• Philip Morris average price to free cash flow ratio for 2023 was 18.51, a 52.22% increase from 2022.
• Philip Morris average price to free cash flow ratio for 2022 was 12.16, a 3.03% increase from 2021.
• Philip Morris average price to free cash flow ratio for 2021 was 12.54, a 17.09% decline from 2020.

Price to free cash flow ratio can be defined as