• Noble average gross margin for 2023 was 42.14%, a 56.36% increase from 2022.
• Noble average gross margin for 2022 was 26.95%, a 4.5% increase from 2021.
• Noble average gross margin for 2021 was 28.22%, a 38.65% 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.