• Paychex average price to free cash flow ratio for 2023 was 23.13, a 17.27% increase from 2022.
• Paychex average price to free cash flow ratio for 2022 was 27.96, a 3.39% decline from 2021.
• Paychex average price to free cash flow ratio for 2021 was 28.94, a 38.6% decline from 2020.

Price to free cash flow ratio can be defined as