Operating Margin
Short definition
Operating margin is operating profit over revenue — profitability after opex, before finance and tax.
Detailed explanation
Scale shows up here: if sales outrun opex, the rate opens. The reverse is growth that inflates G&A and selling cost.
Depreciation policy and IFRS 16 change the gap versus EBITDA margin. One-off other income distorts the rate.
Why it matters for the CFO
Investment committees read whether unit contribution covers opex from this margin. It is independent of capital structure.
How it is calculated
Faaliyet marjı = Faaliyet kârı / Satış gelirleri
Variables in the formula
- Operating margin: Operating profit / Revenue
How to read it
High EBITDA margin with a thin operating margin means heavy asset consumption; cash capex is a separate question. Inflation that lags into opex can leave the margin temporarily fat.
Numerical example
Operating profit 80 mn TL, sales 400 mn TL → operating margin = 80 / 400 = 20%.
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Definitions are educational. They are not investment, credit or tax advice.