Phoenix New Media Ltd Financials

FENG

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2020 Currency USD FYE December

This page shows Phoenix New Media Ltd (FENG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 41/100

Based on FY2020 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Phoenix New Media Ltd has an operating margin of -8.5%, meaning the company retains $-8 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -20.0% the prior year.

Growth

Phoenix New Media Ltd's revenue declined 15.8% year-over-year, from $219.9M to $185.3M. This contraction results in a growth score of 0/100.

Leverage

Phoenix New Media Ltd carries a low D/E ratio of 0.68, meaning only $0.68 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.28, Phoenix New Media Ltd holds $2.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.

Cash Flow

While Phoenix New Media Ltd generated -$15.8M in operating cash flow, capex of $1.9M consumed most of it, leaving -$17.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Phoenix New Media Ltd earns a strong 22.3% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 89/100. This is up from 21.7% the prior year.

Piotroski F-Score Neutral

4/9

Phoenix New Media Ltd passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

-0.28x

For every $1 of reported earnings, Phoenix New Media Ltd generates $-0.28 in operating cash flow (-$15.8M OCF vs $56.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$185.3M

YoY-15.8%

5Y CAGR-5.7%

Phoenix New Media Ltd generated $185.3M in revenue in fiscal year 2020. This represents a decrease of 15.8% from the prior year.

EBITDA

-$9.8M

YoY+70.2%

Phoenix New Media Ltd's EBITDA was -$9.8M in fiscal year 2020, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 70.2% from the prior year.

Free Cash Flow

-$17.7M

YoY+70.3%

Phoenix New Media Ltd generated -$17.7M in free cash flow in fiscal year 2020, representing cash available after capex. This represents an increase of 70.3% from the prior year.

Net Income

$56.0M

YoY-46.2%

5Y CAGR+37.6%

Phoenix New Media Ltd reported $56.0M in net income in fiscal year 2020. This represents a decrease of 46.2% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$54.8M

YoY+15.1%

5Y CAGR+4.2%

Phoenix New Media Ltd held $54.8M in cash against $0 in long-term debt as of fiscal year 2020.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

53.7%

YoY+3.9pp

5Y CAGR+5.3pp

Phoenix New Media Ltd's gross margin was 53.7% in fiscal year 2020, indicating the percentage of revenue retained after direct costs. This is up 3.9 percentage points from the prior year.

Operating Margin

-8.5%

YoY+11.5pp

5Y CAGR-13.4pp

Phoenix New Media Ltd's operating margin was -8.5% in fiscal year 2020, reflecting core business profitability. This is up 11.5 percentage points from the prior year.

Net Margin

30.2%

YoY-17.1pp

5Y CAGR+25.7pp

Phoenix New Media Ltd's net profit margin was 30.2% in fiscal year 2020, showing the share of revenue converted to profit. This is down 17.1 percentage points from the prior year.

Return on Equity

22.3%

YoY+0.6pp

5Y CAGR+18.3pp

Phoenix New Media Ltd's ROE was 22.3% in fiscal year 2020, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.

R&D Spending

$26.4M

YoY-24.4%

5Y CAGR+0.0%

Phoenix New Media Ltd invested $26.4M in research and development in fiscal year 2020. This represents a decrease of 24.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.9M

YoY-84.6%

5Y CAGR-22.7%

Phoenix New Media Ltd invested $1.9M in capex in fiscal year 2020, funding long-term assets and infrastructure. This represents a decrease of 84.6% from the prior year.

FENG Income Statement

Metric	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$185.3M-15.8%	$219.9M+9.8%	$200.3M-17.2%	$242.1M+16.3%	$208.1M-16.2%	$248.4M
Cost of Revenue	$85.7M-22.3%	$110.4M+27.2%	$86.8M-22.4%	$111.8M+6.8%	$104.7M-18.2%	$128.0M
Gross Profit	$99.5M-9.1%	$109.6M-3.5%	$113.6M-12.9%	$130.3M+26.0%	$103.4M-14.1%	$120.4M
R&D Expenses	$26.4M-24.4%	$34.9M+17.1%	$29.8M+0.7%	$29.6M+26.8%	$23.3M-11.5%	$26.4M
SG&A Expenses	$42.6M+9.1%	$39.0M+65.1%	$23.6M+4.7%	$22.6M-13.7%	$26.2M-7.9%	$28.4M
Operating Income	-$15.7M+64.2%	-$43.9M-143.3%	-$18.0M-883.6%	$2.3M-54.8%	$5.1M-58.2%	$12.2M
Interest Expense	N/A	$731K-62.9%	$2.0M-42.3%	$3.4M+235.8%	$1.0M	N/A
Income Tax	$2.9M0.0%	$2.9M-0.5%	$2.9M+28.7%	$2.3M+12.0%	$2.0M-48.5%	$3.9M
Net Income	$56.0M-46.2%	$104.0M+1189.8%	-$9.5M-280.4%	$5.3M-54.4%	$11.6M+2.2%	$11.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16	Q4'15	Q4'14	Q4'13
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FENG Balance Sheet

