• Snap-On average gross margin for 2023 was 49.42%, a 1.29% increase from 2022.
• Snap-On average gross margin for 2022 was 48.79%, a 1.31% increase from 2021.
• Snap-On average gross margin for 2021 was 49.44%, a 1.64% 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.