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Phoenix New Media Ltd (FENG) stock

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NYSE: FENG NYSE Interactive Media & Services Next results ~November 11, 2026

C Fundamentals grade

Phoenix New Media Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$2.7

Price-to-sales vs peers

Base case. Range ~$2.7–$24. Sales per share times peers' typical price-to-sales; used only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Phoenix New Media Ltd valuation: adjust assumptions and compare models →

Value diary

Our note on each quarter Phoenix New Media files

Where Phoenix New Media stands after its latest Filing

Revenue for the twelve months was $107m, up 8.9% on a year earlier, faster than the 0.0% growth a quarter earlier. Free-cash-flow margin rose to -2.1% from -15.5% a year earlier. Operating margin widened to -4.5% from -32.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $2.67 a share, against a share price of $1.37.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 11, 2026 (estimated)

Phoenix New Media Ltd's trailing-twelve-month revenue grew 8.9% year on year, with a free-cash-flow margin of -2.1%. Where it stands out: stock pay as % of revenue of 0.0% ranks 1 of 61 interactive media & services companies we cover. Where it lags: days sales outstanding of 144 days ranks 49 of 54 interactive media & services companies we cover.

Current signal Results well short of expectations: Reported earnings per share missed the analysts' consensus estimate by 337% in the quarter to 2019-12-31.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 8.9 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 4.7 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Loss-making. Operating margin is -4.5%: costs exceed revenue.
  • Burning cash. Free cash flow was -2.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 58.8% in a year.
  • Weak cash conversion. Free cash flow was -4676% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 144 days ranks 49 of 54 interactive media & services companies we cover (median 49 days).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results

Earnings per share
-$0.96 against an average estimate of -$0.22: missed by 336.8%
Next report
November 11, 2026

Phoenix New Media's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.7%
  • 1 week-0.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$107M
Operating margin
-4.5%
Net margin
0.0%

Growth

Revenue growth
+8.9%
Change in growth rate
+8.9 pts

Cash

Free cash flow (TTM)
-$2.2M
FCF margin
-2.1%
Stock pay % of revenue
0.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for FENG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Phoenix New Media Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Phoenix New Media Ltd as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$0.0 ~$0.0–$0.1 Left out: out of range vs price (0.01x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$2.7 ~$5.3–$24 Included, half weight
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.7 ~$2.7–$24 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Phoenix New Media Ltd with Interactive Media & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

22 /100

Weak moat

How hard Phoenix New Media's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Pricing power 12 / 20

    Gross margin has been a median 48.9%, moving by 6.8 percentage points (standard deviation) across 5 years.

