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One way to gauge cash flow is with the free operating cash flow/revenue ratio. This ratio is standardized so it can be compared for firms of different sizes.

We used this ratio to screen for stocks with high cash-flow growth over the past five years, comparing trailing-twelve-month free operating cash flow/revenue to the company’s 5-year average.

We screened stocks that are trading at significant discounts to mean analyst target price, possibly indicating an undervalued opportunity. On top of that, we searched for those seeing significant net institutional buying over the current quarter.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month.

(Click chart to expand)

Do you think the smart money is calling it right on these names? Use this list as a starting-off point for your own analysis.

List sorted by net institutional purchases as a percent of share float.

1. CVR Energy, Inc. (NYSE:CVI): Oil & Gas Refining & Marketing Industry. Market cap of $2.21B. TTM free operating cash flow/revenue at 0.03 vs. 5-year average at 0.003. Target price at $31.40 vs. current price at $25.53 (implies a potential upside of 22.99%). Net institutional purchases over the current quarter at 14.2M, which is 21.22% of the company's 66.91M share float. The stock has had a good month, gaining 12.27%.

2. Mercury Computer Systems, Inc. (NASDAQ:MRCY): Computer Peripherals Industry. Market cap of $543.54M. TTM free operating cash flow/revenue at 0.07 vs. 5-year average at 0.01. Target price at $25.00 vs. current price at $18.01 (implies a potential upside of 38.81%). Net institutional purchases over the current quarter at 5.7M, which is 20.56% of the company's 27.73M share float. It's been a rough couple of days for the stock, losing 6.54% over the last week.

3. Nanometrics Incorporated (NASDAQ:NANO): Scientific & Technical Instruments Industry. Market cap of $428.46M. TTM free operating cash flow/revenue at 0.14 vs. 5-year average at 0.001. Target price at $23.00 vs. current price at $18.85 (implies a potential upside of 22.02%). Net institutional purchases over the current quarter at 1.7M, which is 9.94% of the company's 17.10M share float. It's been a rough couple of days for the stock, losing 9.2% over the last week.

4. Fifth Third Bancorp (NASDAQ:FITB): Regional Banks Industry. Market cap of $11.04B. TTM free operating cash flow/revenue at 0.60 vs. 5-year average at 0.20. Target price at $15.87 vs. current price at $12.02 (implies a potential upside of 32.05%). Net institutional purchases over the current quarter at 81.7M, which is 8.92% of the company's 915.67M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.22). It's been a rough couple of days for the stock, losing 6.82% over the last week.

5. Aircastle LTD (NYSE:AYR): Rental & Leasing Services Industry. Market cap of $907.28M. TTM free operating cash flow/revenue at 0.84 vs. 5-year average at 0.40. Target price at $14.48 vs. current price at $11.88 (implies a potential upside of 21.91%). Net institutional purchases over the current quarter at 4.8M, which is 8.29% of the company's 57.92M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.26). It's been a rough couple of days for the stock, losing 5.19% over the last week.

6. KeyCorp (NYSE:KEY): Money Center Banks Industry. Market cap of $7.57B. TTM free operating cash flow/revenue at 0.43 vs. 5-year average at 0.11. Target price at $10.28 vs. current price at $7.96 (implies a potential upside of 29.20%). Net institutional purchases over the current quarter at 65.6M, which is 6.92% of the company's 947.89M share float. It's been a rough couple of days for the stock, losing 5.01% over the last week.

7. Susquehanna Bancshares, Inc. (NASDAQ:SUSQ): Regional Banks Industry. Market cap of $1.02B. TTM free operating cash flow/revenue at 0.65 vs. 5-year average at 0.07. Target price at $10.41 vs. current price at $7.87 (implies a potential upside of 32.26%). Net institutional purchases over the current quarter at 8.3M, which is 6.49% of the company's 127.98M share float. The stock is a short squeeze candidate, with a short float at 11.33% (equivalent to 12.37 days of average volume). The stock has lost 11.97% over the last year.

8. Nelnet Inc. (NYSE:NNI): Credit Services Industry. Market cap of $1.05B. TTM free operating cash flow/revenue at 0.37 vs. 5-year average at 0.21. Target price at $27.25 vs. current price at $21.66 (implies a potential upside of 25.81%). Net institutional purchases over the current quarter at 750.1K, which is 3.70% of the company's 20.27M share float. The stock has gained 15.15% over the last year.

9. MAXIMUS, Inc. (NYSE:MMS): Business Services Industry. Market cap of $1.42B. TTM free operating cash flow/revenue at 0.08 vs. 5-year average at 0.05. Target price at $50.25 vs. current price at $40.90 (implies a potential upside of 22.86%). Net institutional purchases over the current quarter at 937.4K, which is 2.76% of the company's 34.02M share float. The stock has gained 37.34% over the last year.

10. KKR Financial Holdings LLC (KFN): Asset Management Industry. Market cap of $1.72B. TTM free operating cash flow/revenue at 0.14 vs. 5-year average at 0.04. Target price at $12.43 vs. current price at $9.66 (implies a potential upside of 28.66%). Net institutional purchases over the current quarter at 2.4M, which is 1.61% of the company's 149.41M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.68). The stock has gained 28.8% over the last year.

*Institutional data sourced from Fidelity, free operating cash flow/revenue sourced from Screener.co, all other data sourced from Finviz.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.