Phoenix New Media Limited
FENG Communication Services Internet Content & Information
Phoenix New Media Limited’s revenue for fiscal 2025 (year ended December 2025) was $106.5 million, up 8.79% from fiscal 2024. In the quarter to June 2026, revenue grew 22.3%, EPS grew 166.7%, free cash flow grew 90.6% and total debt fell 4.62%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Phoenix New Media Limited (FENG) Altman Z-score
Phoenix New Media Limited's Altman Z-score for fiscal 2025 is 0.74, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.74 | 0.06 |
| FY2024 | 0.68 | 0.17 |
| FY2023 | 0.52 | (0.04) |
| FY2022 | 0.55 | (0.03) |
| FY2021 | 0.58 | (0.58) |
| FY2020 | 1.17 | 0.45 |
| FY2019 | 0.72 | (0.56) |
| FY2018 | 1.28 | (1.31) |
| FY2017 | 2.59 | 0.65 |
| FY2016 | 1.94 | (1.60) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.56 | — | 0.67 | |
| Retained earnings / total assets | (0.34) | — | −0.48 | |
| EBIT / total assets | (0.02) | — | −0.07 | |
| Market value of equity / total liabilities | 0.27 | — | 0.16 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Distress zone | 0.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.55 | ||
Z and Z″ put Phoenix New Media Limited in different zones: distress zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NAMI NAMI Corp. compare | 1.6× |
| CHAI Core AI Holdings, Inc. compare | 0.9× |
| FENG Phoenix New Media Limited | 0.7× |
| CCG Cheche Group Inc. compare | 0.1× |
| CMCM Cheetah Mobile Inc. compare | 0.1× |
| LCFY Locafy Limited compare | −9.0× |
| GITS Global Interactive Technologies, Inc. compare | −14.2× |
| SLE Super League Enterprise, Inc. compare | −18.7× |
| ROII RiskOn International, Inc. compare | −47.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets