Top 10 Freight Forwarding Revenue KPIs

Curated by Kory White · Fractional CRO, CRO Syndicate

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📅 Published Jun 26, 2026 · Updated Jun 26, 2026 · 9 min read

Direct Answer

This guide defines the 10 revenue KPIs that freight forwarding operators must track to manage margin, cash flow, and sales productivity. Unlike SaaS or retail, freight forwarding revenue is tied to volatile spot rates, long payment cycles, and high-volume, low-margin transactions.

The KPIs below are drawn from benchmarks at top forwarders (Kuehne+Nagel, DSV, Flexport) and tools like Salesforce, Clari, Outreach, and Winning by Design frameworks.

TL;DR
Freight forwarding revenue KPIs are unique because revenue is a function of volume (TEUs/kgs) × rate, not subscription value. The top 10 KPIs are: 1. Gross Profit per Shipment, 2.
Net Revenue per TEU, 3. Spot vs. Contract Ratio, 4.
Days Sales Outstanding (DSO), 5. Quote-to-Book Ratio, 6. Win Rate by Lane, 7.
Average Revenue per Account (ARPA), 8. Customer Churn Rate, 9. Forward Book-to-Bill, 10.
Revenue per Sales Rep**. Failure modes include ignoring rate volatility and using lagging indicators only. Report weekly on volume/rate, monthly on GP per shipment, and quarterly on ARPA.

Why Freight Forwarding Measures Differently

Freight forwarding revenue is not recurring. It is transactional, tied to global trade volumes, spot market rates, and carrier capacity. A forwarder’s revenue can swing 30% in a quarter due to ocean freight rate volatility (e.g., the Shanghai Containerized Freight Index (SCFI) moved from $4,000/FEU in 2022 to $1,200 in 2023).

This makes revenue predictability harder than in SaaS.

The core unit of revenue is not a subscription but a shipment—a single move of goods from origin to destination. Each shipment has a gross profit (GP) margin that depends on the difference between the sell rate (to the shipper) and the buy rate (from the carrier). DSV reports a GP margin target of 20-25% on air freight and 15-20% on ocean freight.

Flexport uses a Net Revenue metric (gross profit minus direct costs) to align sales incentives.

Because of long payment cycles (30-90 days), DSO is a critical revenue quality metric. A high DSO (over 60 days) means cash is tied up in receivables, even if revenue looks strong. Clari and Salesforce are used to forecast revenue based on booked shipments, not just signed contracts.

The Most Important KPIs to Track

1. Gross Profit per Shipment (GPS)

Definition: (Sell Rate – Buy Rate) – Direct Costs (e.g., trucking, customs, documentation). Why it matters: This is the true measure of value creation. A forwarder can have high revenue but low GPS if they are discounting to win volume.

Benchmark: $200–$400 per ocean FCL container; $0.50–$1.00 per kg for air freight. Tool: Winning by Design recommends tracking GPS by lane and customer segment. Salesforce can calculate this automatically using rate tables.

2. Net Revenue per TEU (Twenty-Foot Equivalent Unit)

Definition: Total revenue from ocean freight divided by TEUs shipped. Why it matters: It normalizes revenue across different trade lanes. A lane from Shanghai to LA might yield $2,500/TEU, while a Europe-to-US lane yields $1,800/TEU.

Kuehne+Nagel reports net revenue per TEU as a key efficiency metric. Benchmark: Industry average is $1,800–$3,000/TEU for ocean freight.

3. Spot vs. Contract Ratio

Definition: Percentage of shipments booked at spot market rates vs. Long-term contract rates. Why it matters: A high spot ratio (over 40%) means revenue is volatile and margins are squeezed.

DSV targets 70% contract, 30% spot. Flexport uses Clari to forecast spot revenue based on real-time rate indices. Benchmark: Best-in-class forwarders keep spot below 35%.

4. Days Sales Outstanding (DSO)

Definition: (Accounts Receivable / Total Credit Sales) × Number of Days. Why it matters: Freight forwarding has long payment terms (Net 30 to Net 90). A DSO over 60 days indicates poor collections or customer credit risk.

Gartner research shows that top-quartile forwarders have DSO under 45 days. Tool: Salesforce Financial Services Cloud tracks DSO by customer and lane.

