• Shell average price/book ratio for 2023 was 1.08, a 4.85% decline from 2022.
• Shell average price/book ratio for 2022 was 1.03, a 11.96% increase from 2021.
• Shell average price/book ratio for 2021 was 0.92, a 39.39% increase from 2020.

Price/book ratio can be defined as