• Shimano average gross margin for 2023 was 41.83%, a 1.41% decline from 2022.
• Shimano average gross margin for 2022 was 41.25%, a 3.64% increase from 2021.
• Shimano average gross margin for 2021 was 39.8%, a 2.05% 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.