• Hershey average price/book ratio for 2023 was 11.72, a 17% decline from 2022.
• Hershey average price/book ratio for 2022 was 14.12, a 3.44% decline from 2021.
• Hershey average price/book ratio for 2021 was 13.65, a 1.23% increase from 2020.

Price/book ratio can be defined as