Phoenix New Media Ltd (FENG) Financials

FENG

FY2020 annual

Revenue $185.3M -15.8% YoY

Net Income $56.0M -46.2% YoY

Free Cash Flow -$17.7M +70.3% YoY

Operating Cash Flow -$15.8M +66.7% YoY

Market Cap $17.8M as of Sep 5, 2026

Price / Sales 0.1x on $185.3M revenue, FY2020

Price / Earnings 0.3x on $56.0M net income, FY2020

Price / Book 0.1x on $250.7M equity, Q4 FY2020

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2020, ended Dec 31, 2020 Reported Apr 28, 2021 Currency USD FYE December

Newest figures come from the 10-K for FY2020, filed Apr 28, 2021. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FENG SEC filings page.

Phoenix New Media Ltd (FENG) reported $185.3M in revenue for fiscal year 2020, down 15.8% from the prior fiscal year. This page shows its 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).

Rhea AI FENG FY2020 2026-08-29

Phoenix New Media’s reported profits are increasingly detached from its operating engine, while cash flows and distributions reveal a shrinking balance-sheet cushion.

In FY2020, a 30.2% net margin coexisted with a -8.5% operating margin, so reported profit was produced below the operating line rather than by core operations. Operating cash flow was -$16M in FY2020, following -$47M in FY2019, making cash conversion materially weaker than accounting earnings.

Gross margin recovered to 53.7% in FY2020 from 49.8% in FY2019, indicating improved direct economics. Yet operating margin remained negative as selling, general and administrative expense reached $43M, so the improvement was absorbed by overhead rather than converted into operating profit.

The current ratio rebounded to 2.3x while debt-to-equity rose to 0.7x, pairing better short-term coverage with greater balance-sheet leverage. The asset base contracted sharply, while dividends remained near $99M despite negative free cash flow of -$18M, indicating distributions were not funded by that year’s internally generated cash.

Financial Health Signals

Financial health score not available

Phoenix New Media Ltd does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

0.92

Phoenix New Media Ltd scores 0.92, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

4/7

Phoenix New Media Ltd passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

$0.28used

For every $1 of reported earnings, Phoenix New Media Ltd used $0.28 of operating cash (-$15.8M OCF vs $56.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

Export CSV

Earnings & Revenue

None of these metrics is reported for Q4 2020.

Cash & Balance Sheet

Cash & Debt

$54.8M

YoY+15.1%

QoQ+15.1%

Phoenix New Media Ltd held $54.8M in cash as of Q4 2020; long-term debt is not reported for that period.

Free Cash Flow

Not reported for Q4 2020.

Dividends Per Share

Not reported for Q4 2020.

Shares Outstanding

Not reported for Q4 2020.

Margins & Returns

None of these metrics is reported for Q4 2020.

Capital Allocation

None of these metrics is reported for Q4 2020.

FENG Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FENG quarterly income statement

Metric	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$185.3M-15.8%	$219.9M+9.8%	$200.3M-17.2%	$242.1M+16.3%	$208.1M-16.2%	$248.4M-5.9%	$264.0M+12.2%	$235.3M+32.0%	$178.3M+18.1%	$151.0M
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+1.6%	$126.0M+9.5%	$115.0M+13.5%	$101.3M+15.0%	$88.1M
Gross Profit	$99.5M-9.1%	$109.6M-3.5%	$113.6M-12.9%	$130.3M+26.0%	$103.4M-14.1%	$120.4M-12.8%	$138.0M+14.7%	$120.3M+56.2%	$77.0M+22.4%	$62.9M
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+9.0%	$24.2M+34.7%	$18.0M+22.5%	$14.7M+33.6%	$11.0M
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+27.9%	$22.2M+37.4%	$16.2M-5.7%	$17.1M+39.9%	$12.2M
Operating Income	-$15.7M+64.2%	-$43.9M-143.3%	-$18.0M-883.6%	$2.3M-54.8%	$5.1M-58.2%	$12.2M-68.2%	$38.3M-6.6%	$41.0M+201.8%	$13.6M-0.3%	$13.6M
EBITDA	-$9.8M+70.2%	-$32.8M-146.1%	-$13.3M-271.2%	$7.8M-30.2%	$11.1M-42.0%	$19.2M-56.5%	$44.2M-4.4%	$46.2M+172.1%	$17.0M+9.0%	$15.6M
Interest Expense	N/A	$731K-62.9%	$2.0M-42.3%	$3.4M+235.8%	$1.0M	N/A	N/A	N/A	N/A	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-49.5%	$7.8M+25.6%	$6.2M+127.9%	$2.7M+13.3%	$2.4M
Net Income	$56.0M-46.2%	$104.0M+1189.8%	-$9.5M-280.4%	$5.3M-54.4%	$11.6M+2.2%	$11.4M-73.2%	$42.4M-8.2%	$46.2M+168.0%	$17.2M+5.8%	$16.3M
EPS (Basic)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.21
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$0.21
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	519M

