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 11.56% is in line with its 5-year average of 12.01%, near the high end of its 5-year range (2.01%–15.57%).
As of the fiscal period ended Tuesday, March 31, 2026. 15.43% below its 12-month average of 13.67%.
Reported quarterly operating margin; no daily interpolation.
OPERATING MARGIN
11.56%
OPERATING MARGIN AVG TTM
13.67%
OPERATING MARGIN AVG 3Y
13.26%
OPERATING MARGIN AVG 5Y
12.51%
OPERATING MARGIN AVG 10Y
13.70%
OPERATING MARGIN AVG 15Y
14.74%
OPERATING MARGIN AVG 20Y
15.83%
CURRENT VS TTM AVG
-15.43%
CURRENT VS 3Y AVG
-12.78%
CURRENT VS 5Y AVG
-7.61%
CURRENT VS 10Y AVG
-15.59%
CURRENT VS 15Y AVG
-21.55%
CURRENT VS 20Y AVG
-26.95%
SECTOR MEDIAN · REAL ESTATE
30.22%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
-61.74%
vs the sector median at left
Market Cap
$36.35B
Operating Margin
18.01%
TTM Avg
18.39%
3Y Avg
18.54%
5Y Avg
19.29%
Market Cap
$61.53B
Operating Margin
29.27%
TTM Avg
36.16%
3Y Avg
38.42%
5Y Avg
41.26%
Market Cap
$33.46B
Operating Margin
47.74%
TTM Avg
2.01%
3Y Avg
18.16%
5Y Avg
22.69%
Market Cap
$32.84B
Operating Margin
43.37%
TTM Avg
41.87%
3Y Avg
45.48%
5Y Avg
48.48%
Market Cap
$28.93B
Operating Margin
98.67%
TTM Avg
91.57%
3Y Avg
84.63%
5Y Avg
84.79%
Market Cap
$27.18B
Operating Margin
29.15%
TTM Avg
30.75%
3Y Avg
30.95%
5Y Avg
30.23%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Ventas, Inc. (VTR) | $47.66B | 11.56% | 13.67% | 13.26% | 12.51% |
| CBRE Group, Inc. (CBRE)vs › | $44.10B | 3.76% | 3.57% | 3.89% | 4.25% |
| Iron Mountain Incorporated (IRM)vs › | $36.35B | 18.01% | 18.39% | 18.54% | 19.29% |
| Realty Income Corporation (O)vs › | $61.53B | 29.27% | 36.16% | 38.42% | 41.26% |
| Public Storage (PSA)vs › | $62.09B | 50.85% | 46.80% | 49.20% | 49.19% |
| Crown Castle Inc. (CCI)vs › | $33.46B | 47.74% | 2.01% | 18.16% | 22.69% |
| Extra Space Storage Inc. (EXR)vs › | $32.84B | 43.37% | 41.87% | 45.48% | 48.48% |
| VICI Properties Inc. (VICI)vs › | $28.93B | 98.67% | 91.57% | 84.63% | 84.79% |
| AvalonBay Communities, Inc. (AVB)vs › | $27.18B | 29.15% | 30.75% | 30.95% | 30.23% |
| Digital Realty Trust, Inc. (DLR)vs › | $69.71B | 10.77% | 9.63% | 10.35% | 11.89% |
Gross Margin
-4.3%
Operating Margin
11.6%
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 | 11.56% |
| 2025-12-31 | 13.04% |
| 2025-09-30 | 14.88% |
| 2025-06-30 | 14.32% |
| 2025-03-31 | 14.56% |
| 2024-12-31 | 15.21% |
| 2024-09-30 | 14.73% |
| 2024-06-30 | 11.79% |
| 2024-03-31 | 13.48% |
| 2023-12-31 | 2.01% |
| 2023-09-30 | 7.68% |
| 2023-06-30 | 14.02% |
| 2023-03-31 | 13.81% |
| 2022-12-31 | 7.82% |
| 2022-09-30 | 12.42% |
| 2022-06-30 | 12.83% |
| 2022-03-31 | 13.91% |
| 2021-12-31 | 9.03% |
| 2021-09-30 | 11.11% |
| 2021-06-30 | 15.57% |
| 2021-03-31 | 8.52% |
| 2020-12-31 | 19.85% |
| 2020-09-30 | 14.90% |
| 2020-06-30 | 3.89% |
| 2020-03-31 | 23.82% |
| 2019-12-31 | 12.51% |
| 2019-09-30 | 8.84% |
| 2019-06-30 | 22.29% |
| 2019-03-31 | 13.23% |
| 2018-12-31 | 45.06% |
| 2018-09-30 | 11.03% |
| 2018-06-30 | 15.85% |
| 2018-03-31 | 8.48% |
| 2017-12-31 | 71.93% |
| 2017-09-30 | 18.10% |
| 2017-06-30 | 17.68% |
| 2017-03-31 | 17.39% |
| 2016-12-31 | 63.29% |
| 2016-09-30 | 18.52% |
| 2016-06-30 | 16.15% |
| 2016-03-31 | 14.24% |
| 2015-12-31 | 25.30% |
| 2015-09-30 | 5.47% |
| 2015-06-30 | 17.11% |
| 2015-03-31 | 12.96% |
| 2014-12-31 | 24.94% |
| 2014-09-30 | 13.65% |
| 2014-06-30 | 19.62% |
| 2014-03-31 | 18.40% |
| 2013-12-31 | 28.19% |
| 2013-09-30 | 18.98% |
| 2013-06-30 | 19.27% |
| 2013-03-31 | 18.90% |
| 2012-12-31 | 27.84% |
| 2012-09-30 | 17.96% |
| 2012-06-30 | 6.85% |
| 2012-03-31 | 8.33% |
| 2011-12-31 | 9.07% |
| 2011-09-30 | 18.02% |
| 2011-06-30 | 15.37% |
| 2011-03-31 | 19.40% |
| 2010-12-31 | 23.46% |
| 2010-09-30 | 24.61% |
| 2010-06-30 | 23.84% |
| 2010-03-31 | 21.82% |
| 2009-12-31 | 82.74% |
| 2009-09-30 | 23.66% |
| 2009-06-30 | 21.63% |
| 2009-03-31 | 21.00% |
| 2008-12-31 | 62.60% |
| 2008-09-30 | 26.86% |
| 2008-06-30 | 17.23% |
| 2008-03-31 | 13.42% |
| 2007-12-31 | 63.08% |
| 2007-09-30 | 12.38% |
| 2007-06-30 | 23.30% |
| 2007-03-31 | 70.31% |
| 2006-12-31 | 113.34% |
| 2006-09-30 | 87.33% |
| 2006-06-30 | 65.92% |
| 2006-03-31 | -3.29% |
| 2005-12-31 | 112.07% |
| 2005-09-30 | 64.78% |
| 2005-06-30 | 67.67% |
| 2005-03-31 | 70.90% |
| 2004-12-31 | 152.11% |
| 2004-09-30 | 41.06% |
| 2004-06-30 | 42.92% |
| 2004-03-31 | 72.78% |
| 2003-12-31 | 60.43% |
| 2003-09-30 | 76.48% |
| 2003-06-30 | 0.93% |
| 2003-03-31 | 93.98% |
| 2002-12-31 | 67.05% |
| 2002-09-30 | 69.63% |
| 2002-06-30 | 80.11% |
