• Tenaris S.A average gross margin for 2023 was 42.41%, a 18.43% decline from 2022.
• Tenaris S.A average gross margin for 2022 was 35.81%, a 45.93% increase from 2021.
• Tenaris S.A average gross margin for 2021 was 24.54%, a 0.2% 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.