• Franco-Nevada average operating margin for 2023 was 61.29%, a 1.27% increase from 2022.
• Franco-Nevada average operating margin for 2022 was 62.08%, a 1.12% decline from 2021.
• Franco-Nevada average operating margin for 2021 was 61.39%, a 13.27% 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.