• First Horizon average price to free cash flow ratio for 2023 was 6.21, a 52.74% increase from 2022.
• First Horizon average price to free cash flow ratio for 2022 was 13.14, a 104.35% decline from 2021.
• First Horizon average price to free cash flow ratio for 2021 was 6.43, a 32.88% increase from 2020.

Price to free cash flow ratio can be defined as