Phoenix New Media Ltd. (FENG) intrinsic value & 10-year financials
Phoenix New Media Ltd. (FENG) has a Graham intrinsic value of $1.22 per share. Over the last 10 fiscal years revenue grew 2.3% a year to $185.3M, with an average return on invested capital of 2.5%.
- Graham intrinsic value
- $1.22
- Revenue (FY2020)
- $185.3M
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- 2.5%
- Free cash flow (FY2020)
- -$17.7M
FENG 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2020 | $185.3M | $56.0M | — | -$17.7M | -8.5% | -4.7% |
| FY2019 | $219.9M | $104.0M | — | -$59.5M | -20.0% | -9.8% |
| FY2018 | $200.3M | -$9.5M | — | -$19.3M | -9.0% | -4.3% |
| FY2017 | $242.1M | $5.3M | — | $22.3M | 1.0% | 0.5% |
| FY2016 | $208.1M | $11.6M | — | $25.1M | 2.4% | 1.5% |
| FY2015 | $248.4M | $11.4M | — | $27.4M | 4.9% | 3.3% |
| FY2014 | $264.0M | $42.4M | — | $38.4M | 14.5% | 12.1% |
| FY2013 | $235.3M | $46.2M | — | $52.6M | 17.4% | 15.1% |
| FY2012 | $178.3M | $17.2M | — | $4.8M | 7.6% | 5.5% |
| FY2011 | $151.0M | $16.3M | -$0.21 | $5.0M | 9.0% | 5.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Phoenix New Media Ltd has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
Phoenix New Media Ltd has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
Phoenix New Media Ltd capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Phoenix New Media Ltd is modeled at 2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.22 per share.