• VALE S.A average price/book ratio for 2023 was 1.43, a 13.86% decline from 2022.
• VALE S.A average price/book ratio for 2022 was 1.66, a 0.6% decline from 2021.
• VALE S.A average price/book ratio for 2021 was 1.67, a 40.34% decline from 2020.

Price/book ratio can be defined as