This is the Price to Cash ratio, adjusted for the cash burn rate of the company.
The cash burn rate is the amount of cash spent by the company over the last year, for all companies that are generating negative free cash flow. If they are generating positive free cash blow, the cash burn will be zero.
The definition for the ratio in full, then, is the price market capitalisation of the company, divided by the current cash it has on the balance sheet minus the amount of cash it spent in the last year if free cash flow is negative.
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