• Morningstar average ebitda margin for 2023 was 17.61%, a 14.72% increase from 2022.
• Morningstar average ebitda margin for 2022 was 20.65%, a 16.16% decline from 2021.
• Morningstar average ebitda margin for 2021 was 24.63%, a 2.07% decline from 2020.

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