• Choice Hotels average price to free cash flow ratio for 2023 was 21.84, a 35.74% increase from 2022.
• Choice Hotels average price to free cash flow ratio for 2022 was 16.09, a 63.82% increase from 2021.
• Choice Hotels average price to free cash flow ratio for 2021 was 44.47, a 6.72% decline from 2020.

Price to free cash flow ratio can be defined as