• Union Pacific average price/book ratio for 2023 was 9.39, a 13.85% decline from 2022.
• Union Pacific average price/book ratio for 2022 was 10.9, a 17.58% decline from 2021.
• Union Pacific average price/book ratio for 2021 was 9.27, a 39.19% increase from 2020.

Price/book ratio can be defined as