Phoenix New Media Limited (FENG)
NYSE:FENG
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Phoenix New Media
(NYSE:FENG)
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Rating:55Neutral
Price Target:
$2.00
▲(5.82% Upside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by mixed financial performance: a strong, low-debt balance sheet offsets ongoing cash burn and still-negative operating profitability. Valuation appears very depressed based on the extremely low P/E, providing support, but technical signals remain weak with negative MACD and longer-term moving averages overhead.
Positive Factors
Low leverage / conservative balance sheet
Very low debt-to-equity (~0.04) and sizable equity give the company durable financial flexibility. This reduces refinancing and interest-rate risk, allowing Phoenix New Media to fund strategic shifts (content, product) or absorb ad-market volatility without immediate financing pressure over the next several months.
Negative Factors
Persistent negative operating cash flow
Consistent negative operating and free cash flow means the business is not self-funding and remains reliant on existing liquidity or external financing. Over a multi-month horizon this constrains reinvestment, raises execution risk for growth initiatives, and could force capital-raising under unfavorable terms if the trend persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / conservative balance sheet
Very low debt-to-equity (~0.04) and sizable equity give the company durable financial flexibility. This reduces refinancing and interest-rate risk, allowing Phoenix New Media to fund strategic shifts (content, product) or absorb ad-market volatility without immediate financing pressure over the next several months.
Read all positive factors
Phoenix New Media (FENG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.42M
Dividend YieldN/A
Average Volume (3M)19.35K
Price to Earnings (P/E)<0.1
Beta (1Y)0.28
Revenue Growth9.04%
EPS GrowthN/A
CountryUS
Employees893
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)174.38
Shares Outstanding5,399,831
10 Day Avg. Volume7,892
30 Day Avg. Volume19,350
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)<0.01
Price to Sales (P/S)0.00392
P/FCF Ratio-0.19
Enterprise Value/Market Cap-24.87
Enterprise Value/Revenue-0.68
Enterprise Value/Gross Profit-1.40
Enterprise Value/Ebitda15.18
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Phoenix New Media Business Overview & Revenue Model
Company Description
Phoenix New Media Limited provides content on an integrated Internet platform in the People's Republic of China. The company operates through two segments, Net Advertising Services and Paid Services. It offers content and services through PC chann...
How the Company Makes Money
Phoenix New Media primarily generates revenue from selling advertising and marketing services across its digital platforms. This typically includes display advertising and other brand/promotion placements delivered on its website and mobile apps, ...
Phoenix New Media Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 18, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong performance in revenue growth and user engagement, with significant improvements in paid services and reduction in net loss. However, increased operating expenses and a challenging advertising market present notable concerns.Positive Updates
Significant Revenue Growth
Total revenues increased by 22.3% year-on-year to RMB 200.9 million from RMB 164.3 million.
Negative Updates
Increased Operating Expenses
Total operating expenses rose by 23.6% year-on-year to RMB 109 million, largely due to higher sales and marketing expenses.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Revenue Growth
Total revenues increased by 22.3% year-on-year to RMB 200.9 million from RMB 164.3 million.
