Are you a value investor? If so, Goldman Sachs says you may want to add debt-adjusted cash flow to your toolbox for evaluating stocks.

Debt-adjusted cash flow is cash flow from operations minus the increase or decrease in working capital plus after-tax net interest expense, according to a June 1 note by Goldman analysts.

"This metric has the advantage of: backing out changes to working capital," the note read. "When compared to free cash flow, [debt-adjusted cash flow] would be less impacted by inventory drawdowns; and it offers a clean comparison to [cash return on capital invested], which is our preferred measure of returns."

Goldman Sachs considers the following 17 buy-rated stocks below "cheap" based on debt-adjusted free cash flow yield (yet expensive based on free cash flow yield) relative to their sectors.

"These stocks are likely being overlooked by value investors which are more focused on traditional metrics such as FCF yield," the note said.