• ADP average price/book ratio for 2023 was 24.72, a 13.35% increase from 2022.
• ADP average price/book ratio for 2022 was 28.53, a 86.35% decline from 2021.
• ADP average price/book ratio for 2021 was 15.31, a 48.5% increase from 2020.

Price/book ratio can be defined as