• Badger Meter average gross margin for 2023 was 39.26%, a 0.66% increase from 2022.
• Badger Meter average gross margin for 2022 was 39.52%, a 1.84% decline from 2021.
• Badger Meter average gross margin for 2021 was 40.26%, a 3.23% 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.