing+	-1.26B	-543.15M	-6.39M	-114.71M	1.46B	746.22M	-42.65M	228.7M	487.84M	127.52M
Capital Expenditures	-43.46M	-29.28M	-27.8M	-55.95M	-83.84M	-12.09M	-16.83M	-33.96M	-9.72M	0
CapEx % of Revenue	0.03%	0.02%	0.02%	0.04%	0.06%	0.01%	0.02%	0.04%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-125M	-503.75M	-20.94M	175.96M	357.97M	196.89M	17.38M	8.78M	4.3M	127.52M
Cash from Financing+	64.37M	217.15M	-16.23M	-75.83M	-1.11B	-639.66M	-3.54M	0	-655K	-1.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-703.14M	-645.24M	-3.54M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	7.19M	2.44M	12.37M	3.68M	-143.59M	1.6M	0	0	0	-1.08M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	177.35M	174.4M	145.18M	-132.77M	-414.14M	-115.2M	-159.66M	-346.37M	-70.54M	-49.52M
FCF Margin %	0.11%	0.12%	0.09%	-0.1%	-0.31%	-0.1%	-0.15%	-0.44%	-0.1%	-0.07%
FCF Growth %	-0.26%	-0.02%	-0.17%	-1.91%	-2.12%	0.72%	-0.39%	-1.17%	0.8%	0.3%
FCF per Share	14.66	14.51	11.80	-10.97	-34.14	-9.50	-13.16	-28.55	-5.82	-4.15
FCF Conversion (FCF/Net Income)	3.00x	2.53x	4.62x	1.22x	-0.45x	-0.15x	0.69x	2.85x	0.59x	0.83x
Interest Paid	713K	4.98M	22.76M	269.65M	4.03M	1.11M	0	0	0	0
Taxes Paid	36.04M	46.39M	19.42M	10.65M	1.08M	1.69M	1.01M	176.18M	62K	87K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.18%	4.06%	1.61%	-2.15%	20.99%	14.61%	-13.47%	-8.26%	-8.44%	-4.7%
Return on Invested Capital (ROIC)	5.76%	1.35%	0.47%	-3.13%	-7.88%	-3.31%	-19.35%	-11.4%	-9.53%	-7.66%
Gross Margin	48.46%	49.7%	53.83%	56.69%	48.54%	51.7%	42.02%	30.19%	32.93%	38.19%
Net Margin	4.57%	5.58%	2.38%	-4.59%	54.82%	31.47%	-19.96%	-13.96%	-14.81%	-7.61%
Debt / Equity	0.07x	0.17x	0.13x	0.08x	0.03x	0.03x	0.03x	0.08x	0.06x	0.05x
Interest Coverage	-	5.01x	0.67x	-9.16x	-	-	-	-	-	-
FCF Conversion	3.00x	2.53x	4.62x	1.22x	-0.45x	-0.15x	0.69x	2.85x	0.59x	0.83x
Revenue Growth	-1.75%	-10.21%	9.01%	-12.55%	-3.6%	-8.96%	-14.77%	-23.74%	-11.92%	1.69%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Paid Services Revenues From Paid Contents	-	-	-	-	205.36M	46.17M	43.11M	33.85M	34.92M	46.57M
Paid Services Revenues From Paid Contents Growth	-	-	-	-	-	-77.52%	-6.63%	-21.49%	3.16%	33.38%
Paid Services Revenues From E Commerce And Others	-	-	-	-	-	-	57.19M	55.2M	37.84M	26.53M
Paid Services Revenues From E Commerce And Others Growth	-	-	-	-	-	-	-	-3.49%	-31.44%	-29.89%
Paid Services Revenues From Others	-	-	-	-	29.55M	36.41M	-	-	-	-
Paid Services Revenues From Others Growth	-	-	-	-	-	23.22%	-	-	-	-
Paid Services Revenues From M V A S	-	-	-	-	18.5M	13.08M	-	-	-	-
Paid Services Revenues From M V A S Growth	-	-	-	-	-	-29.28%	-	-	-	-
Paid Services Revenues From Games	-	-	-	-	14.17M	161K	-	-	-	-
Paid Services Revenues From Games Growth	-	-	-	-	-	-98.86%	-	-	-	-
Paid Services Revenues From Digital Entertainment	-	-	-	132.32M	-	-	-	-	-	-
Paid Services Revenues From Digital Entertainment Growth	-	-	-	-	-	-	-	-	-	-
Paid Services Revenues From Games And Others	-	-	-	46.79M	-	-	-	-	-	-
Paid Services Revenues From Games And Others Growth	-	-	-	-	-	-	-	-	-	-
Net Advertising Services	1.23B	1.23B	1.35B	-	-	-	-	-	-	-
Net Advertising Services Growth	-	0.46%	9.84%	-	-	-	-	-	-	-
Paid Services	382.68M	212.7M	221.61M	-	-	-	-	-	-	-
Paid Services Growth	-	-44.42%	4.19%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Phoenix New Media Limited (FENG) reported $761.4M in revenue for fiscal year 2024. This represents a 20% decrease from $950.6M in 2011.

Phoenix New Media Limited (FENG) grew revenue by 1.7% over the past year. Growth has been modest.

Phoenix New Media Limited (FENG) reported a net loss of $48.6M for fiscal year 2024.

Dividend & Returns

Phoenix New Media Limited (FENG) has a return on equity (ROE) of -4.7%. Negative ROE indicates the company is unprofitable.

Phoenix New Media Limited (FENG) had negative free cash flow of $49.5M in fiscal year 2024, likely due to heavy capital investments.