• Houlihan Lokey average operating margin for 2023 was 18.9%, a 19.51% increase from 2022.
• Houlihan Lokey average operating margin for 2022 was 23.48%, a 16.2% decline from 2021.
• Houlihan Lokey average operating margin for 2021 was 28.02%, a 28.41% 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.