Perfluorocarbon nanodroplets are ultrasound contrast agents that phase transition from liquid to gas when activated by lasers or insonated with a high intensity ultrasound pulse. The dynamics of perfluorocarbon nanodroplets can vary drastically depending on the nanodroplet shell and/or core composition. In this work, we investigated the role of varying lipid shell compositions and how this impacts the acoustic droplet vaporization and inertial cavitation dynamics of these nanodroplets when insonated with high intensity focused ultrasound. We also examined the role of lipid shell composition on the size distribution of these nanodroplets. Nanodroplets with a higher concentration of PEGylated lipids had larger diameters and exhibited greater variance in size distribution. Perfluorocarbon nanodroplets with a lipid shell composed of 50:50 PEGylated to non-PEGylated lipids yielded the highest intensity and duration ultrasound signal as well as the greatest pressure differential between acoustic droplet vaporization onset and inertial cavitation onset. These findings can help guide researchers to fabricate perfluorocarbon nanodroplets with optimized parameters for their specific applications, including ultrasound imaging, drug delivery, and tissue ablation.