Balchem Corporation (BCPC)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	302,056	280,451	243,174	223,897	211,367
Revenue	US$ in thousands	922,439	942,358	799,023	703,644	643,705
Gross profit margin		32.75%	29.76%	30.43%	31.82%	32.84%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $302,056K ÷ $922,439K
= 32.75%

Balchem Corp.'s gross profit margin has demonstrated fluctuations over the past five years. The margin has ranged from a high of 32.84% in 2019 to a low of 29.76% in 2022, with the most recent figure for 2023 coming in at 32.75%. This indicates that the company has been able to generate a varying level of gross profit relative to its revenue during this period. It is essential to further investigate the reasons behind these fluctuations in order to gain a deeper understanding of the company's performance and profitability trends.