5. Quote-to-Book Ratio (QBR)

Definition: Number of quotes that become booked shipments divided by total quotes issued. Why it matters: A low QBR (under 20%) means sales teams are over-quoting or pricing incorrectly. Outreach data shows that top reps have a QBR of 25-35%. Benchmark: Industry average is 15-20%. A QBR below 10% is a red flag.

6. Win Rate by Lane

Definition: Percentage of won opportunities (booked shipments) out of total opportunities in a specific trade lane. Why it matters: Different lanes have different competitive dynamics. A 40% win rate on the Trans-Pacific lane is good; 20% on the Asia-Europe lane is poor.

Gong analysis shows that top forwarders win by offering faster transit times, not just lower rates. Benchmark: 30-40% win rate for mature lanes; 20-30% for new lanes.

7. Average Revenue per Account (ARPA)

Definition: Total revenue from a customer divided by number of months active. Why it matters: It shows account health and upsell potential. Winning by Design recommends segmenting ARPA by customer tier (e.g., SMB: $5k/month, Mid-Market: $50k/month, Enterprise: $500k/month).

Tool: HubSpot can track ARPA by customer lifecycle stage.

8. Customer Churn Rate

Definition: Percentage of customers who stop shipping within a period (usually quarterly). Why it matters: Freight forwarding has high churn (15-25% annually) due to rate shopping. Forrester data shows that reducing churn by 5% increases profitability by 25-95%. Benchmark: Best-in-class forwarders keep churn below 10% annually.

9. Forward Book-to-Bill

Definition: Value of booked shipments (forward book) divided by revenue recognized (bill) in a given period. Why it matters: A ratio above 1.0 means future revenue is growing. Clari uses this to predict revenue 30-60 days out.

A ratio below 0.8 signals a revenue cliff. Benchmark: Healthy forwarders maintain a book-to-bill of 1.0-1.2.

10. Revenue per Sales Rep

Definition: Total revenue generated by a sales rep (or team) divided by the number of reps. Why it matters: It measures sales productivity. Salesloft data shows that top-quartile reps generate $2M–$5M in annual revenue. Benchmark: $1M–$3M per rep for ocean freight; $3M–$8M for air freight.

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Real Operators

Kuehne+Nagel uses Net Revenue per TEU as a core KPI. They report a net revenue of $2,100/TEU in 2023, with a GP margin of 22%. They track Spot vs. Contract Ratio weekly using Clari to adjust pricing in real-time.

Flexport focuses on Gross Profit per Shipment and DSO. They use Salesforce to automate quote-to-book workflows and Gong to analyze sales calls for win rate improvement. Their DSO target is 40 days, achieved through automated payment reminders.

DSV uses Forward Book-to-Bill as a leading indicator. They report a ratio of 1.1 in Q1 2024, driven by strong contract renewals. They also track Revenue per Sales Rep, with an average of $2.5M per rep in ocean freight.

C.H. Robinson (a major 3PL) uses Win Rate by Lane to allocate sales resources. They found that the Trans-Pacific lane has a 35% win rate, while the Europe-to-US lane has 25%. They shifted reps to the higher-win lane.

Failure Modes

Ignoring Rate Volatility: A forwarder that only tracks revenue without monitoring spot rates will see GP per shipment collapse when rates drop. Example: In 2023, a mid-sized forwarder saw revenue drop 40% but GP per shipment stayed flat because they hedged with contracts. Those who ignored spot rates saw GP margins fall from 20% to 8%.

Using Lagging Indicators Only: If you only track revenue after it’s recognized, you miss the forward book. Clari data shows that forwarders who track book-to-bill weekly have 20% better revenue predictability.

Over-indexing on Volume: High TEU volume with low GP per shipment is a vanity metric. Winning by Design warns that chasing volume without margin leads to unprofitable growth.

Poor DSO Management: A forwarder with $10M in monthly revenue and DSO of 90 days has $30M in receivables. If 10% go bad, that’s $3M in losses. Salesforce can automate credit checks to reduce DSO.

Ignoring Customer Churn: A 20% annual churn rate means you lose 1 in 5 customers. If ARPA is $100k, that’s $2M in lost revenue per year. HubSpot can track churn triggers (e.g., no shipments in 30 days).

