• Waters average ebitda margin for 2023 was 33.06%, a 2.13% increase from 2022.
• Waters average ebitda margin for 2022 was 33.78%, a 2.45% decline from 2021.
• Waters average ebitda margin for 2021 was 34.63%, a 6.88% decline from 2020.

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