Security and privacy of templates are critical to the practical applications of palmprint systems. However, some objectives of biometric protection are difficult to meet at the same time due to the conflicts among them. As a cancelable palmprint coding algorithm to resolve the aforementioned conflicts, PalmPhasor is efficient and secure for palmprint authentication. In this paper, a complete analytical framework is proposed to systematically analyze the performance of PalmPhasor. The scenarios are categorized into four cases for the convenience of especial analysis. Some preliminaries, including auxiliary theorems, the distribution character of real and imaginary parts of Gabor filtered palmprint images, are provided to support the corresponding analysis. The theoretical analysis based on statistics and experimental results both confirm that PalmPhasor enhanced by multi-orientation score level fusion satisfactorily meets the four objectives of cancelable biometric at the same time even when users' tokens are stolen.