Phoenix New Media Limited (FENG) Key Metrics
FENG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Chinese yuanFENG returns How much profit the business earns on the capital it uses.
FENG financial health Debt, liquidity and how easily interest is covered.
FENG efficiency & capital use Working capital cycle and where the cash goes.
FENG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FENG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FENG cash returned to shareholders
FENG key metrics in Chinese yuan
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 0.0% | −4.5% | −8.1% | −8.0% | −13.4% | 15.3% | 22.7% | −2.3% | 1.6% | 4.1% |
| Return on invested capital (ROIC) | −8.8% | −25.3% | −40.8% | −119.2% | — | −8.7% | −16.9% | −4.9% | 0.6% | 2.5% |
| Return on assets (ROA) | 0.0% | −3.1% | −5.4% | −4.9% | −7.9% | 9.4% | 14.6% | −1.5% | 1.1% | 2.8% |
| Return on tangible assets | 0.0% | −3.2% | −5.9% | −5.5% | −8.6% | 13.8% | 15.0% | −1.5% | 1.0% | 2.6% |
| Free cash flow margin | −2.1% | −7.0% | −10.2% | −44.1% | −15.5% | −9.5% | −31.2% | −9.6% | 9.2% | 12.1% |
| Income quality (OCF / net income) | −7.93 | — | — | — | — | −0.27 | −0.45 | — | 4.62 | 2.53 |
| Financial health | ||||||||||
| Total debt | CN¥43.3M | CN¥56.7M | CN¥69.4M | CN¥104.6M | CN¥45.9M | CN¥53.0M | CN¥90.3M | CN¥267.7M | CN¥330.0M | CN¥358.6M |
| Cash & short-term investments | CN¥1.02B | CN¥1.04B | CN¥1.09B | CN¥1.15B | CN¥1.50B | CN¥1.64B | CN¥1.61B | CN¥1.09B | CN¥1.10B | CN¥984.0M |
| Net debt | −CN¥975.2M | −CN¥979.2M | −CN¥1.02B | −CN¥1.04B | −CN¥1.45B | −CN¥1.58B | −CN¥1.52B | −CN¥819.0M | −CN¥770.5M | −CN¥625.4M |
| Debt / equity | 0.04 | 0.05 | 0.06 | 0.08 | 0.03 | 0.03 | 0.03 | 0.09 | 0.13 | 0.17 |
| Debt / assets | 0.03 | 0.03 | 0.04 | 0.05 | 0.02 | 0.02 | 0.02 | 0.06 | 0.09 | 0.11 |
| Net debt / EBITDA | −27.36 | — | — | — | — | — | — | — | −15.23 | −8.09 |
| Current ratio | 2.85 | 2.74 | 2.81 | 2.50 | 2.15 | 2.28 | 1.70 | 1.88 | 2.09 | 2.16 |
| Quick ratio | 2.85 | 2.74 | 2.81 | 2.49 | 2.13 | 2.25 | 1.64 | 1.63 | 1.78 | 1.74 |
| Interest coverage | — | — | — | -6.1 | -1.5 | -0.1 | -70.0 | -9.2 | 0.7 | 5.0 |
| Working capital | CN¥920.6M | CN¥937.0M | CN¥951.6M | CN¥997.3M | CN¥1.11B | CN¥1.36B | CN¥1.05B | CN¥947.3M | CN¥1.17B | CN¥1.14B |
| Invested capital | CN¥196.7M | CN¥196.0M | CN¥208.3M | CN¥278.5M | −CN¥24.8M | CN¥51.0M | CN¥1.81B | CN¥2.26B | CN¥1.74B | CN¥1.54B |
| Tangible asset value | CN¥1.09B | CN¥1.10B | CN¥1.14B | CN¥1.24B | CN¥1.37B | CN¥1.65B | CN¥3.08B | CN¥2.95B | CN¥2.49B | CN¥2.15B |
| Net current asset value | CN¥877.4M | CN¥875.8M | CN¥883.5M | CN¥896.0M | CN¥1.06B | CN¥1.31B | CN¥774.8M | CN¥780.2M | CN¥1.15B | CN¥1.12B |
| Capital allocation | ||||||||||
| Dividends paid | — | — | CN¥0 | CN¥0 | CN¥3.5M | CN¥645.2M | CN¥703.1M | CN¥45,000 | CN¥45,000 | CN¥0 |
| Share buybacks (net) | CN¥0 | CN¥825,000 | CN¥655,000 | CN¥0 | CN¥0 | — | CN¥511,000 | CN¥0 | CN¥0 | CN¥0 |
| Dividend payout ratio | — | — | — | — | — | 169.6% | 96.6% | — | 0.1% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Capex / revenue | 1.7% | 0.7% | 1.4% | 4.3% | 1.6% | 1.0% | 6.3% | 4.1% | 1.8% | 2.0% |
