• PennyMac Financial Services average operating margin for 2023 was 30.67%, a 23.04% decline from 2022.
• PennyMac Financial Services average operating margin for 2022 was 39.85%, a 26% decline from 2021.
• PennyMac Financial Services average operating margin for 2021 was 53.85%, a 4.04% 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.