• Moody's average price to free cash flow ratio for 2023 was 37.84, a 4.9% decline from 2022.
• Moody's average price to free cash flow ratio for 2022 was 39.79, a 34.56% decline from 2021.
• Moody's average price to free cash flow ratio for 2021 was 29.57, a 10.62% increase from 2020.

Price to free cash flow ratio can be defined as