| Capex / operating cash flow | — | — | — | — | — | — | — | — | 16.1% | 14.4% |
| Capex / depreciation | 0.48 | 0.15 | 0.23 | 0.62 | 0.25 | 0.15 | 0.75 | 1.72 | 0.78 | 0.70 |
| Stock-based compensation / revenue | 0.0% | 0.2% | 0.5% | 1.0% | 0.9% | 0.8% | 1.5% | 1.0% | 1.3% | 0.1% |
| R&D / revenue | 8.4% | 10.1% | 11.9% | 16.8% | 15.4% | 14.2% | 16.3% | 14.9% | 12.2% | 11.2% |
| SG&A / revenue | 44.9% | 37.3% | 39.1% | 37.8% | 59.2% | 46.1% | 59.0% | 50.8% | 40.7% | 36.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 183.8 | 195.7 | 218.8 | 230.5 | 216.5 | 196.2 | 148.4 | 126.1 | 101.2 | 131.5 |
| Days of inventory on hand | — | — | 3.6 | 8.2 | 14.3 | 35.6 | 94.2 | 185.5 | 187.1 | 143.1 |
| Days payables outstanding | 124.6 | 111.9 | 117.6 | 131.1 | 133.9 | 147.0 | 137.2 | 161.3 | 131.4 | 138.1 |
| Cash conversion cycle (days) | 59.2 | 83.7 | 104.7 | 107.5 | 96.8 | 84.8 | 105.3 | 150.2 | 156.9 | 136.5 |
| Receivables turnover | 1.99 | 1.87 | 1.67 | 1.58 | 1.69 | 1.86 | 2.46 | 2.90 | 3.61 | 2.78 |
| Payables turnover | 2.93 | 3.26 | 3.10 | 2.78 | 2.73 | 2.48 | 2.66 | 2.26 | 2.78 | 2.64 |
| Inventory turnover | — | — | 102.52 | 44.46 | 25.61 | 10.24 | 3.88 | 1.97 | 1.95 | 2.55 |
| Asset turnover | 0.46 | 0.41 | 0.37 | 0.35 | 0.40 | 0.30 | 0.27 | 0.33 | 0.47 | 0.50 |
| Average receivables | CN¥385.5M | CN¥377.2M | CN¥414.7M | CN¥496.1M | CN¥611.1M | CN¥649.8M | CN¥539.8M | CN¥475.7M | CN¥436.7M | CN¥520.6M |
| Average payables | CN¥133.6M | CN¥133.4M | CN¥149.5M | CN¥197.1M | CN¥219.2M | CN¥235.1M | CN¥256.9M | CN¥263.7M | CN¥261.8M | CN¥275.0M |
| Average inventory | — | — | CN¥4.5M | CN¥12.3M | CN¥23.3M | CN¥57.0M | CN¥176.3M | CN¥303.2M | CN¥372.8M | CN¥284.9M |
| Intangibles / total assets | 1.3% | 0.8% | 1.1% | 1.4% | 0.9% | 0.4% | 8.6% | 9.4% | 0.2% | 0.3% |
Computed from FENG's annual financial statements (latest annual report filed April 29, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Chinese yuan; data from EODHD. Averages use the opening and closing balance of each year.
FENG valuation and financial ratios
Phoenix New Media earned a return on equity of 0.0% and a return on invested capital of −8.8% in fiscal 2025. It ended the year with CN¥43.3 million of debt and CN¥1.0 billion in cash and short-term investments, a net cash position of CN¥975.2 million.
See the FENG income statement, the FENG chart for price history, or the FENG stock overview for the latest quote and news.
FENG key metrics FAQ
What is Phoenix New Media's return on equity?
Phoenix New Media's return on equity (ROE) was 0.0% in fiscal 2025: net income of CN¥0.3 million on average shareholders' equity of CN¥1.2 billion.
What is Phoenix New Media's ROIC?
Phoenix New Media's return on invested capital was −8.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Phoenix New Media have?
Phoenix New Media had total debt of CN¥43.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.04 and more cash than debt.
What is Phoenix New Media's current ratio?
Phoenix New Media's current ratio was 2.85 at the end of fiscal 2025: current assets were 2.85 times current liabilities.