• Morningstar average price to free cash flow ratio for 2023 was 61.18, a 34.7% decline from 2022.
• Morningstar average price to free cash flow ratio for 2022 was 45.42, a 30.11% increase from 2021.
• Morningstar average price to free cash flow ratio for 2021 was 34.91, a 44.44% increase from 2020.

Price to free cash flow ratio can be defined as