• Woodward average gross margin for 2023 was 22.91%, a 2.6% increase from 2022.
• Woodward average gross margin for 2022 was 22.33%, a 8.41% increase from 2021.
• Woodward average gross margin for 2021 was 24.38%, a 4.17% 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.