• Lazard average price/book ratio for 2023 was 6.13, a 67.95% increase from 2022.
• Lazard average price/book ratio for 2022 was 3.65, a 13.71% increase from 2021.
• Lazard average price/book ratio for 2021 was 4.23, a 14.32% decline from 2020.

Price/book ratio can be defined as