"Investment is most intelligent when it is most business-like". Warren Buffet
Statistics have consistently shown that more than 85% of investors, fund managers and individual investors included, underperformed the broad market for various reasons.
However, research has also provided ample evidence that the followers of value investing from a certain school, that of Graham, have consistently beating the market by wide margins, just by buying stocks cheap.
Many successful value investors have moved beyond just buying cheap, but good and cheap, and have deeper insights and metrics of what are considered cheap, and what constitute good. Business owners also don’t make money with “profits”.
Business can’t grow with obscure “profit” without FCF.