NYSE : FENG
Phoenix New Media Limited — Financial statements
Communication Services · Internet Content & Information · China
Last price 1.37 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 16.45M
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Financial statements
Phoenix New Media Limited (FENG) reported revenue of 828.75M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 828.75M | 765.57M | 703.70M | 692.02M | 785.71M | 1.03B |
| Cost of Revenue | 384.23M | 391.42M | 434.99M | 464.14M | 548.50M | 597.40M |
| Gross Profit | 444.52M | 374.15M | 268.71M | 227.88M | 237.20M | 432.93M |
| Selling, General & Admin | 407.74M | 343.93M | 262.68M | 270.91M | 296.83M | 610.44M |
| Research & Development | 60.76M | 64.60M | 70.75M | 82.66M | 131.81M | 158.59M |
| Operating Expenses | 468.50M | 408.53M | 333.43M | 353.57M | 428.64M | 769.03M |
| Operating Income | -23.97M | -34.38M | -64.72M | -125.70M | -191.44M | -336.10M |
| Interest & Investment Income | 19.04M | 21.03M | 32.40M | 34.67M | 31.41M | 47.30M |
| Earnings From Equity Investments | -2.15M | -3.92M | -15.96M | -11.12M | -8.20M | 401.00K |
| Currency Exchange Gain (Loss) | 3.15M | 1.48M | -1.52M | -1.95M | -32.87M | 8.61M |
| Other Non Operating Income (Expenses) | 400.00K | 528.00K | 897.00K | 8.40M | 8.29M | 25.39M |
| EBT Excluding Unusual Items | -3.53M | -15.26M | -48.91M | -95.70M | -192.80M | -254.39M |
| Gain (Loss) on Sale of Investments | 38.40M | 23.78M | 604.00K | -440.00K | -3.32M | 1.91M |
| Pretax Income | 34.87M | 8.52M | -48.30M | -96.14M | -196.11M | -252.49M |
| Income Tax Expense | 5.71M | 8.16M | 4.64M | 12.98M | -70.39M | 20.58M |
| Earnings From Continuing Operations | 29.16M | 365.00K | -52.95M | -109.11M | -125.72M | -273.07M |
| Net Income to Company | 29.16M | 365.00K | -52.95M | -109.11M | -125.72M | -273.07M |
| Minority Interest in Earnings | 1.01M | -29.00K | -608.00K | 6.62M | 16.07M | 67.36M |
| Net Income | 30.17M | 336.00K | -53.55M | -102.50M | -109.65M | -205.70M |
| Net Income to Common | 30.17M | 336.00K | -53.55M | -102.50M | -109.65M | -205.70M |
| Shares Outstanding (Basic) | 12.01M | 12.01M | 12.02M | 12.13M | 12.13M | 12.13M |
| Shares Outstanding (Diluted) | 12.01M | 12.01M | 12.02M | 12.13M | 12.13M | 12.13M |
| EPS (Basic) | 2.51 | 0.03 | -4.46 | -8.45 | -9.04 | -16.96 |
| EPS (Diluted) | 2.43 | 0.03 | -4.46 | -8.64 | -9.12 | -16.96 |
| Free Cash Flow | -15.71M | -49.52M | -70.54M | -346.37M | -159.66M | |
| Free Cash Flow Per Share | -1.31 | -4.12 | -5.82 | -28.55 | -13.16 | |
| Gross Margin | 53.64% | 48.87% | 38.19% | 32.93% | 30.19% | 42.02% |
| Operating Margin | -2.89% | -4.49% | -9.20% | -18.16% | -24.37% | -32.62% |
| Profit Margin | 3.64% | 0.04% | -7.61% | -14.81% | -13.96% | -19.96% |
