• Moody's average gross margin for 2023 was 70.56%, a 1.19% increase from 2022.
• Moody's average gross margin for 2022 was 71.41%, a 2.92% decline from 2021.
• Moody's average gross margin for 2021 was 73.56%, a 1.14% 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.