• Tower Semiconductor average gross margin for 2023 was 27.04%, a 6.54% decline from 2022.
• Tower Semiconductor average gross margin for 2022 was 25.38%, a 24.9% increase from 2021.
• Tower Semiconductor average gross margin for 2021 was 20.32%, a 12.14% 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.