• Ashtead Group average gross margin for 2023 was 45.56%, a 0.46% decline from 2022.
• Ashtead Group average gross margin for 2022 was 45.35%, a 0.79% increase from 2021.
• Ashtead Group average gross margin for 2021 was 45.71%, a 2.1% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.