Body fat percentage is the more sensitive and specific indicator for health outcomes, though.
I realize not everyone has access to the equipment necessary to get a good BF% measurement (handheld devices and scales are garbage – you need a laboratory). However, measuring circumference around the waist at about the height of the bellybutton accomplishes approximately the same thing. (This will not be your pants size.) Above 37 or 38, things get dicey.
I'm happy to dig up references if you're curious about the details.