• Ares Capital average operating margin for 2023 was 50.74%, a 3.15% decline from 2022.
• Ares Capital average operating margin for 2022 was 52.39%, a 20.94% decline from 2021.
• Ares Capital average operating margin for 2021 was 43.32%, a 18.94% 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.