Free cash flow per share

Free cash flow per share divides a company's free cash flow by its number of shares outstanding, showing how much cash-generating power each individual share represents rather than just how much cash the company produces in total.

The formula is:

Like revenue per share, it moves with both the underlying business and the share count itself. A shrinking share count from buybacks lifts free cash flow per share even if total free cash flow stays flat, while dilution works in the opposite direction. Comparing it to the share price is one way to gauge how cheaply the market is valuing a company's actual cash generation.