• Royal Gold average price to free cash flow ratio for 2023 was 18.3, a 11.65% increase from 2022.
• Royal Gold average price to free cash flow ratio for 2022 was 16.39, a 40.66% increase from 2021.
• Royal Gold average price to free cash flow ratio for 2021 was 27.62, a 47.68% decline from 2020.

Price to free cash flow ratio can be defined as