Metric	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$424.9M-44.5%	$765.0M+13.6%	$673.5M+21.8%	$553.2M+21.2%	$456.4M+15.2%	$396.3M
Current Assets	$370.9M+1.0%	$367.2M+25.0%	$293.9M-14.8%	$344.8M+12.8%	$305.7M+2.6%	$298.1M
Cash & Equivalents	$54.8M+15.1%	$47.6M+90.6%	$25.0M-55.2%	$55.8M+91.0%	$29.2M-34.8%	$44.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$103.5M+12.9%	$91.7M+30.2%	$70.4M-0.1%	$70.5M+20.9%	$58.3M-25.4%	$78.2M
Goodwill	N/A	$51.9M+5.4%	$49.2M	N/A	N/A	N/A
Total Liabilities	$169.9M-33.6%	$255.8M+41.8%	$180.4M+6.9%	$168.8M+16.5%	$144.9M+23.1%	$117.7M
Current Liabilities	$162.8M-24.7%	$216.2M+38.5%	$156.1M-5.3%	$164.8M+16.4%	$141.6M+23.5%	$114.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$250.7M-47.6%	$478.6M+6.8%	$447.9M+16.2%	$385.4M+23.6%	$311.9M+11.9%	$278.7M
Retained Earnings	-$13.5M-150.5%	$26.8M+15.3%	$23.2M-34.1%	$35.2M+25.4%	$28.1M+49.1%	$18.8M

Metric	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16	Q4'15	Q4'14	Q4'13
Total Assets	$424.9M-44.5%	$765.0M+13.6%	$673.5M+21.8%	$553.2M+21.2%	$456.4M+15.2%	$396.3M+5.7%	$375.0M+10.4%	$339.8M
Current Assets	$370.9M+1.0%	$367.2M+25.0%	$293.9M-14.8%	$344.8M+12.8%	$305.7M+2.6%	$298.1M-10.3%	$332.5M+3.7%	$320.6M
Cash & Equivalents	$54.8M+15.1%	$47.6M+90.6%	$25.0M-55.2%	$55.8M+91.0%	$29.2M-34.8%	$44.7M-77.5%	$198.5M+45.7%	$136.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$103.5M+12.9%	$91.7M+30.2%	$70.4M-0.1%	$70.5M+20.9%	$58.3M-25.4%	$78.2M-1.7%	$79.5M+36.3%	$58.4M
Goodwill	N/A	$51.9M+5.4%	$49.2M	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$169.9M-33.6%	$255.8M+41.8%	$180.4M+6.9%	$168.8M+16.5%	$144.9M+23.1%	$117.7M+19.7%	$98.3M+23.6%	$79.6M
Current Liabilities	$162.8M-24.7%	$216.2M+38.5%	$156.1M-5.3%	$164.8M+16.4%	$141.6M+23.5%	$114.7M+20.2%	$95.4M+23.0%	$77.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$250.7M-47.6%	$478.6M+6.8%	$447.9M+16.2%	$385.4M+23.6%	$311.9M+11.9%	$278.7M+0.7%	$276.7M+6.6%	$259.5M
Retained Earnings	-$13.5M-150.5%	$26.8M+15.3%	$23.2M-34.1%	$35.2M+25.4%	$28.1M+49.1%	$18.8M+121.3%	$8.5M+126.5%	-$32.1M

FENG Cash Flow Statement

Metric	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	-$15.8M+66.7%	-$47.4M-324.6%	-$11.2M-142.0%	$26.6M-9.4%	$29.3M-13.9%	$34.1M
Capital Expenditures	$1.9M-84.6%	$12.0M+48.0%	$8.1M+90.5%	$4.3M+1.3%	$4.2M-37.1%	$6.7M
Free Cash Flow	-$17.7M+70.3%	-$59.5M-208.0%	-$19.3M-186.5%	$22.3M-11.2%	$25.1M-8.3%	$27.4M
Investing Cash Flow	$114.4M-45.5%	$209.8M+1357.3%	-$16.7M-1597.4%	-$983K+98.7%	-$78.2M+59.7%	-$194.0M
Financing Cash Flow	-$98.0M+38.8%	-$160.1M-1351.7%	-$11.0M-342.0%	-$2.5M-108.0%	$31.3M+214.7%	$9.9M
Dividends Paid	$98.9M-2.1%	$101.0M	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$0-100.0%	$10.3M

Metric	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16	Q4'15	Q4'14	Q4'13
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FENG Financial Ratios

