• Dow average price/book ratio for 2023 was 1.88, a 0% decline from 2022.
• Dow average price/book ratio for 2022 was 1.88, a 27.41% decline from 2021.
• Dow average price/book ratio for 2021 was 2.59, a 16.67% decline from 2020.

Price/book ratio can be defined as