What financial metric can be used to gauge investor perception of a company's value?

The Price to Book Ratio (P/B) is a valuable financial metric for gauging investor perception of a company's value because it compares a company's market capitalization to its book value. The market capitalization reflects how much investors are willing to pay for the company, indicating their perception of its future profitability and growth prospects.

A high P/B ratio might suggest that investors expect strong future growth, while a low P/B ratio could indicate that the market has less confidence in the company's potential. This ratio is particularly useful for assessing companies with significant tangible assets, allowing investors to make informed decisions based on how the market values those assets relative to their accounting value.

The other options provided do not directly relate to investor perception in the same way. Net worth and Net Asset Value (NAV), while they are useful metrics for evaluating a company's financial standing, focus more on the intrinsic value rather than market perception. Operating expenses are a measure of a company's cost efficiency and do not reflect how investors value the company. Thus, the Price to Book Ratio stands out as the best indicator of investor perception regarding a company's value.