Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 60.37% is in line with its 5-year average of 64.10%, near the low end of its 5-year range (58.10%–71.99%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.19% below its 12-month average of 63.01%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
60.37%
OPERATING MARGIN AVG TTM
63.01%
OPERATING MARGIN AVG 3Y
64.77%
OPERATING MARGIN AVG 5Y
63.70%
OPERATING MARGIN AVG 10Y
61.81%
OPERATING MARGIN AVG 15Y
60.59%
OPERATING MARGIN AVG 20Y
60.48%
CURRENT VS TTM AVG
-4.19%
CURRENT VS 3Y AVG
-6.79%
CURRENT VS 5Y AVG
-5.23%
CURRENT VS 10Y AVG
-2.33%
CURRENT VS 15Y AVG
-0.37%
CURRENT VS 20Y AVG
-0.17%
SECTOR MEDIAN · REAL ESTATE
30.22%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+99.77%
vs the sector median at left
Market Cap
$9.68B
Operating Margin
48.03%
TTM Avg
48.18%
3Y Avg
48.61%
5Y Avg
50.68%
Market Cap
$8.88B
Operating Margin
42.32%
TTM Avg
41.50%
3Y Avg
40.62%
5Y Avg
40.74%
Market Cap
$8.88B
Operating Margin
-42.76%
TTM Avg
-7.62%
3Y Avg
8.22%
5Y Avg
20.35%
Market Cap
$10.89B
Operating Margin
41.58%
TTM Avg
37.61%
3Y Avg
40.03%
5Y Avg
39.38%
Market Cap
$7.73B
Operating Margin
40.81%
TTM Avg
39.54%
3Y Avg
40.06%
5Y Avg
43.51%
Market Cap
$11.30B
Operating Margin
-0.76%
TTM Avg
-1.03%
3Y Avg
7.53%
5Y Avg
11.63%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| NNN REIT, Inc. (NNN) | $9.39B | 60.37% | 63.01% | 64.77% | 63.70% |
| CubeSmart (CUBE)vs › | $9.55B | 39.51% | 42.64% | 41.85% | 43.95% |
| Agree Realty Corporation (ADC)vs › | $9.68B | 48.03% | 48.18% | 48.61% | 50.68% |
| First Industrial Realty Trust, Inc. (FR)vs › | $8.88B | 42.32% | 41.50% | 40.62% | 40.74% |
| Alexandria Real Estate Equities, Inc. (ARE)vs › | $8.88B | -42.76% | -7.62% | 8.22% | 20.35% |
| Federal Realty Investment Trust (FRT)vs › | $10.89B | 41.58% | 37.61% | 40.03% | 39.38% |
| BXP, Inc. (BXP)vs › | $11.02B | 55.71% | 42.85% | 37.89% | 36.34% |
| Terreno Realty Corporation (TRNO)vs › | $7.73B | 40.81% | 39.54% | 40.06% | 43.51% |
| CoStar Group, Inc. (CSGP)vs › | $11.30B | -0.76% | -1.03% | 7.53% | 11.63% |
| Camden Property Trust (CPT)vs › | $11.43B | 18.36% | 18.80% | 19.25% | 19.49% |
Gross Margin
38.0%
Operating Margin
60.4%
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-03-31 | 60.37% |
| 2025-12-31 | 62.32% |
| 2025-09-30 | 63.99% |
| 2025-06-30 | 66.05% |
| 2025-03-31 | 62.31% |
| 2024-12-31 | 65.79% |
| 2024-09-30 | 65.68% |
| 2024-06-30 | 70.23% |
| 2024-03-31 | 64.21% |
| 2023-12-31 | 64.60% |
| 2023-09-30 | 71.99% |
| 2023-06-30 | 68.46% |
| 2023-03-31 | 63.21% |
| 2022-12-31 | 64.63% |
| 2022-09-30 | 64.79% |
| 2022-06-30 | 58.10% |
| 2022-03-31 | 62.03% |
| 2021-12-31 | 60.98% |
| 2021-09-30 | 64.53% |
| 2021-06-30 | 59.26% |
| 2021-03-31 | 62.54% |
| 2020-12-31 | 57.14% |
| 2020-09-30 | 55.42% |
| 2020-06-30 | 47.59% |
| 2020-03-31 | 65.90% |
| 2019-12-31 | 59.97% |
| 2019-09-30 | 57.05% |
| 2019-06-30 | 65.83% |
| 2019-03-31 | 66.04% |
| 2018-12-31 | 55.48% |
| 2018-09-30 | 60.96% |
| 2018-06-30 | 60.15% |
| 2018-03-31 | 59.72% |
| 2017-12-31 | 55.46% |
| 2017-09-30 | 58.28% |
| 2017-06-30 | 56.74% |
| 2017-03-31 | 60.45% |
| 2016-12-31 | 60.84% |
| 2016-09-30 | 52.49% |
| 2016-06-30 | 57.32% |
| 2016-03-31 | 61.03% |
| 2015-12-31 | 59.77% |
| 2015-09-30 | 61.77% |
| 2015-06-30 | 57.51% |
| 2015-03-31 | 59.95% |
| 2014-12-31 | 63.29% |
| 2014-09-30 | 60.44% |
| 2014-06-30 | 61.19% |
| 2014-03-31 | 59.81% |
| 2013-12-31 | 59.87% |
| 2013-09-30 | 62.41% |
| 2013-06-30 | 62.11% |
| 2013-03-31 | 59.18% |
| 2012-12-31 | 58.79% |
| 2012-09-30 | 56.18% |
| 2012-06-30 | 55.51% |
| 2012-03-31 | 53.95% |
| 2011-12-31 | 54.31% |
| 2011-09-30 | 52.41% |
| 2011-06-30 | 51.32% |
| 2011-03-31 | 53.55% |
| 2010-12-31 | 41.33% |
| 2010-09-30 | 55.39% |
| 2010-06-30 | 55.46% |
| 2010-03-31 | 50.37% |
| 2009-12-31 | 14.77% |
| 2009-09-30 | 57.55% |
| 2009-06-30 | 62.11% |
| 2009-03-31 | 63.01% |
| 2008-12-31 | 56.64% |
| 2008-09-30 | 67.29% |
| 2008-06-30 | 66.35% |
| 2008-03-31 | 62.15% |
| 2007-12-31 | 62.78% |
| 2007-09-30 | 66.36% |
| 2007-06-30 | 66.27% |
| 2007-03-31 | 65.13% |
| 2006-12-31 | 63.47% |
| 2006-09-30 | 52.67% |
| 2006-06-30 | 57.45% |
| 2006-03-31 | 63.86% |
| 2005-12-31 | 53.13% |
| 2005-09-30 | 56.18% |
| 2005-06-30 | 61.47% |
| 2005-03-31 | 61.40% |
| 2004-12-31 | 57.63% |
| 2004-09-30 | 60.65% |
| 2004-06-30 | 51.54% |
| 2004-03-31 | 63.25% |
| 2003-12-31 | 69.73% |
| 2003-09-30 | 74.21% |
| 2003-06-30 | 75.28% |
| 2003-03-31 | 65.02% |
| 2002-12-31 | 75.32% |
| 2002-09-30 | 70.17% |
| 2002-06-30 | 74.43% |
