• Wabtec average gross margin for 2023 was 30.13%, a 2.55% increase from 2022.
• Wabtec average gross margin for 2022 was 30.92%, a 7.36% decline from 2021.
• Wabtec average gross margin for 2021 was 28.8%, a 0.28% 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.