olivLaw · US equity research
Phoenix New Media Limited FENG
Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)
Phoenix New Media is a China-based new media platform spun out of the Phoenix TV group, delivering news, video and paid content through ifeng.com and its mobile apps. The company is in focus because its revenue mix is gradually shifting toward paid services, while advertising remains dominant, and total revenues in fiscal 2025 were 765,571 thousand RMB.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Phoenix New Media Limited (FENG) stock was 1.40 USD (+1.45% on the day), with beta 0.40, 52-week range 1.37–2.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 48.5
- neutral
- Bollinger (20, 2)
- 1.35 – 1.45
- in the lower half of the band · %B 0.48 · band width 6.7%
- SMA 50 / 200
- 1.43 / 1.63
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.1% | −1.1% | −1.0 pp | — |
| 3 months | −4.1% | −0.5% | −3.7 pp | — |
| 6 months | −19.1% | +4.4% | −23.5 pp | — |
| Year to date | −16.2% | +12.3% | −28.5 pp | — |
| 1 year | −38.1% | +13.5% | −51.6 pp | −1.9% |
| 3 years | +7.7% | +76.4% | −68.7 pp | +21.1% |
| 5 years | −84.8% | +63.7% | −148.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 235.3 m | 264.0 m | 248.4 m | 208.1 m | 242.1 m | 200.3 m | 219.9 m | 185.3 m |
| Revenue YoY | +32.0% | +12.2% | −5.9% | −16.2% | +16.3% | −17.2% | +9.8% | −15.8% |
| Net income | 46.2 m | 42.4 m | 11.4 m | 11.6 m | 5.3 m | -9.5 m | 104.0 m | 56.0 m |
| Net income YoY | +168.0% | −8.2% | −73.2% | +2.2% | −54.4% | −280.4% | unavailable | −46.2% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 19.6% | 16.1% | 4.6% | 5.6% | 2.2% | -4.8% | 47.3% | 30.2% |
| Free cash flow | 52.6 m | 38.4 m | 27.4 m | 25.1 m | 22.3 m | -19.3 m | -59.5 m | -17.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2020 · 31 Dec 2020
- Cash
- 54.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 255.0 m USD
- Total assets
- 424.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.28x
- ROE
- 14.7%
- ROA
- 9.4%
- FCF margin
- -9.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 248.4 m | 208.1 m | 242.1 m | 200.3 m | 219.9 m | 185.3 m | SEC (XBRL)· 28 Apr 2021verified |
| Cost of revenue | 128.0 m | 104.7 m | 111.8 m | 86.8 m | 110.4 m | 85.7 m | SEC (XBRL)· 28 Apr 2021verified |
| Gross profit | 120.4 m | 103.4 m | 130.3 m | 113.6 m | 109.6 m | 99.5 m | SEC (XBRL)· 28 Apr 2021verified |
| Research & development | 26.4 m | 23.3 m | 29.6 m | 29.8 m | 34.9 m | 26.4 m | SEC (XBRL)· 28 Apr 2021verified |
| Operating income | 12.2 m | 5.1 m | 2.3 m | -18.0 m | -43.9 m | -15.7 m | SEC (XBRL)· 28 Apr 2021verified |
| Depreciation & amortisation | 7.0 m | 6.0 m | 5.5 m | 4.7 m | 11.1 m | 6.0 m | SEC (XBRL)· 28 Apr 2021verified |
| EBITDA | 19.2 m ≈ | 11.1 m ≈ | 7.8 m ≈ | -13.3 m ≈ | -32.8 m ≈ | -9.8 m ≈ | SEC (XBRL)· 28 Apr 2021derived |
| Interest expense | — | 1.0 m | 3.4 m | 2.0 m | 731.0 k | — | SEC (XBRL)· 28 Apr 2020verified |
| Pre-tax income | 15.1 m | 13.3 m | 7.6 m | -6.6 m | 106.9 m | 68.4 m | SEC (XBRL)· 28 Apr 2021verified |
| Income tax | 3.9 m | 2.0 m | 2.3 m | 2.9 m | 2.9 m | 2.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Net income | 11.4 m | 11.6 m | 5.3 m | -9.5 m | 104.0 m | 56.0 m | SEC (XBRL)· 28 Apr 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 44.7 m | 29.2 m | 55.8 m | 25.0 m | 47.6 m | 54.8 m | SEC (XBRL)· 28 Apr 2021verified |
| Receivables | 78.2 m | 58.3 m | 70.5 m | 70.4 m | 91.7 m | 103.5 m | SEC (XBRL)· 28 Apr 2021verified |
| Current assets | 298.1 m | 305.7 m | 344.8 m | 293.9 m | 367.2 m | 370.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Property, plant & equipment, net | 12.4 m | 10.4 m | 9.9 m | 13.9 m | 14.6 m | 9.6 m | SEC (XBRL)· 28 Apr 2021verified |
| Goodwill | — | — | — | 49.2 m | 51.9 m | — | SEC (XBRL)· 28 Apr 2020verified |
