• Nomura Research Institute average operating margin for 2023 was 15.31%, a 0.07% increase from 2022.
• Nomura Research Institute average operating margin for 2022 was 15.3%, a 3.52% increase from 2021.
• Nomura Research Institute average operating margin for 2021 was 14.78%, a 6.79% increase 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.