• Moody's average price/book ratio for 2023 was 18.67, a 6.65% increase from 2022.
• Moody's average price/book ratio for 2022 was 20, a 20.6% decline from 2021.
• Moody's average price/book ratio for 2021 was 25.19, a 32.43% decline from 2020.

Price/book ratio can be defined as