• Shopify average price/book ratio for 2023 was 9.47, a 68.21% increase from 2022.
• Shopify average price/book ratio for 2022 was 5.63, a 64.59% increase from 2021.
• Shopify average price/book ratio for 2021 was 15.9, a 22.97% decline from 2020.

Price/book ratio can be defined as