• Woodward average operating margin for 2023 was 9.02%, a 1.92% increase from 2022.
• Woodward average operating margin for 2022 was 8.85%, a 15.23% increase from 2021.
• Woodward average operating margin for 2021 was 10.44%, a 12.56% 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.