• NVent Electric average gross margin for 2023 was 40.2%, a 7.63% increase from 2022.
• NVent Electric average gross margin for 2022 was 37.35%, a 2.3% increase from 2021.
• NVent Electric average gross margin for 2021 was 38.23%, a 0.42% 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.