  • Durability 0 / 20

    Operating margin has been a median 0.6%; its worst year was -32.6%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 2 of 5 years, at a median -2.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (26 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 11, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Phoenix New Media Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Dec 2019 −$0.22 −$0.96 −336.8%
Sept 2019 −$0.16 −$0.60 −285.1%
Jun 2019 −$1.04 −$0.77 +25.8%
Mar 2019 −$1.04 −$1.34 −29.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.09
at average volume
Short interest, 1 month
−46%
to October 15, 2026
Held by institutions
6%
of shares
Held by insiders
0.0%
of shares
Employees
611
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Phoenix New Media Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Phoenix New Media Ltd
$50M $100M $150M $200M $250M $300M FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $265.8M Revenue (TTM), FY15 Q4: $256.2M Revenue (TTM), FY16 Q4: $217.7M Revenue (TTM), FY17 Q4: $233.2M Revenue (TTM), FY18 Q4: $208.6M Revenue (TTM), FY19 Q4: $192.3M Revenue (TTM), FY20 Q4: $175.2M Revenue (TTM), FY21 Q4: $159.7M Revenue (TTM), FY22 Q4: $117M Revenue (TTM), FY23 Q4: $97.8M Revenue (TTM), FY24 Q4: $97.8M Revenue (TTM), FY25 Q4: $106.5M $106.5M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY14 Q4 $265.8M
FY15 Q4 $256.2M
FY16 Q4 $217.7M
FY17 Q4 $233.2M
FY18 Q4 $208.6M
FY19 Q4 $192.3M
FY20 Q4 $175.2M
FY21 Q4 $159.7M
FY22 Q4 $117M
FY23 Q4 $97.8M
FY24 Q4 $97.8M
FY25 Q4 $106.5M
Revenue growth, TTM YoY Phoenix New Media Ltd
-40% -20% 0% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: 14.7% Revenue growth, TTM YoY, FY15 Q4: -3.6% Revenue growth, TTM YoY, FY16 Q4: -15.0% Revenue growth, TTM YoY, FY17 Q4: 7.1% Revenue growth, TTM YoY, FY18 Q4: -10.6% Revenue growth, TTM YoY, FY19 Q4: -7.8% Revenue growth, TTM YoY, FY20 Q4: -8.9% Revenue growth, TTM YoY, FY21 Q4: -8.8% Revenue growth, TTM YoY, FY22 Q4: -26.8% Revenue growth, TTM YoY, FY23 Q4: -16.4% Revenue growth, TTM YoY, FY24 Q4: 0.0% Revenue growth, TTM YoY, FY25 Q4: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 14.7%
FY15 Q4 -3.6%
FY16 Q4 -15.0%
FY17 Q4 7.1%
FY18 Q4 -10.6%
FY19 Q4 -7.8%
FY20 Q4 -8.9%
FY21 Q4 -8.8%
FY22 Q4 -26.8%
FY23 Q4 -16.4%
FY24 Q4 0.0%
FY25 Q4 8.9%
Operating margin (TTM) Phoenix New Media Ltd
-40% -20% 0% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 14.5% Operating margin (TTM), FY15 Q4: 4.9% Operating margin (TTM), FY16 Q4: 2.4% Operating margin (TTM), FY17 Q4: 1.0% Operating margin (TTM), FY18 Q4: -9.0% Operating margin (TTM), FY19 Q4: -26.8% Operating margin (TTM), FY20 Q4: -8.5% Operating margin (TTM), FY21 Q4: -32.6% Operating margin (TTM), FY22 Q4: -24.4% Operating margin (TTM), FY23 Q4: -18.2% Operating margin (TTM), FY24 Q4: -9.2% Operating margin (TTM), FY25 Q4: -4.5% -4.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY14 Q4 14.5%
FY15 Q4 4.9%
FY16 Q4 2.4%
FY17 Q4 1.0%
FY18 Q4 -9.0%
FY19 Q4 -26.8%
FY20 Q4 -8.5%
FY21 Q4 -32.6%
FY22 Q4 -24.4%
FY23 Q4 -18.2%
FY24 Q4 -9.2%
FY25 Q4 -4.5%
FCF margin (TTM) Phoenix New Media Ltd
-60% -40% -20% 0% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 14.5% FCF margin (TTM), FY15 Q4: 11.0% FCF margin (TTM), FY16 Q4: 12.1% FCF margin (TTM), FY17 Q4: 9.2% FCF margin (TTM), FY18 Q4: -9.6% FCF margin (TTM), FY19 Q4: -29.2% FCF margin (TTM), FY20 Q4: -9.5% FCF margin (TTM), FY21 Q4: -15.5% FCF margin (TTM), FY22 Q4: -44.1% FCF margin (TTM), FY23 Q4: -10.2% FCF margin (TTM), FY24 Q4: -7.0% FCF margin (TTM), FY25 Q4: -2.1% -2.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY14 Q4 14.5%
FY15 Q4 11.0%
FY16 Q4 12.1%
FY17 Q4 9.2%
FY18 Q4 -9.6%
FY19 Q4 -29.2%
FY20 Q4 -9.5%
FY21 Q4 -15.5%
FY22 Q4 -44.1%
FY23 Q4 -10.2%
FY24 Q4 -7.0%
FY25 Q4 -2.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 38 78 147 176 232 266 256 218 233 209 192 175 160 117 98 98 107
