• Nasdaq average gross margin for 2023 was 62.3%, a 7.16% decline from 2022.
• Nasdaq average gross margin for 2022 was 58.14%, a 2.14% increase from 2021.
• Nasdaq average gross margin for 2021 was 56.92%, a 7.97% 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.