• Piper Sandler average operating margin for 2023 was 10.39%, a 41.27% increase from 2022.
• Piper Sandler average operating margin for 2022 was 17.69%, a 13.5% decline from 2021.
• Piper Sandler average operating margin for 2021 was 20.45%, a 137.24% 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.