FENG Phoenix New Media Ltd

Overview and Growth

In fiscal 2020, Phoenix New Media Ltd recorded $185.26M of revenue, net income of $58.29M, and an operating cash outflow of $15.80M. At $185.26M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $219.92M in fiscal 2019, revenue decreased 15.8%, a top-line contraction that reduced operating scale. Total assets stood at $424.91M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.44x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $99.55M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 53.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $15.72M after the reported operating expense base. The operating loss equaled 8.5% of revenue, showing the scale of the operating deficit relative to sales. After all reported below-operating-line items, the company recorded net income of $58.29M for the fiscal year. Measured against reported revenue, net income produced a 31.5% margin after operating costs and the remaining recognized items. Pretax income was $68.45M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 36.9%, relating income before taxes directly to revenue. The company recognized $2.91M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 4.2% of pretax income, showing the tax burden absorbed by the year’s earnings. Return on period-end equity was 22.9%, relating annual net income to the equity capital on the balance sheet. The net-income-to-assets relationship measured 13.7%, showing earnings relative to the full balance sheet. Against $104.55M in fiscal 2019, the current $58.29M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $424.91M of assets against $169.90M of liabilities and $255.01M of equity, revealing how the asset base was financed. The near-term balance sheet paired $370.87M of current assets with $162.82M of current liabilities at the reporting date. The current ratio was 2.28x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $54.84M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 33.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 60.0% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 40.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 12.9% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 44.5% lower than fiscal 2019 assets of $765.01M, measuring the company’s own balance-sheet change. Book equity was 49.9% lower than fiscal 2019 equity of $509.21M, showing how shareholder capital changed year over year. Compared with $48.98M in fiscal 2019, the current cash balance moved 11.9% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $15.80M, rather than cash generation from operations. The company spent $1.85M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $17.66M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 9.5% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 4.2%.

Based on the annual report for the fiscal year ending Dec 31, 2020. Analysis generated Oct 21, 2026.