• M&T Bank average price to free cash flow ratio for 2023 was 5.62, a 12.46% increase from 2022.
• M&T Bank average price to free cash flow ratio for 2022 was 6.42, a 16.73% decline from 2021.
• M&T Bank average price to free cash flow ratio for 2021 was 7.71, a 37.97% decline from 2020.

Price to free cash flow ratio can be defined as