Related to Equities: Recent closing price divided by the theoretical dollar amount per common share a shareholder might expect to receive from a company's tangible book value should liquidation take place. A Price to Book value of less than 3 is typically considered to be value while a number greater than 3 is considered to be growth.

Related to Mutual Funds: The price/book of an individual company is calculated by dividing the current market price of the company's common stock by the book value (tangible assets minus liabilities) per share of the company. A fund's price/book ratio is calculated by averaging the price/book ratios of all companies whose securities are held in the fund's portfolio.