• Middleby average price/book ratio for 2023 was 2.51, a 14.92% decline from 2022.
• Middleby average price/book ratio for 2022 was 2.95, a 33.26% decline from 2021.
• Middleby average price/book ratio for 2021 was 4.42, a 76.8% decline from 2020.

Price/book ratio can be defined as