• Morningstar average price to free cash flow ratio for 2023 was 61.25, a 34.7% decline from 2022.
• Morningstar average price to free cash flow ratio for 2022 was 45.47, a 30.06% increase from 2021.
• Morningstar average price to free cash flow ratio for 2021 was 34.96, a 44.46% increase from 2020.

Price to free cash flow ratio can be defined as