For the case discussed, free cash flow is a reasonable proxy for operating or profit margin because its cash focus leaves less room for accounting maneuvers involving accrued receivables and liability offsets.

“Um, but, uh, in this case, you can mostly just regard it as what an operating margin would, profit margin would look, look like. 'Cause basically FCF just focuses on cash-”

“... and so there's less tricks to play with accrued receivables and lia- and, you know, offsetting of liabilities and what have you. Um, and so, like, that, that is the roughly-”