• IES Holdings average price to free cash flow ratio for 2023 was 9.67, a 187.8% increase from 2022.
• IES Holdings average price to free cash flow ratio for 2022 was 3.36, a 79.36% increase from 2021.
• IES Holdings average price to free cash flow ratio for 2021 was 16.28, a 87.34% decline from 2020.

Price to free cash flow ratio can be defined as