• Federal Signal average operating margin for 2023 was 12.28%, a 13.6% increase from 2022.
• Federal Signal average operating margin for 2022 was 10.81%, a 3.14% increase from 2021.
• Federal Signal average operating margin for 2021 was 11.16%, a 5.58% 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.