• FMC average gross margin for 2023 was 40.92%, a 0.92% decline from 2022.
• FMC average gross margin for 2022 was 41.3%, a 4.07% decline from 2021.
• FMC average gross margin for 2021 was 43.05%, a 3.8% 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.