• Brown-Forman average price/book ratio for 2023 was 9.49, a 20.92% decline from 2022.
• Brown-Forman average price/book ratio for 2022 was 12, a 6.47% decline from 2021.
• Brown-Forman average price/book ratio for 2021 was 12.83, a 14.24% decline from 2020.

Price/book ratio can be defined as