• Novanta average price/book ratio for 2023 was 9.25, a 9.99% decline from 2022.
• Novanta average price/book ratio for 2022 was 8.41, a 20.96% increase from 2021.
• Novanta average price/book ratio for 2021 was 10.64, a 31.36% decline from 2020.

Price/book ratio can be defined as