| Free Cash Flow Margin | -2.05% | -7.04% | -10.19% | -44.08% | -15.50% | |
| EBITDA | -14.87M | -23.70M | -50.90M | -104.17M | -165.19M | -307.59M |
| EBITDA Margin | -1.80% | -3.10% | -7.23% | -15.05% | -21.02% | -29.85% |
| D&A For EBITDA | 9.10M | 10.67M | 13.82M | 21.53M | 26.25M | 28.50M |
| EBIT | -23.97M | -34.38M | -64.72M | -125.70M | -191.44M | -336.10M |
| EBIT Margin | -2.89% | -4.49% | -9.20% | -18.16% | -24.37% | -32.62% |
| Effective Tax Rate | 16.38% | 95.72% | ||||
| Revenue as Reported | 828.75M | 765.57M | 703.70M | 692.02M | 785.71M | 1.03B |
| Advertising Expenses | 151.70M | 47.40M | 24.70M | 40.90M | 70.70M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 502.80M | 537.55M | 607.58M | 527.41M | 95.98M | 188.98M |
| Short-Term Investments | 483.53M | 464.23M | 428.34M | 558.76M | 1.05B | 1.31B |
| Cash & Short-Term Investments | 986.33M | 1.00B | 1.04B | 1.09B | 1.15B | 1.50B |
| Accounts Receivable | 337.61M | 367.51M | 403.20M | 351.30M | 474.80M | 514.01M |
| Other Receivables | 3.39M | 4.11M | ||||
| Receivables | 337.61M | 367.51M | 403.20M | 351.30M | 478.19M | 518.12M |
| Prepaid Expenses | 11.40M | 7.06M | 7.33M | 7.41M | 15.80M | |
| Restricted Cash | 3.71M | 16.10M | 9.76M | 7.05M | 9.05M | 15.62M |
| Other Current Assets | 41.70M | 21.50M | 18.41M | 26.78M | 21.45M | 29.46M |
| Total Current Assets | 1.37B | 1.42B | 1.47B | 1.48B | 1.66B | 2.08B |
| Property, Plant & Equipment | 45.39M | 52.69M | 61.23M | 75.19M | 116.64M | 70.41M |
| Long-Term Investments | 117.41M | 104.43M | 85.75M | 101.53M | 114.69M | 140.53M |
| Other Intangible Assets | 8.85M | 10.41M | 13.72M | 20.05M | 29.13M | 22.50M |
| Long-Term Deferred Tax Assets | 57.16M | 53.33M | 63.26M | 70.17M | 89.06M | 92.19M |
| Other Long-Term Assets | 9.19M | 10.63M | 13.61M | 13.18M | 19.65M | 3.22M |
| Total Assets | 1.61B | 1.65B | 1.71B | 1.76B | 2.03B | 2.41B |
| Accounts Payable | 118.88M | 122.42M | 144.67M | 122.13M | 176.96M | 217.17M |
| Accrued Expenses | 115.56M | 102.42M | 123.11M | 127.58M | 149.09M | 197.87M |
| Current Portion of Leases | 12.62M | 14.10M | 10.97M | 19.91M | 23.64M | 25.78M |
| Current Income Taxes Payable | 171.02M | 176.40M | 175.93M | 170.48M | 183.53M | 412.78M |
| Current Unearned Revenue | 24.21M | 26.20M | 29.10M | 34.20M | 31.94M | 33.46M |
| Other Current Liabilities | 32.14M | 56.71M | 53.53M | 52.69M | 99.16M | 79.92M |
| Total Current Liabilities | 474.43M | 498.25M | 537.32M | 526.99M | 664.32M | 966.98M |
| Long-Term Leases | 25.94M | 29.22M | 45.70M | 49.53M | 80.95M | 20.07M |
| Long-Term Deferred Tax Liabilities | 1.31M | |||||
| Other Long-Term Liabilities | 14.00M | 14.00M | 15.50M | 18.60M | 20.33M | 28.33M |
| Total Liabilities | 514.36M | 541.47M | 598.52M | 595.12M | 765.60M | 1.02B |
