• Twilio average price/book ratio for 2023 was 1.21, a 22.44% decline from 2022.
• Twilio average price/book ratio for 2022 was 1.56, a 71.11% decline from 2021.
• Twilio average price/book ratio for 2021 was 5.4, a 7.06% decline from 2020.

Price/book ratio can be defined as