FCF reflects the amount of cash free for distribution to both debt and equity shareholders.
FCF Yield = free cash flow/enterprise value.
The level of FCF does not always reflect the health of a business or its prospects.
For example, a large amount of FCF can be a sign that a company has limited investment opportunities and, hence, limited growth prospects.
On the other hand, negative FCF can be an attractive indication that a company has more investment opportunities than it can fund with cash from operations.
Zero FCF could mean that the company generates just enough cash to internally fund its growth opportunities.