Yandex is not doing very well, despite analysts' songs.

Figure 1.

A huge part of Yandex's cash flow comes from stock options that the company pays to employees.

As a sense it is loans that company takes not in bank but from its staffs.  

And a loan cannot be an income.

But okay, let's consider it income.

Let's see how much shareholders can put in their pockets.

Figure 2 and 3.

We see that the best option is a strict FCF, which calculates the amount of money available to pay dividends.

And that's all the shareholders can afford.

And no matter how much you practice math with this amount, it will be crumbs.