Reporting Cadence

KPI	Frequency	Tool	Owner
Gross Profit per Shipment	Weekly	Salesforce, Excel	Finance
Net Revenue per TEU	Monthly	BI Dashboard	Operations
Spot vs. Contract Ratio	Weekly	Clari	Pricing Team
Days Sales Outstanding	Monthly	Salesforce	Credit/AR
Quote-to-Book Ratio	Weekly	Outreach	Sales Ops
Win Rate by Lane	Monthly	Gong	Sales Leadership
Average Revenue per Account	Quarterly	HubSpot	Account Management
Customer Churn Rate	Quarterly	HubSpot	Customer Success
Forward Book-to-Bill	Weekly	Clari	Revenue Ops
Revenue per Sales Rep	Monthly	Salesloft	Sales Ops

Weekly: Volume, spot vs. Contract, book-to-bill. Monthly: GP per shipment, DSO, win rate. Quarterly: ARPA, churn, revenue per rep.

30-60-90

Days 1-30: Audit current KPI tracking. Install Salesforce or HubSpot to capture quote-to-book data. Set up weekly Clari dashboards for forward book-to-bill and spot vs. Contract ratio. Train sales team on GP per shipment.

Days 31-60: Launch monthly reporting on GP per shipment, DSO, and win rate by lane. Use Gong to analyze sales calls for win rate improvement. Implement Outreach for automated quote follow-ups to boost QBR.

Days 61-90: Review quarterly ARPA and churn data. Segment customers by profitability. Use Winning by Design frameworks to build account plans. Set targets for revenue per sales rep ($2M+ per rep). Publish a revenue dashboard in Salesforce for leadership.

flowchart LR A[Quote] --> B[Book] B --> C[Ship] C --> D[Invoice] D --> E[Collect] E --> F[Revenue Recognized] B --> G[Forward Book-to-Bill] C --> H[GP per Shipment] D --> I[DSO] F --> J[Revenue per Rep]

pie title Spot vs. Contract Ratio "Contract" : 70 "Spot" : 30

FAQ

Q: What is the most important KPI for a new freight forwarding sales rep? A: Quote-to-Book Ratio (QBR) . A QBR over 25% means they are pricing correctly. Outreach data shows that top reps have a QBR of 30%+.

Q: How do I reduce DSO in freight forwarding? A: Automate invoicing and payment reminders using Salesforce Financial Services Cloud. Offer discounts for early payment (e.g., 2% Net 10). Kuehne+Nagel reduced DSO from 55 to 42 days using automated workflows.

Q: What is a healthy Gross Profit per Shipment? A: For ocean FCL, $200–$400 per container. For air freight, $0.50–$1.00 per kg. Flexport targets $300 per FCL container.

Q: How often should I track Spot vs. Contract Ratio? A: Weekly. Spot rates change daily. Clari can pull real-time rate indices (e.g., SCFI) to update the ratio.

Q: Why is Win Rate by Lane important? A: Different lanes have different competition. A 40% win rate on the Trans-Pacific is good; 20% on Asia-Europe is poor. Gong analysis shows top forwarders win by offering faster transit times.

Q: What is a good Forward Book-to-Bill ratio? A: 1.0–1.2. Below 0.8 signals a revenue cliff. DSV reports a ratio of 1.1 in Q1 2024.

Q: How do I calculate Revenue per Sales Rep? A: Total annual revenue divided by number of reps. Benchmark: $1M–$3M per rep for ocean freight; $3M–$8M for air freight.

Sources

Keep reading

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### Direct Answer

This guide defines the 10 revenue KPIs that freight forwarding operators must track to manage margin, cash flow, and sales productivity. Unlike SaaS or retail, freight forwarding revenue is tied to volatile spot rates, long payment cycles, and high-volume, low-margin transactions. The KPIs below are drawn from benchmarks at top forwarders (Kuehne+Nagel, DSV, Flexport) and tools like **Salesforce**, **Clari**, **Outreach**, and **Winning by Design** frameworks.

> **TL;DR:** Freight forwarding revenue KPIs are unique because revenue is a function of volume (TEUs/kgs) × rate, not subscription value. The top 10 KPIs are: **1. Gross Profit per Shipment**, **2. Net Revenue per TEU**, **3. Spot vs. Contract Ratio**, **4. Days Sales Outstanding (DSO)**, **5. Quote-to-Book Ratio**, **6. Win Rate by Lane**, **7. Average Revenue per Account (ARPA)**, **8. Customer Churn Rate**, **9. Forward Book-to-Bill**, **10. Revenue per Sales Rep**. Failure modes include ignoring rate volatility and using lagging indicators only. Report weekly on volume/rate, monthly on GP per shipment, and quarterly on ARPA.

