• UGI average price/book ratio for 2023 was 1.16, a 0% decline from 2022.
• UGI average price/book ratio for 2022 was 1.16, a 24.18% decline from 2021.
• UGI average price/book ratio for 2021 was 1.53, a 16.79% decline from 2020.

Price/book ratio can be defined as