• Morningstar average price/book ratio for 2024 was 8.96, a 16.21% decline from 2023.
• Morningstar average price/book ratio for 2023 was 7.71, a 2.53% increase from 2022.
• Morningstar average price/book ratio for 2022 was 7.91, a 4.81% decline from 2021.

Price/book ratio can be defined as