• Shiseido average operating margin for 2023 was 3.41%, a 45.35% decline from 2022.
• Shiseido average operating margin for 2022 was 6.24%, a 38.94% decline from 2021.
• Shiseido average operating margin for 2021 was 10.22%, a 12.72% 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.