• Merck average price to free cash flow ratio for 2023 was 24.63, a 56.98% decline from 2022.
• Merck average price to free cash flow ratio for 2022 was 15.69, a 58.17% increase from 2021.
• Merck average price to free cash flow ratio for 2021 was 37.51, a 75.12% decline from 2020.

Price to free cash flow ratio can be defined as