• Paychex average price to free cash flow ratio for 2023 was 23.39, a 16.91% increase from 2022.
• Paychex average price to free cash flow ratio for 2022 was 28.15, a 3.4% decline from 2021.
• Paychex average price to free cash flow ratio for 2021 was 29.14, a 38.63% decline from 2020.

Price to free cash flow ratio can be defined as