• VALE S.A average price to free cash flow ratio for 2023 was 9.62, a 32.32% decline from 2022.
• VALE S.A average price to free cash flow ratio for 2022 was 7.27, a 136.04% increase from 2021.
• VALE S.A average price to free cash flow ratio for 2021 was 3.08, a 25.24% increase from 2020.

Price to free cash flow ratio can be defined as