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The price-to-book ratio refers to the ratio between the market value of a company and its net assets. The price-to-book ratio is an important indicator for measuring whether a company's stock is undervalued or overvalued. A lower price-to-book ratio means that the stock price is relatively low, which may be seen as an investment opportunity. The price-to-book ratio is equal to the market value divided by the net assets, where the market value refers to the market value of the company and the net assets refer to the total assets of the company minus the total liabilities.