• VALE S.A average price/book ratio for 2024 was 1.16, a 14.71% decline from 2023.
• VALE S.A average price/book ratio for 2023 was 1.36, a 14.47% decline from 2022.
• VALE S.A average price/book ratio for 2022 was 1.59, a 0% decline from 2021.

Price/book ratio can be defined as