Gross profit 14 34 61 76 118 139 124 108 126 118 93 94 67 35 32 37 52
EBITDA 1 13 15 17 45 44 20 12 7 −14 −44 −9 −48 −25 −15 −7 −3
Operating income 0 12 13 13 40 39 13 5 2 −19 −52 −15 −52 −29 −18 −9 −5
Net income 0 11 16 17 45 43 12 12 6 −10 105 55 −32 −16 −14 −7 0
Growth (year on year)
Revenue — +103.4% +88.3% +19.7% +31.6% +14.7% −3.6% −15.0% +7.1% −10.6% −7.8% −8.9% −8.8% −26.8% −16.4% +0.0% +8.9%
EBITDA — +>999% +13.8% +10.5% +171.4% −2.3% −55.4% −41.2% −35.7% −285.0% — — — — — — —
Operating income — — +9.3% +1.1% +200.9% −4.5% −67.4% −57.6% −58.4% — — — — — — — —
Net income — — +44.9% +7.3% +167.2% −6.1% −72.6% +3.7% −54.3% −272.7% — −47.7% −157.8% — — — —
Margins
Gross margin 35.2% 43.4% 41.6% 43.2% 51.1% 52.3% 48.5% 49.7% 53.8% 56.7% 48.5% 53.7% 42.0% 30.2% 32.9% 38.2% 48.9%
EBITDA margin 3.0% 17.1% 10.3% 9.5% 19.6% 16.7% 7.7% 5.4% 3.2% −6.6% −23.1% −5.3% −29.9% −21.0% −15.1% −7.2% −3.1%
Operating margin 0.6% 15.5% 9.0% 7.6% 17.4% 14.5% 4.9% 2.4% 1.0% −9.0% −26.8% −8.5% −32.6% −24.4% −18.2% −9.2% −4.5%
Net margin 0.1% 14.0% 10.8% 9.7% 19.6% 16.1% 4.6% 5.6% 2.4% −4.6% 54.8% 31.5% −20.0% −14.0% −14.8% −7.6% 0.0%
Free-cash-flow margin −5.8% 12.8% 3.3% 2.7% 22.4% 14.5% 11.0% 12.1% 9.2% −9.6% −29.2% −9.5% −15.5% −44.1% −10.2% −7.0% −2.1%
Cash flow
Cash from operations −1 13 10 17 57 44 35 31 26 −12 −48 −15 −22 −47 −9 −6 −0
Capital spending 1 3 5 13 5 6 7 4 4 8 8 2 3 5 1 1 2
Free cash flow −2 10 5 5 52 39 28 26 21 −20 −56 −17 −25 −52 −10 −7 −2
Stock-based pay 1 2 10 1 3 9 5 0 3 2 2 1 1 1 1 0 0
Free cash flow after stock pay −4 8 −5 4 49 30 23 26 18 −22 −58 −18 −26 −53 −10 −7 −2
Balance sheet
Cash 33 44 63 147 140 207 48 29 56 23 45 55 30 14 74 83 77
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −33 −44 −63 −147 −140 −207 −48 −29 −56 −23 −45 −55 −30 −14 −74 −83 −77
Diluted shares 7m 7m 11m — — — — — — — — — — — — — —
Returned to shareholders
Dividends — — — — — — — — — — 102 94 1 0 — 0 0
Buybacks — 0 0 8 11 39 11 0 — — — — — — 0 0 —
Total returned — 0 0 8 11 39 11 0 — — 102 94 1 0 0 0 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $236m
Short-term assets $203mLonger-term assets $33m
What it owes, and who funded it · $245m
Short-term liabilities $71mLonger-term liabilities $6mShareholders' equity $167m
  • Short-term assets cover short-term liabilities $203m of assets due within a year against $71m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $203m short-term assets against $6m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Phoenix New Media Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2024 Q4 TTM
Buybacks (TTM)
$114,662
Dividends (TTM)
$139,147
Returned to shareholders
-4%
of free cash flow
Buybacks, last 3 fiscal years
$207,228
Total shareholder yield
1.5%
dividends 0.8% + buybacks 0.7% of market value
Dividend payout ratio
298%
of net income paid out
R&D spending
8.4%
of revenue
Days sales outstanding
144 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in interactive media & services
Last 12 months unless stated FENG RUM CHR MNY CMCM BZFD Median
Revenue, last 12 months $107m $118m $149m $73m $160m $171m $615m
Revenue growth, last 12 months 8.9% 13.0% 1.1% −7.7% 42.7% −12.1% 2.4%
Revenue growth, 3-year average −22.8% 17.0% — — — −11.3% 5.0%
Revenue growth, latest quarter — 60.9% −29.1% — — −21.8% 2.4%
Gross margin 48.9% 27.6% 71.0% 49.2% 72.5% — 60.4%
Operating margin −4.5% −147.5% 17.7% −8.2% −15.6% −31.9% 0.3%
Operating margin, 3-year average −12.1% −151.8% — — −12.0% −18.4% −0.4%
Net margin 0.0% −134.6% 17.2% 7.1% −22.4% −35.8% 3.8%
Cash from operations / revenue −0.3% −90.3% 12.1% −14.0% −15.0% −9.0% 11.4%
Free-cash-flow margin −2.1% −130.1% 12.1% −14.1% −16.0% −9.8% 7.5%
Free-cash-flow margin, 3-year average −2.8% −115.6% — — 1.2% −8.4% 7.2%
Stock pay / revenue 0.0% 18.8% 0.2% 0.6% 1.7% 3.6% 3.7%
Change in share count 58.8% 17.5% 415.4% 6.0% 2.0% 9.5% 2.0%

