• Shopify average price to free cash flow ratio for 2023 was 225.81, a 75.86% decline from 2022.
• Shopify average price to free cash flow ratio for 2022 was 128.4, a 60.88% increase from 2021.
• Shopify average price to free cash flow ratio for 2021 was 328.25, a 55.32% decline from 2020.

Price to free cash flow ratio can be defined as