• Universal Display average gross margin for 2023 was 77.64%, a 0.92% decline from 2022.
• Universal Display average gross margin for 2022 was 78.36%, a 2.32% decline from 2021.
• Universal Display average gross margin for 2021 was 80.22%, a 0.47% 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.