• Heico average gross margin for 2023 was 39.02%, a 0.38% decline from 2022.
• Heico average gross margin for 2022 was 39.17%, a 2.35% decline from 2021.
• Heico average gross margin for 2021 was 38.27%, a 1.29% 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.