• Morningstar average price/book ratio for 2023 was 7.75, a 2.52% increase from 2022.
• Morningstar average price/book ratio for 2022 was 7.95, a 4.68% decline from 2021.
• Morningstar average price/book ratio for 2021 was 8.34, a 42.32% decline from 2020.

Price/book ratio can be defined as