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Many investors believe that a company’s free cash flow is one of the more important fundamental metrics in evaluating an equity investment. Some have argued that Wall Street’s focus on revenue and earnings, which are more easily manipulated through accounting, goes on without direct concern for calculating the actual money that a business is generating.

Free cash flow (FCF) is operating cash flow minus capital expenditures.
FCF is the cash that a company made after paying out the money required to maintain and/or expand the business. Free cash flow enables a company to pursue acquisitions and growth initiatives, among other options. FCF may also allow a company to initiate or increase dividends.
I started this screen for strong FCF equities by limiting it to mid caps (companies with market valuations of $2-$10 billion). I screened for only those that have 10% Earnings Per Share over the past five years and a current price to FCF of fewer than 10. I then limited this screen to companies that have exposure to U.S. retail consumption and education.
Others may meet these criteria and please list any you feel others should know about in the comments.

Symbol
Company
Industry
Market Cap
P/E
P/FCF
Alaska Air Group, Inc.
Regional Airlines
$2.2 B
7.08
6.8
Dillard's Inc.
Department Stores
$2.67 B
14.48
6.93
GameStop Corp.
Electronics Stores
$3.7 B
9.58
7.22
Constellation Brands Inc.
Beverages - Wineries & Distillers
$4.47 B
8.9
8.43
Apollo Group Inc.
Education & Training Services
$6.17 B
16.57
6.75
ITT Educational Services Inc.
Education & Training Services
$2.3 B
7.04
4.14

While on its own, free cash flow is likely insufficient to base an investment decision, it is an important metric and one that is rarely provided. Such information can help you get a greater understanding of the fundamentals of businesses and identify proper investments.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Source: 6 U.S. Mid Caps With Strong Free Cash Flow