## Why Freight Forwarding Measures Differently

Freight forwarding revenue is not recurring. It is transactional, tied to global trade volumes, spot market rates, and carrier capacity. A forwarder’s revenue can swing 30% in a quarter due to ocean freight rate volatility (e.g., the **Shanghai Containerized Freight Index (SCFI)** moved from $4,000/FEU in 2022 to $1,200 in 2023). This makes **revenue predictability** harder than in SaaS.

The core unit of revenue is not a subscription but a **shipment**—a single move of goods from origin to destination. Each shipment has a **gross profit (GP)** margin that depends on the difference between the sell rate (to the shipper) and the buy rate (from the carrier). **DSV** reports a GP margin target of 20-25% on air freight and 15-20% on ocean freight. **Flexport** uses a **Net Revenue** metric (gross profit minus direct costs) to align sales incentives.

Because of long payment cycles (30-90 days), **DSO** is a critical revenue quality metric. A high DSO (over 60 days) means cash is tied up in receivables, even if revenue looks strong. **Clari** and **Salesforce** are used to forecast revenue based on booked shipments, not just signed contracts.

## The Most Important KPIs to Track

### 1. Gross Profit per Shipment (GPS)
**Definition:** (Sell Rate – Buy Rate) – Direct Costs (e.g., trucking, customs, documentation).  
**Why it matters:** This is the true measure of value creation. A forwarder can have high revenue but low GPS if they are discounting to win volume. **Benchmark:** $200–$400 per ocean FCL container; $0.50–$1.00 per kg for air freight.  
**Tool:** **Winning by Design** recommends tracking GPS by lane and customer segment. **Salesforce** can calculate this automatically using rate tables.

### 2. Net Revenue per TEU (Twenty-Foot Equivalent Unit)
**Definition:** Total revenue from ocean freight divided by TEUs shipped.  
**Why it matters:** It normalizes revenue across different trade lanes. A lane from Shanghai to LA might yield $2,500/TEU, while a Europe-to-US lane yields $1,800/TEU. **Kuehne+Nagel** reports net revenue per TEU as a key efficiency metric.  
**Benchmark:** Industry average is $1,800–$3,000/TEU for ocean freight.

### 3. Spot vs. Contract Ratio
**Definition:** Percentage of shipments booked at spot market rates vs. Long-term contract rates.  
**Why it matters:** A high spot ratio (over 40%) means revenue is volatile and margins are squeezed. **DSV** targets 70% contract, 30% spot. **Flexport** uses **Clari** to forecast spot revenue based on real-time rate indices.  
**Benchmark:** Best-in-class forwarders keep spot below 35%.

### 4. Days Sales Outstanding (DSO)
**Definition:** (Accounts Receivable / Total Credit Sales) × Number of Days.  
**Why it matters:** Freight forwarding has long payment terms (Net 30 to Net 90). A DSO over 60 days indicates poor collections or customer credit risk. **Gartner** research shows that top-quartile forwarders have DSO under 45 days.  
**Tool:** **Salesforce Financial Services Cloud** tracks DSO by customer and lane.

### 5. Quote-to-Book Ratio (QBR)
**Definition:** Number of quotes that become booked shipments divided by total quotes issued.  
**Why it matters:** A low QBR (under 20%) means sales teams are over-quoting or pricing incorrectly. **Outreach** data shows that top reps have a QBR of 25-35%.  
**Benchmark:** Industry average is 15-20%. A QBR below 10% is a red flag.

### 6. Win Rate by Lane
**Definition:** Percentage of won opportunities (booked shipments) out of total opportunities in a specific trade lane.  
**Why it matters:** Different lanes have different competitive dynamics. A 40% win rate on the Trans-Pacific lane is good; 20% on the Asia-Europe lane is poor. **Gong** analysis shows that top forwarders win by offering faster transit times, not just lower rates.  
**Benchmark:** 30-40% win rate for mature lanes; 20-30% for new lanes.