Metric	FY20	FY19	FY18	FY17	FY16	FY15
Gross Margin	53.7%+3.9pp	49.8%-6.9pp	56.7%+2.9pp	53.8%+4.1pp	49.7%+1.2pp	48.5%
Operating Margin	-8.5%+11.5pp	-20.0%-11.0pp	-9.0%-9.9pp	0.9%-1.5pp	2.5%-2.5pp	4.9%
Net Margin	30.2%-17.1pp	47.3%+52.0pp	-4.8%-7.0pp	2.2%-3.4pp	5.6%+1.0pp	4.6%
Return on Equity	22.3%+0.6pp	21.7%	N/A	1.4%-2.3pp	3.7%-0.4pp	4.1%
Return on Assets	13.2%-0.4pp	13.6%+15.0pp	-1.4%-2.4pp	1.0%-1.6pp	2.5%-0.3pp	2.9%
Current Ratio	2.28+0.6	1.70-0.2	1.88-0.2	2.09-0.1	2.16-0.4	2.60
Debt-to-Equity	0.68+0.1	0.53+0.1	0.40-0.0	0.44-0.0	0.46+0.0	0.42
FCF Margin	-9.5%+17.5pp	-27.1%-17.4pp	-9.6%-18.9pp	9.2%-2.8pp	12.1%+1.0pp	11.0%

Metric	Q4'20	Q4'19	Q4'18	Q4'17	Q4'16	Q4'15	Q4'14	Q4'13
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.28+0.6	1.70-0.2	1.88-0.2	2.09-0.1	2.16-0.4	2.60-0.9	3.48-0.6	4.13
Debt-to-Equity	0.68+0.1	0.53+0.1	0.40-0.0	0.44-0.0	0.46+0.0	0.42+0.1	0.36+0.0	0.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Phoenix New Media Ltd's annual revenue?

Phoenix New Media Ltd (FENG) reported $185.3M in total revenue for fiscal year 2020. This represents a -15.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Phoenix New Media Ltd's revenue growing?

Phoenix New Media Ltd (FENG) revenue declined by 15.8% year-over-year, from $219.9M to $185.3M in fiscal year 2020.

Is Phoenix New Media Ltd profitable?

Yes, Phoenix New Media Ltd (FENG) reported a net income of $56.0M in fiscal year 2020, with a net profit margin of 30.2%.

What is Phoenix New Media Ltd's EBITDA?

Phoenix New Media Ltd (FENG) had EBITDA of -$9.8M in fiscal year 2020, measuring earnings before interest, taxes, depreciation, and amortization.

What is Phoenix New Media Ltd's gross margin?

Phoenix New Media Ltd (FENG) had a gross margin of 53.7% in fiscal year 2020, indicating the percentage of revenue retained after direct costs of goods sold.

What is Phoenix New Media Ltd's operating margin?

Phoenix New Media Ltd (FENG) had an operating margin of -8.5% in fiscal year 2020, reflecting the profitability of core business operations before interest and taxes.

What is Phoenix New Media Ltd's net profit margin?

Phoenix New Media Ltd (FENG) had a net profit margin of 30.2% in fiscal year 2020, representing the share of revenue converted into profit after all expenses.

What is Phoenix New Media Ltd's return on equity (ROE)?

Phoenix New Media Ltd (FENG) has a return on equity of 22.3% for fiscal year 2020, measuring how efficiently the company generates profit from shareholder equity.

What is Phoenix New Media Ltd's free cash flow?

Phoenix New Media Ltd (FENG) generated -$17.7M in free cash flow during fiscal year 2020. This represents a 70.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Phoenix New Media Ltd's operating cash flow?

Phoenix New Media Ltd (FENG) generated -$15.8M in operating cash flow during fiscal year 2020, representing cash generated from core business activities.

What are Phoenix New Media Ltd's total assets?

Phoenix New Media Ltd (FENG) had $424.9M in total assets as of fiscal year 2020, including both current and long-term assets.

What are Phoenix New Media Ltd's capital expenditures?

Phoenix New Media Ltd (FENG) invested $1.9M in capital expenditures during fiscal year 2020, funding long-term assets and infrastructure.

How much does Phoenix New Media Ltd spend on research and development?

Phoenix New Media Ltd (FENG) invested $26.4M in research and development during fiscal year 2020.

What is Phoenix New Media Ltd's current ratio?

Phoenix New Media Ltd (FENG) had a current ratio of 2.28 as of fiscal year 2020, which is generally considered healthy.

What is Phoenix New Media Ltd's debt-to-equity ratio?

Phoenix New Media Ltd (FENG) had a debt-to-equity ratio of 0.68 as of fiscal year 2020, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Phoenix New Media Ltd's return on assets (ROA)?

Phoenix New Media Ltd (FENG) had a return on assets of 13.2% for fiscal year 2020, measuring how efficiently the company uses its assets to generate profit.

What is Phoenix New Media Ltd's cash runway?

Based on fiscal year 2020 data, Phoenix New Media Ltd (FENG) had $54.8M in cash against an annual operating cash burn of $15.8M. This gives an estimated cash runway of approximately 42 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Phoenix New Media Ltd's Piotroski F-Score?

Phoenix New Media Ltd (FENG) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Phoenix New Media Ltd's earnings high quality?

Phoenix New Media Ltd (FENG) has an earnings quality ratio of -0.28x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Phoenix New Media Ltd?

Phoenix New Media Ltd (FENG) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.