• Parker-Hannifin average operating margin for 2023 was 17.39%, a 4.07% increase from 2022.
• Parker-Hannifin average operating margin for 2022 was 16.71%, a 1.76% increase from 2021.
• Parker-Hannifin average operating margin for 2021 was 17.01%, a 24.89% 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.