• Philip Morris average price to free cash flow ratio for 2023 was 18.3, a 52.25% increase from 2022.
• Philip Morris average price to free cash flow ratio for 2022 was 12.02, a 3.06% increase from 2021.
• Philip Morris average price to free cash flow ratio for 2021 was 12.4, a 17.09% decline from 2020.

Price to free cash flow ratio can be defined as