• National Fuel Gas average price/book ratio for 2023 was 1.56, a 40.91% increase from 2022.
• National Fuel Gas average price/book ratio for 2022 was 2.64, a 17.33% decline from 2021.
• National Fuel Gas average price/book ratio for 2021 was 2.25, a 49.01% increase from 2020.

Price/book ratio can be defined as