U.S. stocks are wrapping up one of their worst decades of returns on record. Here are four reasons why the coming decade might not be much more generous.

First, shares look pricey, with the S&P 500 index at about 20 times 2009 earnings, suggesting future price gains will be minimal.

Second, corporate earnings are close to their historic average as a percentage of the size of the economy, which means the 35% earnings growth Wall Street is forecasting for next year the justification for today s high price/earnings ratios might not materialize.

Third, the broad market s dividend yield is just 2%. Its average over the past 50 years is over 3%, and that s held low by the skimpy yields of the past two decades. Look back over the past two centuries and the average stock yield is closer to 5%. So don t count on quarterly cash payments to add much to returns.

Fourth, U.S. debt levels, including money owed by federal and local governments, government agencies, companies and individuals, as well as funds promised but not set aside for entitlements, is over 800% of gross domestic product, according to a recent article by money manager Robert Arnott. Assuming we can work our way through such an unprecedented burden, it s sure to be a big drag on growth in the coming decade.

Of course, even a stingy-looking stock market offers up individual bargains. The three companies below produce free cash flow yields of more than 8%. That s another way of saying their stock market values are low relative to the amount of excess funds they generate. Free cash flow can pay for all manner of shareholder perks in coming years, even if share price gains prove elusive. For example, a 10% FCF yield can pay for a 3% dividend, 3% a year in share repurchases and plenty of debt reduction, and still leave cash accumulating to be put toward opportunistic investments and acquisitions.

Pfizer

Free Cash Flow Yield: 10%
To its discredit, drug maker Pfizer (PFE) halved its dividend at the start of this year to help pay for its acquisition of rival Wyeth. The stock has gained just 5% this year, vs. more than 20% for the S&P 500. That s probably punishment enough; shares now trade at just nine times earnings, and Pfizer recently boosted its dividend, although not to former levels. The new dividend yield works out to 3.9%. Like many big drug makers, Pfizer must replace aging, blockbuster medicines in a hurry, but a 10% free cash flow yield can buy plenty of innovation (and no small measure of health-care lobbying).

Caterpillar

Free Cash Flow Yield: 11%
If the next decade is to produce slow economic growth in rich countries, Caterpillar (CAT) can t be expected to sell a record number of earth-moving machines. But something well short of record sales would be enough to support a higher stock price and plenty of dividends, especially because Caterpillar has reduced its spending on capital investments. The next year should prove a lucrative one for the company, as dealers will have to replace slashed inventories. Over the long term, brisk construction in emerging markets and a weak U.S. dollar could provide for steady sales and healthy investor returns.

Sare Lee

Free Cash Flow Yield: 8%
Sara Lee (SLE) shares are up more than 30% over the past year, a welcome turn of events for what has been a lousy long-term holding for stock investors. Management has worked to purge non-food brands over the past year, from deodorant to shoe polish. Now it must figure out how to grow sales of remaining businesses, like Sara Lee cakes and Hillshire Farms meats. Also, it must find a profitable use for the cash proceeds of its sales one analyst puts the figure at $2 billion, after devoting $1 billion to share repurchases. Food is a recession-resistant business, which puts it in high demand among stock investors now, so many food stocks seem pricey at the moment. Sara Lee is still cheap, at 13 times earnings, and the stock s 3.7% dividend yield looks affordable.