I don't understand the difference between faster by factor versus faster by percent. For example,
Machine A Execution Time: 5.106 ms
Machine B Execution Time: 0.851 ms
Obviously, machine B is faster 4.255 ms. Now, I want to display how much faster B is than A by what factor as well as what percent. As far as I'm concerned:
Machine B is 600% faster than machine A. (5.106 ms / 0.851 ms)
By what factor is B faster than A? I don't see how it's different than percent.
Actually, if you want to use the phrase, "Faster than..." the value should be calculated as $$\frac{\text{difference between values}}{\text{value being compared to}}$$ not $$\frac{\text{value in question}}{\text{value being compared to}}$$
For example, 2 is 100% more than 1. Not 200% more.
I would say that to find the factor B is faster than A, it would be your initial calculation. 600%.
Also note that the phrases "percent faster than" or "...times smaller than" can be problematic and not as straightforward as "...times bigger". Just from an English semantics point of view. But it's generally understood what you mean.
Editing to add @pjs36 comment. When using "by a factor of", you more often see it as a number, not a percentage.
Final Edit: I would say these things.