Chemed Corp (CHE)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	350,367	317,174	300,380	316,142	329,679	343,406	362,355	351,354	350,314	400,028	386,212	410,730	395,990	329,744	315,063	279,744	261,609	244,820	240,828	234,179
Revenue (ttm)	US$ in thousands	2,264,417	2,225,159	2,187,099	2,164,571	2,134,963	2,129,287	2,141,482	2,142,450	2,139,261	2,131,572	2,121,202	2,091,145	2,079,583	2,068,618	2,020,934	1,992,319	1,938,555	1,873,739	1,837,277	1,805,506
Pretax margin		15.47%	14.25%	13.73%	14.61%	15.44%	16.13%	16.92%	16.40%	16.38%	18.77%	18.21%	19.64%	19.04%	15.94%	15.59%	14.04%	13.50%	13.07%	13.11%	12.97%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $350,367K ÷ $2,264,417K
= 15.47%

Chemed Corp.'s pretax margin has shown fluctuations over the past eight quarters. In Q4 2023, the pretax margin stood at 15.47%, a slight increase from the previous quarter's 14.25%. However, this figure was lower compared to Q4 2022 when the pretax margin was 15.44%. Overall, the trend in pretax margin indicates some variability but has generally remained above 14% in recent quarters. Further analysis of the company's cost structure, revenue sources, and operating efficiency may provide insights into the factors driving these fluctuations in pretax margin.