• Caterpillar average price to free cash flow ratio for 2023 was 15.26, a 30.41% increase from 2022.
• Caterpillar average price to free cash flow ratio for 2022 was 21.93, a 26.25% decline from 2021.
• Caterpillar average price to free cash flow ratio for 2021 was 17.37, a 18.97% increase from 2020.

Price to free cash flow ratio can be defined as