Operating margin (marge d'exploitation, EBIT margin) measures operating profitability after depreciation and amortisation but before financial charges and taxes — EBIT / Revenue. It reflects the net operational efficiency of the business, incorporating depreciation policy and the investment base. In business valuation, normalised operating margin is the starting point for NOPAT calculation and free cash flow derivation in DCF models. Comparison with sector peers reveals the company's competitive position and justifies premium or discount multiples.

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Example: a Swiss IT services company presents EBITDA of CHF 3.0 million on CHF 18.0 million revenue (16.7% EBITDA margin) and depreciation of CHF 600,000 — yielding EBIT of CHF 2.4 million and a 13.3% operating margin. The sector median operating margin is 12.0%, suggesting a modest competitive advantage that justifies applying the high end of the valuation multiple range and a small premium versus less profitable peers.

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Hectelion uses normalised operating margin as a competitive positioning indicator in every comparable analysis and DCF valuation.