• Waters average operating margin for 2023 was 28.2%, a 3.49% decline from 2022.
• Waters average operating margin for 2022 was 29.22%, a 1.68% decline from 2021.
• Waters average operating margin for 2021 was 29.72%, a 8.39% 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.