In 2004, Jeff Bezos wrote the following to shareholders;

Our ultimate financial measure, and the one we most want to drive over the long-term, is free cash flow per share. Why not focus first and foremost, as many do, on earnings, earnings per share or earnings growth? The simple answer is that earnings dont directly translate into cash flows, and shares are worth only the present value of their future cash flows, not the present value of their future earnings. Future earnings are a component but not the only important component of future cash flow per share. Working capital and capital expenditures are also important, as is future share dilution.

Briefly, do you think this sentiment is consistent with the models you have studied?