• Royal Gold average operating margin for 2023 was 48.49%, a 0.74% increase from 2022.
• Royal Gold average operating margin for 2022 was 48.85%, a 25.07% decline from 2021.
• Royal Gold average operating margin for 2021 was 65.19%, a 6.56% 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.