FCF yield (free cash flow divided by market cap or enterprise value) shows how much real cash a business throws off relative to its price — a cleaner value gauge than earnings, which accounting can distort.
A high FCF yield on a stable business is the kind of signal deep-value investors hunt; a high yield on a declining business is a warning, not a bargain.
Screen for durable FCF yield, then verify the cash flow is recurring, not a one-off from selling assets.