Median of all 63 companies we cover in interactive media & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

63 interactive media & services companies
Measure Company Peer median Rank
Revenue growth Growth 8.9% 2.4% 31 of 63
Change in growth rate Growth +8.9pp -0.2pp 11 of 63
Gross margin Profitability 48.9% 60.9% 34 of 54
Operating margin Profitability -4.5% 0.3% 37 of 63
Net margin Profitability 0.0% 3.8% 35 of 63
Free-cash-flow margin Cash generation -2.1% 8.9% 46 of 59
Stock pay as % of revenue Cash generation 0.0% 3.9% 1 of 61
Days sales outstanding Balance sheet 144 days 49 days 49 of 54

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Phoenix New Media Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Phoenix New Media Ltd in brief

What does Phoenix New Media Ltd do?
Phoenix New Media Ltd is a US-listed company in the interactive media & services industry. Its financial year ends in December.
What is Phoenix New Media Ltd's stock ticker?
Phoenix New Media Ltd trades under the ticker FENG on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Phoenix New Media Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Phoenix New Media Ltd reported revenue of $107M, 8.9% higher than a year earlier, according to its SEC filings.
What is Phoenix New Media Ltd's free cash flow?
Phoenix New Media Ltd's free-cash-flow margin is -2.1% of revenue over the trailing twelve months, ranking 46 of the 59 interactive media & services companies we cover.
Does Phoenix New Media Ltd pay a dividend?
Yes: Phoenix New Media Ltd paid $139,147 in dividends over the trailing twelve months, a dividend yield of 0.84% and a payout ratio of 297.6%.
Who are Phoenix New Media Ltd's competitors?
In our Interactive Media & Services peer group, the companies closest to Phoenix New Media Ltd are RUM Group Inc., Cheer Holding, Inc., Moneyhero Ltd, Cheetah Mobile Inc. and Buzzfeed, Inc. The side-by-side comparison below sets their revenue, margins and growth against Phoenix New Media Ltd's.
When is Phoenix New Media Ltd's next earnings date?
Around November 11, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Phoenix New Media Ltd announces its own schedule.