COMP <GO>

FENG vs TSQ // DIVIDEND YIELD & FCF PAYOUT SAFETY

Phoenix New Media Limited each representing 48 . (Class A) (NYSE) VS. Townsquare Media Inc. (Class A) (NYSE) • 15-METRIC TALLY: FENG 1 — TSQ 1

■ METRIC PARITY

FENG — Phoenix New Media Limited each representing 48 . (Class A) ROARABLE D • RQD 47/100

LAST: $1.38 (+0.73%) • MKT CAP: $16.6M

DES <GO> FA <GO> 10-K RED <GO>

dividend-safety

0.00%

TSQ — Townsquare Media Inc. (Class A) ROARABLE E • RQD 29/100

LAST: $3.18 (+7.07%) • MKT CAP: $58.0M

DES <GO> FA <GO> 10-K RED <GO>

dividend-safety

0.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FENG VS. TSQ) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FENG	TSQ	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	25.50%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	8.40%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	8.3x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	10.30%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	-2.70%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	-5.20%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety ACTIVE	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	0.20	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	5/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	45.4	29.9	+15.50	FENG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$16.6M	$58.0M	-$41.4M	TSQ	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FENG REV	TSQ REV	FENG GROSS %	TSQ GROSS %	FENG FCF	TSQ FCF
FY 2025	—	$427.4M	—	25.5%	—	$15.4M
FY 2024	—	$451.0M	—	27.5%	—	$31.3M
FY 2023	—	$454.2M	—	—	—	$67.8M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FENG // BETA —

TSQ // BETA —