• Piper Sandler average gross margin for 2023 was 98.51%, a 0.39% increase from 2022.
• Piper Sandler average gross margin for 2022 was 98.9%, a 0.06% decline from 2021.
• Piper Sandler average gross margin for 2021 was 98.96%, a 0.7% 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.