• XP average price/book ratio for 2023 was 2.93, a 14.58% decline from 2022.
• XP average price/book ratio for 2022 was 3.43, a 58.52% decline from 2021.
• XP average price/book ratio for 2021 was 8.27, a 16.72% decline from 2020.

Price/book ratio can be defined as