Try
decimal d = numericUpDown1.Value / numericUpDown2.Value ;
label1.Text = string.Format( "Ratio: {0}" ,
Math.Round(d,3) ,
MidpointRounding.ToEven
) ;
Or
decimal d = numericUpDown1.Value / numericUpDown2.Value ;
label1.Text = string.Format( "Ratio: {0:0.000}" ,
Math.Round(d,3) ,
MidpointRounding.ToEven
) ;