Free cash flow per share

FCF yield P/E

Why it surfaced

The question to investigate

Research notes

Reinvestment

Ownership & incentives

Your question

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Sources & method

FCF = operating cash flow minus cash purchases of property, plant and equipment. Per-share values use diluted weighted-average shares and are adjusted for stock splits. FCF yield and P/E use the last complete fiscal year, rather than trailing twelve months. GAAP earnings can include one-time items.

ROCE = reported operating income divided by average beginning- and ending-year assets minus current liabilities. This is a consistent calculation for this collection, not each company’s own ROIC definition. Gaps mean a comparable reported input was unavailable.

These 12 businesses are an editorial research collection, not an exhaustive screen or a ranking. The reasons and questions are our interpretation. The approach draws on Chris Mayer’s discussion of returns, reinvestment and ownership; he has not endorsed this selection.

Annual figures

FY	FCF/share	ROCE	Shares (m)