| Intangibles (excl. goodwill) | 1.9 m | 1.4 m | 1.0 m | 14.2 m | 14.3 m | 1.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Total assets | 396.3 m | 456.4 m | 553.2 m | 673.5 m | 765.0 m | 424.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Accounts payable | 44.6 m | 37.6 m | 40.4 m | 38.5 m | 37.3 m | 33.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Current liabilities | 114.7 m | 141.6 m | 164.8 m | 156.1 m | 216.2 m | 162.8 m | SEC (XBRL)· 28 Apr 2021verified |
| Total liabilities | 117.7 m | 144.9 m | 168.8 m | 180.4 m | 255.8 m | 169.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Equity | 278.6 m | 311.5 m | 384.4 m | 493.1 m | 509.2 m | 255.0 m | SEC (XBRL)· 28 Apr 2021verified |
Cash flow · USD
| Line | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 34.1 m | 29.3 m | 26.6 m | -11.2 m | -47.4 m | -15.8 m | SEC (XBRL)· 28 Apr 2021verified |
| Capex | 6.7 m | 4.2 m | 4.3 m | 8.1 m | 12.0 m | 1.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Free cash flow | 27.4 m ≈ | 25.1 m ≈ | 22.3 m ≈ | -19.3 m ≈ | -59.5 m ≈ | -17.7 m ≈ | SEC (XBRL)· 28 Apr 2021derived |
| Investing cash flow | -194.0 m | -78.2 m | -983.0 k | -16.7 m | 209.8 m | 114.4 m | SEC (XBRL)· 28 Apr 2021verified |
| Financing cash flow | 9.9 m | 31.3 m | -2.5 m | -11.0 m | -160.1 m | -98.0 m | SEC (XBRL)· 28 Apr 2021verified |
| Dividends paid | — | — | — | — | 101.0 m | 98.9 m | SEC (XBRL)· 28 Apr 2021verified |
| Share repurchases | 10.3 m | 0 | — | — | — | — | SEC (XBRL)· 28 Apr 2017verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 30.2% | 100 (vs peers) | 20% |
| FCF conversion · Quality | -31.5% | 0 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | -8.5% | 0 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -21.5x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Phoenix New Media Limited (FENG). Latest full fiscal year: 2020; data up to 2020-12-31.
Figures computed from the financial statements: revenue 185.3 m USD in 2020; YoY growth -15.8%; net margin 30.2%; ROE 15.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.2%
- Current ratio: 2.3x
What contradicts it
- FCF conversion: -31.5%
- Revenue CAGR 3Y: -8.5%
- Interest coverage: -21.5x
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PSKYSkydance Corp | 10.5 bn | — | — | — | −1.5% | unavailable / unavailable |
| NXSTNexstar Media Group, Inc. | 5.7 bn | 34.0 | 8.3% | 3.2% | −8.5% | −4% / +30% |
| FOXFox Corporation | 62 | 13.0 | 16.8% | 11.6% | +5.1% | +6% / +123% |
| SBGISinclair, Inc. | — | 10.2 | 25.4% | 2.8% | −10.7% | −11% / +12% |
| SSPThe E.w. Scripps Company | — | — | -174.7% | -58.0% | −14.3% | −9% / −45% |
| NMAXNewsmax Inc. | — | — | -5.8% | -3.2% | +10.7% | −2% / unavailable |
| FWONALiberty Media Corporation | — | — | 5.4% | 9.4% | +22.7% | +4% / +59% |
| GTNGray Media, Inc. | — | — | -1.2% | -0.8% | −15.1% | +1% / −36% |
| TVGrupo Televisa, S.A.B. | — | — | -7.5% | -13.3% | −6.0% | −15% / −29% |
| FENGPhoenix New Media Limited | — | — | 15.4% | 30.2% | −15.8% | −38% / +8% |
| EVCEntravision Communications Corporation | — | 710.6 | 4.8% | 0.6% | +22.6% | +162% / +83% |
| VSNTVersant Media Group, Inc. | — | — | 9.0% | 11.1% | −5.3% | unavailable / unavailable |
1- and 3-year price returns: for FENG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (11 Aug 2026), 6-K (15 May 2026), 6-K (12 May 2026).
In brief
Phoenix New Media is a China-based new media platform spun out of the Phoenix TV group, delivering news, video and paid content through ifeng.com and its mobile apps. The company is in focus because its revenue mix is gradually shifting toward paid services, while advertising remains dominant, and total revenues in fiscal 2025 were 765,571 thousand RMB 1.
SWOT
Strengths
- The company has a broad user base and a brand linked to Phoenix TV, along with a dedicated editorial team and more than forty interest-based verticals 1.
