• Morningstar average gross margin for 2023 was 57.74%, a 1.11% increase from 2022.
• Morningstar average gross margin for 2022 was 58.39%, a 2.41% decline from 2021.
• Morningstar average gross margin for 2021 was 59.83%, a 1.34% 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.