• Freedom Holding average operating margin for 2023 was 28.93%, a 26.24% decline from 2022.
• Freedom Holding average operating margin for 2022 was 39.22%, a 22.83% decline from 2021.
• Freedom Holding average operating margin for 2021 was 50.82%, a 16.37% 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.