ASX dividend shares that pay good dividend yields can be really appealing investments for cash flow.

But how do you find the best investment options? One metric that can help is the price/earnings (P/E) ratio. It tells us what multiple of its earnings a company is trading at — the higher the number, the more expensive it appears to be.

Companies that are priced on a low P/E ratio can have a high dividend yield. Bear in mind that some industries typically trade on a higher P/E ratio, like technology, while others, such as retail and fund managers, usually trade on a lower P/E ratio.

I would also look for businesses that can grow their earnings over the longer term because they can sustain the current dividend and potentially help push the payouts higher.

Let's look at three companies that I think fit this criteria.

Universal Store owns a number of "premium youth fashion brands". Its main retail businesses are Universal Store and CTC (which operates the THRILLS and Worship brands). The ASX dividend share is also rolling out Perfect Stranger as a standalone retail business.

The company has 100 stores and continues to open more – launching six new stores in the first half of FY24. HY24 saw sales rise 8.5% to $158 million, while the statutory net profit after tax (NPAT) grew by 16.7% to $20.7 million.

The company has demonstrated it can still grow earnings in this high-cost-of-living environment. It grew its interim dividend per share by almost 18% to 16.5 cents per share.

Estimates on Commsec suggest the business could pay a grossed-up dividend yield of 7.4% in FY25 and 8.3% in FY26.

Accent is another ASX retail share that sells a wide array of shoes from different brands. It acts as the distributor for a number of global brands, including CAT, Dr Martens, Henleys, Herschel, Hoka, Kappa, Merrell, Skechers, Ugg and Vans.

The company also has its own businesses, including The Athlete's Foot, Trybe, Stylerunner, Nude Lucy and Glue Store.

Accent continues to roll out new stores, which increases its potential earning power, particularly when retail conditions rebound in the next couple of years.

Everyone needs shoes, so Australia's growing population is a useful tailwind for this ASX dividend share.

The current forecast on Commsec suggests Accent shares could have a grossed-up dividend yield of 8.3% in FY25 and 10.3% in FY26.  

GQG is a US-headquartered fund manager that provides a number of different investment funds for people including US shares, global and international shares, and emerging markets.

Its funds under management (FUM) is growing from a combination of pleasing long-term investment performance and regular net inflows of more investor money.

The business has committed to a dividend payout ratio of 90% of distributable earnings, leading to a pleasing quarterly dividend.

The estimate on Commsec suggests it could pay a dividend yield of 9% in FY25.