• Waters average pre-tax profit margin for 2023 was 26.24%, a 6.59% decline from 2022.
• Waters average pre-tax profit margin for 2022 was 28.09%, a 3.64% decline from 2021.
• Waters average pre-tax profit margin for 2021 was 29.15%, a 13.03% decline from 2020.

Pre-tax profit margin can be defined as earnings before taxes as a portion of total revenue.