Metric	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K	Q4'1610-K	Q4'1510-K	Q4'1410-K	Q4'1310-K

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

FENG Balance Sheet

FENG quarterly balance sheet

Metric	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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+25.9%	$269.8M+8.6%	$248.6M
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+28.4%	$249.8M+4.4%	$239.3M
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-10.0%	$151.3M+137.4%	$63.7M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$124.6M
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+29.4%	$45.1M+40.5%	$32.1M
Long-Term Investments	$5.6M-98.1%	$289.4M+1.4%	$285.3M	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	$51.9M+5.4%	$49.2M	N/A	N/A	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+57.5%	$50.5M+23.4%	$40.9M
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+57.5%	$49.3M+22.9%	$40.1M
Non-Current Liabilities	$7.1M-82.1%	$39.6M+62.7%	$24.3M+507.6%	$4.0M+20.6%	$3.3M+9.2%	$3.0M+3.8%	$2.9M+45.0%	$2.0M+57.4%	$1.3M+46.8%	$874K
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+18.3%	$219.3M+5.6%	$207.6M
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+56.1%	-$73.2M+17.2%	-$88.3M

Metric	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K	Q4'1610-K	Q4'1510-K	Q4'1410-K	Q4'1310-K
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+25.9%
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+28.4%
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-10.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
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+29.4%
Long-Term Investments	$5.6M-98.1%	$289.4M+1.4%	$285.3M	$0	$0	$0	$0	$0
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+57.5%
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+57.5%
Non-Current Liabilities	$7.1M-82.1%	$39.6M+62.7%	$24.3M+507.6%	$4.0M+20.6%	$3.3M+9.2%	$3.0M+3.8%	$2.9M+45.0%	$2.0M+57.4%
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+18.3%
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+56.1%

Not reported in any period shown, so not listed: Inventory, Long-Term Debt.

FENG Cash Flow Statement

FENG quarterly cash flow statement

Metric	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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-22.7%	$44.1M-23.3%	$57.5M+226.6%	$17.6M+71.3%	$10.3M
Depreciation & Amortization	$6.0M-46.3%	$11.1M+135.3%	$4.7M-13.7%	$5.5M-9.4%	$6.0M-13.9%	$7.0M+19.9%	$5.9M+12.6%	$5.2M+53.2%	$3.4M+73.7%	$2.0M
Stock-Based Compensation	$1.4M-50.5%	$2.9M+42.8%	$2.0M-36.5%	$3.2M+1073.6%	$273K-94.9%	$5.3M-38.1%	$8.6M+210.3%	$2.8M+154.6%	$1.1M-89.7%	$10.5M
Capital Expenditures	$1.9M-84.6%	$12.0M+48.0%	$8.1M+90.5%	$4.3M+1.3%	$4.2M-37.1%	$6.7M+17.6%	$5.7M+18.1%	$4.8M-62.2%	$12.8M+140.2%	$5.3M
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-28.6%	$38.4M-27.1%	$52.6M+992.9%	$4.8M-2.7%	$5.0M
Investing Cash Flow	$114.4M-45.5%	$209.8M+1357.3%	-$16.7M-1597.4%	-$983K+98.7%	-$78.2M+59.7%	-$194.0M-406.2%	$63.4M+243.5%	$18.4M-75.6%	$75.6M+159.2%	-$127.6M
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+127.6%	-$36.1M-237.5%	-$10.7M-10.7%	-$9.6M-107.0%	$137.1M
Dividends Paid	$98.9M-2.1%	$101.0M	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	$0-100.0%	$10.3M-73.8%	$39.1M+262.9%	$10.8M+27.2%	$8.5M	N/A

Metric	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K	Q4'1610-K	Q4'1510-K	Q4'1410-K	Q4'1310-K

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

FENG Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FENG quarterly financial ratios

