• Morningstar average pre-tax profit margin for 2023 was 5.5%, a 49.4% increase from 2022.
• Morningstar average pre-tax profit margin for 2022 was 10.87%, a 39.98% decline from 2021.
• Morningstar average pre-tax profit margin for 2021 was 18.11%, a 7.54% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.