• Pentair average gross margin for 2023 was 35.46%, a 5.6% increase from 2022.
• Pentair average gross margin for 2022 was 33.58%, a 5.28% increase from 2021.
• Pentair average gross margin for 2021 was 35.45%, a 0.14% 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.