• Nippon Paint Holdings average gross margin for 2023 was 38.57%, a 3.27% increase from 2022.
• Nippon Paint Holdings average gross margin for 2022 was 37.35%, a 5.63% increase from 2021.
• Nippon Paint Holdings average gross margin for 2021 was 39.58%, a 3.27% 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.