• Morningstar average price/book ratio for 2023 was 7.74, a 2.52% increase from 2022.
• Morningstar average price/book ratio for 2022 was 7.94, a 4.68% decline from 2021.
• Morningstar average price/book ratio for 2021 was 8.33, a 42.39% decline from 2020.

Price/book ratio can be defined as