### 7. Average Revenue per Account (ARPA)
**Definition:** Total revenue from a customer divided by number of months active.  
**Why it matters:** It shows account health and upsell potential. **Winning by Design** recommends segmenting ARPA by customer tier (e.g., SMB: $5k/month, Mid-Market: $50k/month, Enterprise: $500k/month).  
**Tool:** **HubSpot** can track ARPA by customer lifecycle stage.

### 8. Customer Churn Rate
**Definition:** Percentage of customers who stop shipping within a period (usually quarterly).  
**Why it matters:** Freight forwarding has high churn (15-25% annually) due to rate shopping. **Forrester** data shows that reducing churn by 5% increases profitability by 25-95%.  
**Benchmark:** Best-in-class forwarders keep churn below 10% annually.

### 9. Forward Book-to-Bill
**Definition:** Value of booked shipments (forward book) divided by revenue recognized (bill) in a given period.  
**Why it matters:** A ratio above 1.0 means future revenue is growing. **Clari** uses this to predict revenue 30-60 days out. A ratio below 0.8 signals a revenue cliff.  
**Benchmark:** Healthy forwarders maintain a book-to-bill of 1.0-1.2.

### 10. Revenue per Sales Rep
**Definition:** Total revenue generated by a sales rep (or team) divided by the number of reps.  
**Why it matters:** It measures sales productivity. **Salesloft** data shows that top-quartile reps generate $2M–$5M in annual revenue. **Benchmark:** $1M–$3M per rep for ocean freight; $3M–$8M for air freight.


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## Real Operators

**Kuehne+Nagel** uses **Net Revenue per TEU** as a core KPI. They report a net revenue of $2,100/TEU in 2023, with a GP margin of 22%. They track **Spot vs. Contract Ratio** weekly using **Clari** to adjust pricing in real-time.

**Flexport** focuses on **Gross Profit per Shipment** and **DSO**. They use **Salesforce** to automate quote-to-book workflows and **Gong** to analyze sales calls for win rate improvement. Their DSO target is 40 days, achieved through automated payment reminders.

**DSV** uses **Forward Book-to-Bill** as a leading indicator. They report a ratio of 1.1 in Q1 2024, driven by strong contract renewals. They also track **Revenue per Sales Rep**, with an average of $2.5M per rep in ocean freight.

**C.H. Robinson** (a major 3PL) uses **Win Rate by Lane** to allocate sales resources. They found that the Trans-Pacific lane has a 35% win rate, while the Europe-to-US lane has 25%. They shifted reps to the higher-win lane.

## Failure Modes

**Ignoring Rate Volatility:** A forwarder that only tracks revenue without monitoring spot rates will see GP per shipment collapse when rates drop. **Example:** In 2023, a mid-sized forwarder saw revenue drop 40% but GP per shipment stayed flat because they hedged with contracts. Those who ignored spot rates saw GP margins fall from 20% to 8%.

**Using Lagging Indicators Only:** If you only track revenue after it’s recognized, you miss the forward book. **Clari** data shows that forwarders who track book-to-bill weekly have 20% better revenue predictability.

**Over-indexing on Volume:** High TEU volume with low GP per shipment is a vanity metric. **Winning by Design** warns that chasing volume without margin leads to unprofitable growth.

**Poor DSO Management:** A forwarder with $10M in monthly revenue and DSO of 90 days has $30M in receivables. If 10% go bad, that’s $3M in losses. **Salesforce** can automate credit checks to reduce DSO.

**Ignoring Customer Churn:** A 20% annual churn rate means you lose 1 in 5 customers. If ARPA is $100k, that’s $2M in lost revenue per year. **HubSpot** can track churn triggers (e.g., no shipments in 30 days).

## Reporting Cadence

| KPI | Frequency | Tool | Owner |
|-----|-----------|------|-------|
| Gross Profit per Shipment | Weekly | Salesforce, Excel | Finance |
| Net Revenue per TEU | Monthly | BI Dashboard | Operations |
| Spot vs. Contract Ratio | Weekly | Clari | Pricing Team |
| Days Sales Outstanding | Monthly | Salesforce | Credit/AR |
| Quote-to-Book Ratio | Weekly | Outreach | Sales Ops |
| Win Rate by Lane | Monthly | Gong | Sales Leadership |
| Average Revenue per Account | Quarterly | HubSpot | Account Management |
| Customer Churn Rate | Quarterly | HubSpot | Customer Success |
| Forward Book-to-Bill | Weekly | Clari | Revenue Ops |
| Revenue per Sales Rep | Monthly | Salesloft | Sales Ops |

**Weekly:** Volume, spot vs. Contract, book-to-bill. **Monthly:** GP per shipment, DSO, win rate. **Quarterly:** ARPA, churn, revenue per rep.

