• Balchem average price/book ratio for 2023 was 4.22, a 6.22% increase from 2022.
• Balchem average price/book ratio for 2022 was 4.5, a 13.79% decline from 2021.
• Balchem average price/book ratio for 2021 was 5.22, a 29.85% decline from 2020.

Price/book ratio can be defined as