• Morgan Stanley average operating margin for 2023 was 23.4%, a 20.97% increase from 2022.
• Morgan Stanley average operating margin for 2022 was 29.61%, a 8.7% decline from 2021.
• Morgan Stanley average operating margin for 2021 was 32.43%, a 18.36% 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.