I am primarily a dividend investor.  So cash flow, payout on CF, CAPEX requirements are usually my first points of interest for those stocks. I don't spend a lot of time with earnings as I think CF provides better insight for the types of companies I invest in.  But I think the metric is still good general tool when looking at longer term results.

I usually spend a lot of time with corporate presentations and notes to the financials to get better insight into events and factors that are driving the numbers.  I think that information is often more valuable than focusing on a posted metric and how it compares.  It helps to get a better understanding as to what the future holds.  Again I am usually focused on the ability to pay and grow the dividend.  So I am looking for things like barriers to entry, long term contracts both in terms of revenue streams & expenses, dividend history (yield, consecutive payments, growth, payout on CF).

I also believe in investing in companies you know.