• Badger Meter average operating margin for 2023 was 16.18%, a 4.12% increase from 2022.
• Badger Meter average operating margin for 2022 was 15.54%, a 0.13% increase from 2021.
• Badger Meter average operating margin for 2021 was 15.56%, a 3.46% decline 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.