The term filet mignon means cute fillet in French. It is basically a steak cut, which is perhaps the most popular and coveted of all red meat cuts, especially, if the meat in question happens to be beef. As much as we love our regular steak binges, most of us are not very clear about what it is, other than the fact that it comes from bovine quadrupeds. A steak is a cut of beef and not a dish or recipe.