• Stifel Financial average gross margin for 2023 was 98.33%, a 0.37% increase from 2022.
• Stifel Financial average gross margin for 2022 was 98.7%, a 0.03% decline from 2021.
• Stifel Financial average gross margin for 2021 was 98.67%, a 0.12% increase 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.