Read all positive updates
Company Guidance
During the third quarter of 2025, Phoenix New Media reported total revenues of RMB 200.9 million, marking a 22.3% increase from the previous year. Net advertising revenues rose by 7.3% year-on-year to RMB 159.3 million, while paid services revenues surged 161.6% to RMB 41.6 million, driven by digital reading services. Operating expenses increased by 23.6% to RMB 109 million, primarily due to higher sales and marketing costs. Despite the increase in expenses, the company reduced its net loss to RMB 4.9 million from RMB 18.5 million in the previous year. Looking forward to the fourth quarter, the company forecasts total revenues between RMB 205.9 million and RMB 220.9 million, with net advertising revenues projected to be between RMB 171.4 million and RMB 181.4 million, and paid service revenues anticipated to range from RMB 34.5 million to RMB 39.5 million.Phoenix New Media Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 744.71M | 703.70M | 692.02M | 785.71M | 1.03B |
| Gross Profit | 363.96M | 268.71M | 227.88M | 237.20M | 432.93M |
| EBITDA | -33.44M | -43.19M | -83.13M | -136.69M | -270.04M |
| Net Income | 326.84K | -53.55M | -102.50M | -109.65M | -205.70M |
Balance Sheet | |||||
| Total Assets | 1.65B | 1.71B | 1.76B | 2.03B | 2.41B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 1.04B | 1.09B | 1.15B | 1.50B |
| Total Debt | 43.35M | 56.67M | 69.44M | 104.59M | 45.85M |
| Total Liabilities | 541.82M | 598.52M | 595.12M | 765.60M | 1.02B |
| Stockholders Equity | 1.17B | 1.18B | 1.23B | 1.32B | 1.43B |
Cash Flow | |||||
| Free Cash Flow | -15.71M | -49.52M | -70.54M | -346.37M | -159.66M |
| Operating Cash Flow | -2.67M | -44.30M | -60.83M | -312.41M | -142.82M |
| Investing Cash Flow | -57.04M | 127.52M | 487.84M | 228.70M | -42.65M |
| Financing Cash Flow | -1.00M | -1.90M | -655.00K | 0.00 | -3.54M |
Phoenix New Media Technical Analysis
Negative
1.89
Price Trends
1.78
Negative
1.85
Negative
2.11
Negative
Market Momentum
>-0.01
Positive
47.05
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FENG, the sentiment is Negative. The current price of 1.89 is above the 20-day moving average (MA) of 1.79, above the 50-day MA of 1.78, and below the 200-day MA of 2.11, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.05 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FENG.
Phoenix New Media Risk Analysis
Phoenix New Media disclosed 95 risk factors in its most recent earnings report. Phoenix New Media reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
We believe we are not an investment company pursuant to Section 3(b)(1) under the Investment Company Act of 1940, as amended, or the 1940 Act, because we believe we are primarily engaged in a non-investment company business, but there can be no assurances that the SEC or the courts will agree with our view. Q4, 2023
2.
We intend to conduct our business activities to maintain compliance with the 1940 Act and that may negatively impact our ability to operate our business as contemplated. Moreover, if we were deemed an "investment company" under 1940 Act, we could be required to take remedial actions that would further interfere operating our business as contemplated. If we are unable to successfully complete necessary remedial actions, we may face severe legal consequences associated with the operation of an unregistered investment company. Q4, 2023
Phoenix New Media Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $7.22M | ― | -35.00% | ― | -1.11% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $98.47M | 3.46 | -11.42% | ― | -39.89% | 95.87% | |
59 Neutral | $110.57M | 2.99 | -7.21% | ― | 0.40% | ― | |
55 Neutral | $20.42M | 0.02 | -4.12% | ― | 9.04% | ― | |
49 Neutral | $6.68M | -1.70 | -63.25% | ― | 36.48% | -41.21% |
* Communication Services Sector Average
FENG
Phoenix New Media
1.70
-0.56
-24.78%
SCOR
comScore
7.19
2.15
42.66%
SEGG
SEGG Media
1.43
-6.49
-81.94%
KRKR
36Kr Holdings Inc
3.80
-2.10
-35.59%
BODI
Beachbody Company
12.58
7.42
143.80%
ONFO
Onfolio Holdings, Inc.
1.15
0.13
12.75%
Phoenix New Media Corporate Events
Phoenix New Media Turns 2025 Profit on Surging Digital Reading Revenue
Mar 10, 2026
Phoenix New Media reported unaudited results for the fourth quarter and full year ended December 31, 2025, showing that Q4 total revenue grew 1.9% year on year to RMB222.3 million as a strong 41.6% surge in paid services offset weaker advertising....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.