Earnings per share divided by the last quoted share price ration USEFUL?

as the tittle suggest, i am asking if anyone would find useful to build a ratio defined as X = EPS/(last price of its stock) to come up with a percentage of how much is the company earning, or how much are you getting in return for per every stock purchase.

basically, i want to bring all stocks to a common ground as some have 22 EPS but their stock is at 515, menawhile one stock has an EPS of 6 and its trading at 42.

22 EPS with their stock is at 515 would mean a yield of 4.27%

6 EPS with their stock is at 42 would mean a yield of 14.29%

would anyone find this useful?