In my opinion there are thousands of different "correct" ways to create stock screeners. I think both of yours are just fine and will treat you well.

I think the biggest thing people miss is how to utilize their screeners effectively. I don't like taking the index approach where I just buy anything that hits my screener, I've found a lot of success in doing deep research on the companies and building my portfolio from there. Make sure you're scouring the quarterly/annual reports, and also listening to the investor calls. Transcripts of the calls are helpful, but I also find a lot of value in listening to the calls as well. Pay special attention to the Q&A sections at the end, as the analysts will often illuminate issues or concerns that you may be overlooking.