• Dow average gross margin for 2023 was 11.65%, a 34.44% decline from 2022.
• Dow average gross margin for 2022 was 17.77%, a 2.78% decline from 2021.
• Dow average gross margin for 2021 was 17.29%, a 26.85% increase 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.