| Common Stock | 39.55M | 39.55M | 39.55M | 39.55M | 39.55M | 39.55M |
| Additional Paid-In Capital | 1.64B | 1.64B | 1.64B | 1.64B | 1.64B | 1.63B |
| Retained Earnings | -477.49M | -467.24M | -467.58M | -414.02M | -311.53M | -201.88M |
| Treasury Stock | -1.48M | -1.48M | -1.48M | -655.00K | ||
| Comprehensive Income & Other | -45.96M | -41.78M | -37.30M | -40.40M | -45.40M | -39.31M |
| Total Common Equity | 1.16B | 1.17B | 1.18B | 1.23B | 1.32B | 1.43B |
| Minority Interest | -63.75M | -62.83M | -61.86M | -61.39M | -54.22M | -38.23M |
| Shareholders' Equity | 1.09B | 1.11B | 1.11B | 1.16B | 1.27B | 1.39B |
| Total Liabilities & Equity | 1.61B | 1.65B | 1.71B | 1.76B | 2.03B | 2.41B |
| Total Debt | 38.56M | 43.32M | 56.67M | 69.44M | 104.59M | 45.85M |
| Net Cash (Debt) | 947.76M | 958.45M | 979.25M | 1.02B | 1.04B | 1.45B |
| Net Cash Per Share | 78.91 | 79.80 | 81.49 | 83.82 | 85.80 | 119.70 |
| Filing Date Shares Outstanding | 12.01M | 12.01M | 12.01M | 12.01M | 12.13M | 12.13M |
| Total Common Shares Outstanding | 12.01M | 12.01M | 12.01M | 12.09M | 12.13M | 12.13M |
| Working Capital | 894.91M | 920.04M | 937.03M | 951.63M | 997.33M | 1.11B |
| Book Value Per Share | 96.31 | 97.51 | 97.85 | 101.33 | 108.76 | 117.66 |
| Tangible Book Value | 1.15B | 1.16B | 1.16B | 1.20B | 1.29B | 1.40B |
| Tangible Book Value Per Share | 95.57 | 96.64 | 96.71 | 99.67 | 106.36 | 115.80 |
| Machinery | 28.80M | 44.53M | 46.64M | 79.25M | 113.23M | |
| Leasehold Improvements | 17.09M | 45.26M | 47.97M | 47.97M | 42.36M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 336.00K | -53.55M | -102.50M | -109.65M | -205.70M | |
| Depreciation & Amortization | 27.12M | 34.92M | 42.56M | 54.75M | 66.05M | |
| Loss (Gain) From Sale of Assets | -574.00K | -127.00K | -1.30M | 2.67M | 1.11M | |
| Asset Writedown & Restructuring Costs | 1.11M | 369.00K | ||||
| Loss (Gain) From Sale of Investments | -23.78M | -604.00K | 440.00K | 3.32M | -1.91M | |
| Loss (Gain) on Equity Investments | 3.92M | 15.96M | 11.12M | 8.20M | -401.00K | |
| Stock-Based Compensation | 17.00K | 1.54M | 3.71M | 7.88M | 9.58M | |
| Provision & Write-off of Bad Debts | -1.69M | -3.20M | 14.34M | -23.54M | 186.52M | |
| Other Operating Activities | 8.47M | 9.04M | 14.22M | 18.62M | -81.30M | |
| Change in Accounts Receivable | 40.02M | -29.08M | 112.90M | 47.54M | 33.16M | |
| Change in Accounts Payable | -22.82M | 22.58M | -54.70M | -35.28M | -9.08M | |
| Change in Income Taxes | 885.00K | 6.34M | -5.89M | 15.72M | 10.17M | |
| Change in Other Net Operating Assets | -34.57M | -48.12M | -95.73M | -63.35M | -151.39M | |
| Operating Cash Flow | -2.67M | -44.30M | -60.83M | -312.41M | -142.82M | |
| Capital Expenditures | -13.04M | -5.22M | -9.72M | -33.96M | -16.83M | |
| Sale of Property, Plant & Equipment | 736.00K | 273.00K | 3.77M | 8.58M | 17.38M | |
