• Valvoline average operating margin for 2023 was 17.5%, a 19.05% increase from 2022.
• Valvoline average operating margin for 2022 was 14.7%, a 34.7% increase from 2021.
• Valvoline average operating margin for 2021 was 22.51%, a 10.67% 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.