Metric	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	53.7%+3.9pp	49.8%-6.9pp	56.7%+2.9pp	53.8%+4.1pp	49.7%+1.2pp	48.5%-3.8pp	52.3%+1.2pp	51.1%+7.9pp	43.2%+1.5pp	41.6%
Operating Margin	-8.5%+11.5pp	-20.0%-11.0pp	-9.0%-9.9pp	0.9%-1.5pp	2.5%-2.5pp	4.9%-9.6pp	14.5%-2.9pp	17.4%+9.8pp	7.6%-1.4pp	9.0%
Net Margin	30.2%-17.1pp	47.3%+52.0pp	-4.8%-7.0pp	2.2%-3.4pp	5.6%+1.0pp	4.6%-11.5pp	16.1%-3.6pp	19.6%+10.0pp	9.7%-1.1pp	10.8%
Return on Equity	22.3%+0.6pp	21.7%+23.9pp	-2.1%-3.5pp	1.4%-2.3pp	3.7%-0.4pp	4.1%-11.2pp	15.3%-2.5pp	17.8%+9.9pp	7.9%0.0pp	7.8%
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%-8.4pp	11.3%-2.3pp	13.6%+7.2pp	6.4%-0.2pp	6.6%
Current Ratio	2.28+0.6x	1.70-0.2x	1.88-0.2x	2.09-0.1x	2.16-0.4x	2.60-0.9x	3.48-0.6x	4.13-0.9x	5.07-0.9x	5.97
Debt-to-Equity	0.68+0.1x	0.53+0.1x	0.400.0x	0.440.0x	0.460.0x	0.42+0.1x	0.360.0x	0.31+0.1x	0.230.0x	0.20
Asset Turnover	0.44+0.1x	0.290.0x	0.30-0.1x	0.440.0x	0.46-0.2x	0.63-0.1x	0.700.0x	0.690.0x	0.66+0.1x	0.61
FCF Margin	-9.5%+17.5pp	-27.1%-17.4pp	-9.6%-18.9pp	9.2%-2.8pp	12.1%+1.0pp	11.0%-3.5pp	14.5%-7.8pp	22.4%+19.7pp	2.7%-0.6pp	3.3%

Metric	Q4'2010-K	Q4'1910-K	Q4'1810-K	Q4'1710-K	Q4'1610-K	Q4'1510-K	Q4'1410-K	Q4'1310-K
Current Ratio	2.28+0.6x	1.70-0.2x	1.88-0.2x	2.09-0.1x	2.16-0.4x	2.60-0.9x	3.48-0.6x	4.13-0.9x
Debt-to-Equity	0.68+0.1x	0.53+0.1x	0.400.0x	0.440.0x	0.460.0x	0.42+0.1x	0.360.0x	0.31+0.1x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Phoenix New Media Ltd FENG	FY2020	$185.3M	$56.0M	30.2%	$17.8M	—
Scienjoy Holding Corp SJ	FY2025	$177.5M	-$84.0M	-47.3%	$33.9M	44/100
Giftify GIFT	FY2025	$83.2M	-$10.5M	-12.6%	$27.3M	30/100
Comscore Inc SCOR	FY2025	$357.5M	-$10.0M	-2.8%	$74.9M	34/100
Viewbix VBIX	FY2025	N/A	-$19.3M	N/A	$40.4M	—
Zedge ZDGE	FY2025	$29.4M	-$2.4M	-8.1%	$40.5M	35/100

Where Phoenix New Media Ltd Ranks

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) recorded an outflow of $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) recorded an outflow of $15.8M in operating cash flow during fiscal year 2020, representing cash used by 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 P/E ratio?

Phoenix New Media Ltd (FENG) trades at 0.3x earnings, its market capitalization divided by net income of $56.0M net income, FY2020. The market capitalization is $17.8M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Phoenix New Media Ltd's price-to-sales ratio?

Phoenix New Media Ltd (FENG) trades at 0.1x sales, its market capitalization divided by revenue of $185.3M revenue, FY2020. The market capitalization is $17.8M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Phoenix New Media Ltd's liquidity compare with its operating cash outflow?

At the end of fiscal year 2020, Phoenix New Media Ltd (FENG) held $60.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $15.8M over that year. Dividing the one by the other, the reported balance equals about 46 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Phoenix New Media Ltd's Altman Z-Score?

Phoenix New Media Ltd (FENG) has an Altman Z-Score of 0.92, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

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

Phoenix New Media Ltd (FENG) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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?

For every $1 of reported earnings, Phoenix New Media Ltd (FENG) used $0.28 of operating cash (-$15.8M OCF vs $56.0M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.