• Hexcel average gross margin for 2023 was 24.39%, a 13.76% increase from 2022.
• Hexcel average gross margin for 2022 was 21.44%, a 41.33% increase from 2021.
• Hexcel average gross margin for 2021 was 15.17%, a 30.44% 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.