• Royal Gold average price to free cash flow ratio for 2023 was 18.24, a 11.63% increase from 2022.
• Royal Gold average price to free cash flow ratio for 2022 was 16.34, a 40.67% increase from 2021.
• Royal Gold average price to free cash flow ratio for 2021 was 27.54, a 47.68% decline from 2020.

Price to free cash flow ratio can be defined as