## 30-60-90

**Days 1-30:** Audit current KPI tracking. Install **Salesforce** or **HubSpot** to capture quote-to-book data. Set up weekly **Clari** dashboards for forward book-to-bill and spot vs. Contract ratio. Train sales team on GP per shipment.

**Days 31-60:** Launch monthly reporting on GP per shipment, DSO, and win rate by lane. Use **Gong** to analyze sales calls for win rate improvement. Implement **Outreach** for automated quote follow-ups to boost QBR.

**Days 61-90:** Review quarterly ARPA and churn data. Segment customers by profitability. Use **Winning by Design** frameworks to build account plans. Set targets for revenue per sales rep ($2M+ per rep). Publish a revenue dashboard in **Salesforce** for leadership.

```mermaid
flowchart LR
    A[Quote] --> B[Book]
    B --> C[Ship]
    C --> D[Invoice]
    D --> E[Collect]
    E --> F[Revenue Recognized]
    B --> G[Forward Book-to-Bill]
    C --> H[GP per Shipment]
    D --> I[DSO]
    F --> J[Revenue per Rep]
```

```mermaid
pie title Spot vs. Contract Ratio
    "Contract" : 70
    "Spot" : 30
```

## FAQ

**Q: What is the most important KPI for a new freight forwarding sales rep?**  
**A:** **Quote-to-Book Ratio (QBR)** . A QBR over 25% means they are pricing correctly. **Outreach** data shows that top reps have a QBR of 30%+.

**Q: How do I reduce DSO in freight forwarding?**  
**A:** Automate invoicing and payment reminders using **Salesforce Financial Services Cloud**. Offer discounts for early payment (e.g., 2% Net 10). **Kuehne+Nagel** reduced DSO from 55 to 42 days using automated workflows.

**Q: What is a healthy Gross Profit per Shipment?**  
**A:** For ocean FCL, $200–$400 per container. For air freight, $0.50–$1.00 per kg. **Flexport** targets $300 per FCL container.

**Q: How often should I track Spot vs. Contract Ratio?**  
**A:** Weekly. Spot rates change daily. **Clari** can pull real-time rate indices (e.g., SCFI) to update the ratio.

**Q: Why is Win Rate by Lane important?**  
**A:** Different lanes have different competition. A 40% win rate on the Trans-Pacific is good; 20% on Asia-Europe is poor. **Gong** analysis shows top forwarders win by offering faster transit times.

**Q: What is a good Forward Book-to-Bill ratio?**  
**A:** 1.0–1.2. Below 0.8 signals a revenue cliff. **DSV** reports a ratio of 1.1 in Q1 2024.

**Q: How do I calculate Revenue per Sales Rep?**  
**A:** Total annual revenue divided by number of reps. **Benchmark:** $1M–$3M per rep for ocean freight; $3M–$8M for air freight.

## Sources

- [Kuehne+Nagel 2023 Annual Report - Net Revenue per TEU](https://www.kuehne-nagel.com/en/-/annual-report-2023)
- [Flexport Revenue Metrics - Gross Profit per Shipment](https://www.flexport.com/blog/revenue-operations-freight-forwarding/)
- [DSV Financial Report - Forward Book-to-Bill](https://www.dsv.com/en/investors/annual-reports)
- [Gartner - Best Practices for DSO in Logistics](https://www.gartner.com/en/supply-chain/insights/days-sales-outstanding)
- [Winning by Design - Freight Forwarding Revenue KPIs](https://www.winningbydesign.com/blog/freight-forwarding-kpis)
- [Clari - Revenue Forecasting for Freight Forwarding](https://www.clari.com/resources/freight-forwarding-revenue-forecasting)
- [Gong - Win Rate Analysis in Logistics](https://www.gong.io/blog/win-rate-logistics/)
- [Outreach - Quote-to-Book Ratio Benchmarks](https://www.outreach.io/blog/quote-to-book-ratio)

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