Phoenix New Media Ltd
FENG · Television Broadcasting Stations · EDGAR filings ↗
Grade
C62Cash-rich but unprofitable Chinese internet/media operator with heavy regulatory and VIE/HFCA overhang.
Strengths
- Strong liquidity — current/quick ratio 2.85 (83rd–92nd pct) and a solid cash position (54th pct)
- Positive revenue growth (+8.8%, 64th pct) and decent gross margin (49%, 61st pct)
Risks
- Negative operating (-4.5%) and operating-cash (-0.3%, 20th pct) margins — core business not generating profit
- Acute China-specific risk: missing audio-visual/news licenses, VIE structure, HFCA delisting exposure
Key metrics
Gross margin
48.9%
Operating margin
-4.5%
Net margin
0.0%
Return on equity
0.0%
Return on assets
0.0%
Revenue growth (QoQ)
13.5%
Current ratio
2.8×
EBITDA
-$3M
Tangible book value
$166M
Cash & investments
$77M
Stock comp / revenue
0.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001193125-26-188853 ↗ |
| 20-F | 2025-04-18 | 2024-12-31 | 0000950170-25-055759 ↗ |
| 20-F | 2024-04-25 | 2023-12-31 | 0000950170-24-047904 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0000950170-23-016032 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001564590-22-016225 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001564590-21-021431 ↗ |
| 20-F | 2020-04-28 | 2019-12-31 | 0001564590-20-019287 ↗ |
| 20-F | 2019-04-26 | 2018-12-31 | 0001104659-19-023874 ↗ |
| 20-F | 2018-04-26 | 2017-12-31 | 0001104659-18-026859 ↗ |
| 20-F | 2017-04-28 | 2016-12-31 | 0001104659-17-027241 ↗ |
| 20-F | 2016-04-28 | 2015-12-31 | 0001104659-16-114871 ↗ |
| 20-F | 2015-04-30 | 2014-12-31 | 0001104659-15-032006 ↗ |