• Ares Capital average operating margin for 2023 was 52.33%, a 4.85% decline from 2022.
• Ares Capital average operating margin for 2022 was 49.91%, a 12.03% increase from 2021.
• Ares Capital average operating margin for 2021 was 44.55%, a 18.18% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.