Latest Ratios: P/E Ratio 8.0x · EV/EBITDA N/A · ROE 0.0%. (2010–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $387847 | $417874 | $28M | $16M | $33M | $63M | $87M | $143M | $232M | $479M | $226M |
| Enterprise Value | $-74821271 | $-510236104 | $-522655097 | $-441466148 | $41M | $-80384553 | $-217405350 | $-108095427 | $326M | $446M | $382M |
| P/E Ratio → | 8.03 | 1.27 | — | — | — | — | 0.21 | 0.20 | — | 14.11 | 3.02 |
| P/S Ratio | 0.00 | 0.00 | 0.04 | 0.02 | 0.04 | 0.06 | 0.07 | 0.11 | 0.17 | 0.30 | 0.16 |
| P/B Ratio | 0.00 | 0.00 | 0.03 | 0.01 | 0.03 | 0.05 | 0.05 | 0.04 | 0.07 | 0.19 | 0.10 |
| P/FCF | — | — | — | — | — | — | — | — | — | 3.30 | 1.30 |
| P/OCF | — | — | — | — | — | — | — | — | — | 2.77 | 1.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.67 | -0.74 | -0.64 | 0.05 | -0.08 | -0.18 | -0.08 | 0.24 | 0.28 | 0.26 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 8.82 | 4.95 |
| EV / EBIT | — | -59.86 | — | — | — | — | — | — | — | 29.78 | 10.81 |
| EV / FCF | — | — | — | — | — | — | — | — | — | 3.07 | 2.19 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.9% | 48.9% | 38.2% | 32.9% | 30.2% | 42.0% | 51.7% | 48.5% | 56.7% | 53.8% | 49.7% |
| Operating Margin | -4.5% | -4.5% | -9.2% | -18.2% | -24.4% | -32.6% | -8.5% | -26.8% | -9.0% | 1.0% | 2.4% |
| Net Profit Margin | 0.0% | 0.0% | -7.6% | -14.8% | -14.0% | -20.0% | 31.5% | 54.8% | -4.6% | 2.4% | 5.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.0% | 0.0% | -4.7% | -8.4% | -8.3% | -13.5% | 14.6% | 21.0% | -2.1% | 1.6% | 4.1% |
| ROA | 0.0% | 0.0% | -3.1% | -5.4% | -4.9% | -7.9% | 9.4% | 14.6% | -1.5% | 1.1% | 2.8% |
| ROIC | -4.4% | -4.4% | -7.7% | -9.5% | -11.4% | -19.4% | -3.3% | -7.9% | -3.1% | 0.5% | 1.3% |
| ROCE | -3.0% | -3.0% | -5.4% | -9.7% | -13.6% | -21.3% | -3.7% | -9.7% | -4.1% | 0.6% | 1.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.05 | 0.06 | 0.08 | 0.03 | 0.03 | 0.03 | 0.08 | 0.13 | 0.17 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 6.52 | 4.64 |
| Net Debt / Equity | — | -0.46 | -0.49 | -0.39 | 0.01 | -0.10 | -0.18 | -0.07 | 0.03 | -0.01 | 0.07 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -0.65 | 2.02 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -0.23 | 0.89 |
| Interest Coverage | — | — | — | — | — | — | — | — | -9.13 | 0.67 | 5.01 |
Net cash position: cash ($554M) exceeds total debt ($43M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.85 | 2.85 | 2.74 | 2.81 | 2.50 | 2.15 | 2.28 | 1.70 | 1.88 | 2.09 | 2.16 |
| Quick Ratio | 2.85 | 2.85 | 2.74 | 2.81 | 2.49 | 2.13 | 2.25 | 1.64 | 1.63 | 1.78 | 1.74 |
| Cash Ratio | 2.04 | 2.04 | 1.93 | 2.06 | 1.72 | 1.55 | 1.54 | 1.07 | 1.01 | 1.03 | 1.00 |
| Asset Turnover | — | 0.46 | 0.41 | 0.39 | 0.39 | 0.43 | 0.44 | 0.25 | 0.30 | 0.44 | 0.46 |
| Inventory Turnover | — | — | — | — | 60.57 | 38.25 | 18.81 | 8.24 | 2.21 | 2.16 | 1.78 |
| Days Sales Outstanding | — | 175.33 | 209.14 | 185.29 | 222.14 | 182.09 | 213.84 | 162.58 | 129.37 | 107.33 | 103.61 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | 5.6% | 100.0% | 100.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 169.6% | 96.6% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.4% | 78.4% | — | — | — | — | 480.0% | 489.8% | — | 7.1% | 33.1% |
| FCF Yield | — | — | — | — | — | — | — | — | — | 30.3% | 77.0% |
| Buyback Yield | 0.0% | 0.0% | 2.9% | 4.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.9% | 4.0% | 0.0% | 5.6% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $250224 | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M |
Structural Operating Margin Deficit
According to recent financial data, FENG trades at a P/E of 8.03, yet the market appears to be valuing the company primarily as a cash-holding vehicle rather than an operating business, given the enterprise value is heavily discounted relative to its $554 million cash position.
The current valuation multiples suggest that investors are assigning little to no value to the core advertising business, likely due to the persistent history of negative operating margins. This pricing implies a market expectation that the company will continue to struggle with scalability, effectively treating the equity as a claim on the balance sheet rather than future earnings growth.
Based on reported figures, FENG's ROIC has fluctuated between -5.4% and 3.0% over the last ten quarters, indicating that the company has failed to consistently generate returns on invested capital that exceed its cost of capital, reflecting a fundamental inability to compound value through its core operations.
The erratic nature of these returns suggests that the company's profitability is highly sensitive to non-recurring items and seasonal advertising fluctuations rather than a stable, compounding business model. Investors should monitor whether management can move beyond this cycle of decay, as the current trend indicates that capital is being consumed rather than efficiently deployed.
As reported in financial statements, FENG's DSO has remained elevated, peaking at 221 days in 2025Q1, which suggests that the company possesses limited bargaining power over its advertising clients and faces significant delays in converting its service delivery into actual cash inflows.
The extended collection period relative to industry peers highlights a structural weakness in the company's working capital management. This inefficiency forces the firm to rely on its existing cash reserves to bridge the gap between service provision and payment, further complicating the path toward sustainable, self-funded operational growth.
Based on an analysis of FENG's business model, the P/E ratio is a fundamentally misleading metric for this entity, as it obscures the company's persistent operating losses and the distorting influence of interest income generated from its substantial cash reserves on the bottom-line net income.
Investors should instead focus on EV/Sales or adjusted operating cash flow metrics to gauge the true health of the advertising business. Relying on P/E risks creating a false sense of security, as the earnings figure is often bolstered by non-operational factors that do not reflect the underlying competitive viability of the platform.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying FENG stock.
Phoenix New Media Limited's current P/E ratio is 8.0x. The historical average is 3.7x. This places it at the 90th percentile of its historical range.
Phoenix New Media Limited's return on equity (ROE) is 0.0%. The historical average is 5.6%.
Based on historical data, Phoenix New Media Limited is trading at a P/E of 8.0x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phoenix New Media Limited has 48.9% gross margin and -4.5% operating margin.