• Paychex average price/book ratio for 2023 was 11.35, a 12.56% increase from 2022.
• Paychex average price/book ratio for 2022 was 12.98, a 12.28% decline from 2021.
• Paychex average price/book ratio for 2021 was 11.56, a 27.59% increase from 2020.

Price/book ratio can be defined as