• Nomura Research Institute average ebitda margin for 2023 was 21.92%, a 0.78% increase from 2022.
• Nomura Research Institute average ebitda margin for 2022 was 21.75%, a 3.23% increase from 2021.
• Nomura Research Institute average ebitda margin for 2021 was 21.07%, a 6.04% increase from 2020.

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