• Watsco average price/book ratio for 2023 was 5.75, a 24.73% increase from 2022.
• Watsco average price/book ratio for 2022 was 4.61, a 13.18% increase from 2021.
• Watsco average price/book ratio for 2021 was 5.31, a 32.09% decline from 2020.

Price/book ratio can be defined as