Phoenix New Media Ltd reported a surge in paid services during its Q2 2026 earnings call, driving overall performance improvements. Paid services surge signals major revenue growth potential and strategic shift for Phoenix New Media.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2020 | 16.45 |
—
—
|
| 2019 | 0.00 |
—
|
| 2018 | ‡‡‡ |
|
| 2017 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 154.47 | 145.45 | 141.59 | 145.91 |
| Receivables | 41.52 | 45.46 | 40.77 | 39.65 |
| Inventory | — | — | — | — |
| Other | 8.12 | 10.63 | 10.35 | 10.11 |
| 208.93 | 205.08 | 197.28 | 201.82 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 17.26 | 20.12 | 17.03 | 17.52 |
| ST’ Debt | — | — | — | — |
| Other | 17.05 | 16.10 | 13.83 | 12.73 |
| 74.46 | 74.74 | 69.31 | 69.92 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡ | ‡‡‡ | ‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 27.37 | 31.94 | — | — |
—
|
| ’25 | 21.39 | 26.13 | 28.22 | 30.75 |
106.49
|
| ’24 | 21.19 | 23.16 | 23.41 | 30.13 |
97.88
|
| ’23 | 21.31 | 24.85 | 21.05 | 30.57 |
97.78
|
| ’22 | 27.67 | 28.61 | 27.38 | 33.10 |
116.76
|
| ’21 | 34.51 | 39.76 | 37.96 | 47.47 |
159.70
|
| ’20 | 38.81 | 44.20 | 44.63 | 57.63 |
185.26
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | — | — | — |
—
|
| ’25 | — | — | — | (0.37) |
(0.37)
|
| ’24 | — | — | — | (6.16) |
(6.16)
|
| ’23 | — | — | — | (8.59) |
(8.59)
|
| ’22 | — | — | — | (46.42) |
(46.42)
|
| ’21 | — | — | — | (22.14) |
(22.14)
|
| ’20 | — | — | — | (15.80) |
(15.80)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | — | — | — | — |
—
|
| ’25 | — | — | — | (2.08) |
(2.08)
|
| ’24 | — | — | — | (6.85) |
(6.85)
|
| ’23 | — | — | — | (9.44) |
(9.44)
|
| ’22 | — | — | — | (50.20) |
(50.20)
|
| ’21 | — | — | — | (22.05) |
(22.05)
|
| ’20 | — | — | — | (17.65) |
(17.65)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.20) | 0.08 | — | — |
—
|
| ’25 | (0.34) | (0.12) | (0.06) | 0.54 |
0.00
|
| ’24 | (0.30) | (0.06) | (0.22) | (0.04) |
(0.61)
|
| ’23 | (0.69) | (0.36) | (0.24) | 0.09 |
(1.19)
|
| ’22 | (1.02) | (1.18) | 0.28 | 0.50 |
(1.31)
|
| ’21 | (0.36) | (0.12) | (1.74) | (0.48) |
(2.64)
|
| ’20 | (0.90) | (0.18) | 0.00 | 5.76 |
4.80
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | 2.10 | 1.10 | 1.20 | 1.28 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 5.88 | 4.14 | 4.15 | 3.65 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 893 | 743 | 672 | 611 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.13 | 0.13 | 0.15 | 0.17 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 116.76 | 97.78 | 97.88 | 106.49 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30.19% | 32.93% | 38.18% | 48.87% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (29.14) | (13.58) | (6.72) | 1.19 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (24.96%) | (13.89%) | (6.86%) | 1.11% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (18.68) | (15.42) | (7.36) | 0.05 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.06 | 3.04 | 1.92 | 1.48 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.62 | 8.06 | 8.15 | 8.87 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.31) | (1.19) | (0.61) | 0.00 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.83) | (0.71) | (0.51) | (0.03) | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.31) | (0.07) | (0.06) | (0.14) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.14) | (0.78) | (0.57) | (0.17) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.50 | 13.55 | 12.89 | 12.84 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12.13 | 12.13 | 12.02 | 12.01 | — | — | — |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 83.50 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.27 | 0.17 | 0.29 | 0.19 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.17 | 0.10 | 0.18 | 0.13 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.14) | (1.35) | (1.14) | (1.10) | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.87 | 1.28 | 1.21 | 1.67 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (46.42) | (8.59) | (6.16) | (0.37) | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3.77) | (0.84) | (0.69) | (1.71) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (50.20) | (9.44) | (6.85) | (2.08) | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 148.20 | 134.47 | 130.34 | 127.98 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.42 | 2.63 | 2.16 | 1.95 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (165.15) | (151.84) | (143.30) | (139.64) | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 188.01 | 164.42 | 154.88 | 154.17 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4.83%) | (5.26%) | (3.06%) | 0.02% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | (77.77%) | (88.27%) | (48.60%) | (20.57%) | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (8.08%) | (8.22%) | (4.67%) | 0.03% | — | — | — |
ROE
|
Phoenix New Media Limited (FENG), operator of ifeng.com, has endured a brutal contraction in China’s digital media sector, with revenues plummeting 60% from a 2016 peak of $242 million to $98 million in 2024 amid U.S.-China trade wars, regulatory crackdowns, and COVID impacts. Employee headcount halved to 672, yet revenue per employee held steady around $146,000, signaling operational streamlining and productivity gains. Gross margins rebounded to 38% in 2024 from pandemic lows, hinting at shifts to higher-margin livestreaming, though profitability flipped to losses with negative cash flows and ROE at -5%.
Despite the gloom, FENG’s balance sheet shines with $143 million in net cash, negligible debt, and ample working capital—over a year’s revenue—yielding rock-bottom valuations like a 0.29 price-to-sales and 0.18 price-to-book ratio. The stock has cratered 94% from highs, trading at depressed levels amid China risk premia and no insider buying, decoupling from stabilizing efficiency metrics.
Analysts flash eye-popping 5,000%+ upside targets, but realism tempers this: flat revenues likely persist without catalysts like AI or e-commerce pivots, with breakeven profitability possible by 2026 if macro thaws. As a high-beta bet on China’s ad recovery, FENG’s fortress liquidity versus secular risks makes it a intriguing value probe—dive deeper for Q1 2025 signals.
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