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What is M-ratio in poker?

A metric used in tournament poker that measures the health of a player's chip stack. A player’s "M" is the number of orbits they could fold every hand and only post the blinds and ante before they would blind out. For example, the total cost of 1 orbit = 2.5bb (1 big blind + 0.5 big blind (small blind) + 1 bb ante), and stack size = 25bb. To calculate, M = stack size / total cost of orbit. In this case, 25bb / 2.5bb = M = 10.