- Exclusive access to Phoenix TV group video content under the 2025 agreement gives it a content advantage that is hard to replicate 1.
- In-house production and varied formats, from documentaries to livestreaming, give it a distinct editorial identity 1.
Weaknesses
- The company depends heavily on advertising and on traffic from third-party platforms, which limits its control over revenue 1.
- Results are sensitive to changes in search engine and social platform ranking and algorithms 1.
- The company lacks an internet news licence and an internet audio-visual programme transmission licence, exposing it to administrative sanctions 1.
Opportunities
Threats
- Access to Phoenix TV content could be reduced if the relationship with the controlling shareholder changes 1.
- Rules on content and advertising can change quickly, with consequences for the services offered 1.
- A slowdown in the Chinese economy could reduce advertising budgets and demand for paid services 1.
Risks
- Dependence on Phoenix TVhigh
The company relies on licences and the brand of the Phoenix TV group, and its controlling shareholder holds a dominant share of voting power 1. If that relationship shifts, operations could be affected.
- Missing content licenceshigh
The company does not hold an internet audio-visual transmission licence or an internet news licence, which could lead to a ban on some services 1.
- Contractually controlled structurehigh
Control over China operations rests on contractual arrangements rather than direct ownership, which can raise legal and tax questions 1.
- Advertising dependencemedium
Advertising remains the main source of revenue, and losing large agencies could materially weigh on results 1.
- Economic slowdownmedium
A prolonged slowdown in the global or Chinese economy could affect revenue and expansion plans 1.
Investment thesis
What would need to be true (bull case)
- If paid services keep growing and offset pressure on advertising, the revenue mix could become more balanced 1.
- Access to Phoenix TV content and AI-related licence rights could offer advantages that competitors find hard to match 1.
- Cost control, which the company cites as a driver in 2025, could support margins if sustained in coming years 1.
What would break the thesis
- Reliance on advertising and third-party platforms could limit growth if the advertising market cools 1.
- Regulatory risk and the contractual structure could lead to sanctions or the loss of essential rights 1.
- Revenue from telecom operators has declined, showing that some paid channels can be fragile 1.
What to watch
- Trend in the share of paid services in total revenues2026
- Changes to the Phoenix TV licence agreement and expanded AI-related use2026
- Status of news and internet audio-visual transmission licencesnext 20-F
- Development of advertising revenue and relationships with large agenciesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (11 Aug 2026), 6-K (15 May 2026), 6-K (12 May 2026).
The business
Phoenix New Media Limited describes itself as a leading new media company in China, providing premium content through an integrated internet platform accessible on PCs and mobile devices 1. Its origins are linked to the Hong Kong-based Phoenix TV network, from which it draws its brand and video content licences 1. The company distributes content through ifeng.com, the ifeng News and ifeng Video apps, mobile websites and third-party accounts such as WeChat, Weibo and Douyin 1.
Segments
Market context
The company operates in China's online advertising and digital content market, which it says is shaped by economic growth, disposable income and internet penetration, including mobile 1. It also takes part in licensed content markets, working with news agencies such as Xinhua and China News Service 1.
Trends
- Shift toward paid contentmixed
Growth in paid services, particularly digital reading, could reduce reliance on advertising if the trend holds 1. The company notes, however, that paid services depend on telecom operator platforms, and revenue from that channel has declined 1.
- Changing user preferencesheadwind
The company says it must anticipate user preferences and develop products for mobile devices, otherwise its competitive position could be affected 1.
- AI-related licensingtailwind
The Phoenix TV licence agreement updated in November 2025 extended permitted uses to artificial intelligence, including model training 1. If this extension leads to new products, it could open additional revenue sources 1.
- Strict content regulationheadwind
The company notes that if authorities require it to limit or suspend services, its business could be significantly affected, especially given its lack of an internet audio-visual licence 1.
Competitive position
The company says it operates in highly competitive markets and cannot assure that it will compete successfully against rivals 1. Competition centres on user attention, advertising budgets and content acquisition, and licensing costs could rise if suppliers demand higher fees 1.
- Third-party content providers
The company relies on external content suppliers, and those relationships could deteriorate or become more costly 1.
- Social media platforms and search engines
Traffic depends on ranking in search results and platform feeds, which makes competition for attention intense 1.
- Mobile telecom operators
Operators are both a distribution channel and a revenue partner, and demand for their services has fallen in recent years 1.
- Other Chinese news and video platforms
The company competes with many services offering news, video and digital reading, without the source naming a specific rival 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)15 May 2026
- Current report (foreign issuer)12 May 2026
- Annual report (foreign issuer)29 Apr 2026
- Current report (foreign issuer)10 Mar 2026
- Current report (foreign issuer)12 Nov 2025
- Current report (foreign issuer)05 Nov 2025
- Current report (foreign issuer)30 Oct 2025
- Current report (foreign issuer)23 Sept 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Phoenix New Media Limited · 29 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.