• Shimano average ebitda margin for 2023 was 23.5%, a 3.02% decline from 2022.
• Shimano average ebitda margin for 2022 was 22.81%, a 9.3% increase from 2021.
• Shimano average ebitda margin for 2021 was 20.87%, a 12.75% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.