• Waters average price/book ratio for 2023 was 21.43, a 53% decline from 2022.
• Waters average price/book ratio for 2022 was 45.6, a 37.29% decline from 2021.
• Waters average price/book ratio for 2021 was 72.72, a 338.07% decline from 2020.

Price/book ratio can be defined as