• SPX Technologies average gross margin for 2023 was 37.67%, a 6.74% increase from 2022.
• SPX Technologies average gross margin for 2022 was 35.29%, a 3.08% increase from 2021.
• SPX Technologies average gross margin for 2021 was 36.41%, a 6.16% 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.