Chemed Corp (CHE)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	350,367	329,679	350,314	395,990	261,609
Revenue	US$ in thousands	2,264,420	2,134,960	2,139,260	2,079,580	1,938,560
Pretax margin		15.47%	15.44%	16.38%	19.04%	13.50%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $350,367K ÷ $2,264,420K
= 15.47%

Chemed Corp.'s pretax margin has shown some variability over the past five years. It decreased slightly from 15.44% in 2022 to 15.47% in 2023. Prior to this, there was another slight decline from 16.38% in 2021. The pretax margin was highest in 2020 at 19.04% and lowest in 2019 at 13.50%. This indicates that the company's ability to generate profits before accounting for taxes has fluctuated over the years, with a downward trend in recent years. Further analysis would be needed to understand the causes behind these fluctuations and to assess the sustainability of the company's profitability levels.