• Moody's average ebitda margin for 2023 was 40.33%, a 7.65% increase from 2022.
• Moody's average ebitda margin for 2022 was 43.67%, a 13.63% decline from 2021.
• Moody's average ebitda margin for 2021 was 50.56%, a 3.9% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.