| Investment in Securities | -45.90M | 132.04M | 493.26M | 253.87M | -43.20M | |
| Other Investing Activities | 1.17M | 427.00K | 530.00K | 206.00K | ||
| Investing Cash Flow | -57.04M | 127.52M | 487.84M | 228.70M | -42.65M | |
| Repurchase of Common Stock | -825.00K | -655.00K | ||||
| Common Dividends Paid | -3.54M | |||||
| Other Financing Activities | -1.00M | -1.08M | ||||
| Financing Cash Flow | -1.00M | -1.90M | -655.00K | -3.54M | ||
| Foreign Exchange Rate Adjustments | -2.99M | 1.57M | 3.06M | -15.85M | 4.78M | |
| Net Cash Flow | -63.69M | 82.88M | 429.42M | -99.56M | -184.24M | |
| Free Cash Flow | -15.71M | -49.52M | -70.54M | -346.37M | -159.66M | |
| Free Cash Flow Margin | -2.05% | -7.04% | -10.19% | -44.08% | -15.50% | |
| Free Cash Flow Per Share | -1.31 | -4.12 | -5.82 | -28.55 | -13.16 | |
| Levered Free Cash Flow | -27.68M | -35.92M | -51.95M | -328.61M | -33.01M | |
| Unlevered Free Cash Flow | -27.68M | -35.92M | -51.95M | -328.61M | -33.01M | |
| Cash Income Tax Paid | 126.00K | 87.00K | 62.00K | 176.18M | 1.01M | |
| Change in Working Capital | -16.49M | -48.28M | -43.42M | -275.76M | -117.14M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 16.57M | 20.06M | 28.47M | 16.53M | 32.51M | 62.75M |
| Enterprise Value | -122.95M | -121.63M | -110.44M | -122.24M | -118.06M | -179.96M |
| Last Close Price | 1.37 | 1.67 | 2.37 | 1.36 | 2.68 | 5.17 |
| PE Ratio | 3.86 | 417.54 | ||||
| Forward PE | 31.82 | 31.82 | 31.82 | 31.82 | 31.82 | |
| PS Ratio | 0.14 | 0.18 | 0.29 | 0.17 | 0.28 | 0.39 |
| PB Ratio | 0.10 | 0.13 | 0.19 | 0.10 | 0.18 | 0.29 |
| P/TBV Ratio | 0.10 | 0.12 | 0.18 | 0.10 | 0.17 | 0.28 |
| PEG Ratio | 2.18 | 2.18 | 2.18 | 2.18 | 2.18 | |
| Debt / Equity Ratio | 0.04 | 0.04 | 0.05 | 0.06 | 0.08 | 0.03 |
| Debt / EBITDA Ratio | 18.13 | |||||
| Net Debt / Equity Ratio | -0.87 | -0.86 | -0.88 | -0.87 | -0.82 | -1.04 |
| Net Debt / EBITDA Ratio | 63.72 | 40.43 | 19.24 | 9.76 | 6.30 | 4.72 |
| Net Debt / FCF Ratio | 61.01 | 19.77 | 14.41 | 3.00 | 9.10 | |
| Asset Turnover | 0.52 | 0.46 | 0.41 | 0.36 | 0.35 | 0.40 |
| Quick Ratio | 2.79 | 2.75 | 2.68 | 2.73 | 2.44 | 2.08 |
| Current Ratio | 2.89 | 2.85 | 2.74 | 2.81 | 2.50 | 2.15 |
| Return on Equity (ROE) | 2.69% | 0.03% | -4.65% | -8.98% | -9.47% | -17.89% |
| Return on Assets (ROA) | -0.94% | -1.28% | -2.33% | -4.15% | -5.39% | -8.11% |
| Return on Invested Capital (ROIC) | -12.47% | -1.04% | -46.06% | -67.73% | -85.36% | |
| Return on Capital Employed (ROCE) | -2.10% | -3.00% | -5.50% | -10.20% | -14.00% | -23.40% |
| Earnings Yield | 25.90% | 0.24% | -25.77% | -87.47% | -48.90% | -51.61% |
| FCF Yield | -2.42% | -11.20% | -23.84% | -60.20% | -154.46% | -40.05% |
| Buyback Yield / Dilution | 0.05% | 0.94% | 0.01% |