The ratio of a company's annual earnings per share to its stock price;
the reciprocal of the P/E ratio.
The earnings yield is an estimate of the inflation-adjusted growth you can reasonably expect from a stock investment;
in a normal market it should be at least equal to the T-Bill rate, minus the inflation rate, plus a risk premium of about 3 or 4 percent.
Very low earnings yields are a warning sign of a bubble.