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) Beneish M-score
Phoenix New Media Limited's Beneish M-score for fiscal 2025 is −2.64; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.64 | (0.09) |
| FY2024 | −2.55 | 0.49 |
| FY2023 | −3.04 | (1.42) |
| FY2022 | −1.61 | 1.29 |
| FY2021 | −2.90 | (1.05) |
| FY2020 | −1.85 | (0.45) |
| FY2019 | −1.40 | 0.78 |
| FY2018 | −2.18 | 0.28 |
| FY2017 | −2.46 | 0.33 |
| FY2016 | −2.79 | (0.72) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.82 | — | 0.76 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.09 | — | 0.97 | |
| Depreciation index | 1.52 | — | 0.17 | |
| SG&A index | 1.20 | — | −0.21 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.96 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.64 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| LCFY Locafy Limited compare | −5.4× |
| SLE Super League Enterprise, Inc. compare | −5.0× |
| NAMI NAMI Corp. compare | −4.2× |
| FENG Phoenix New Media Limited | −2.6× |
| CMCM Cheetah Mobile Inc. compare | −2.4× |
| CCG Cheche Group Inc. compare | −2.3× |
| ROII RiskOn International, Inc. compare | — |
| GITS Global Interactive Technologies, Inc. compare | — |
| CHAI Core AI Holdings, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI