• Shimano average operating margin for 2023 was 24.98%, a 1.03% decline from 2022.
• Shimano average operating margin for 2022 was 25.24%, a 19% decline from 2021.
• Shimano average operating margin for 2021 was 21.21%, a 18.1% increase 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.