Globus Medical (GMED)

Pretax margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	120,723	121,050	66,553	93,646	165,393	202,514	261,444	257,310	243,019	200,731	193,718	172,111	180,407	222,792	221,470	150,595	125,899	118,136	111,758	180,793
Revenue (ttm)	US$ in thousands	2,519,355	2,478,596	2,236,530	1,898,454	1,568,476	1,226,440	1,096,949	1,068,982	1,022,843	998,366	973,939	961,307	958,102	941,526	927,903	825,809	789,042	767,264	747,381	792,998
Pretax margin		4.79%	4.88%	2.98%	4.93%	10.54%	16.51%	23.83%	24.07%	23.76%	20.11%	19.89%	17.90%	18.83%	23.66%	23.87%	18.24%	15.96%	15.40%	14.95%	22.80%

December 31, 2024 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $120,723K ÷ $2,519,355K
= 4.79%

The pretax margin of Globus Medical has shown fluctuations over the past few years. It stood at a healthy 22.80% as of March 31, 2020, indicating strong profitability before accounting for taxes. The margin dipped to 14.95% by June 30, 2020, but gradually increased to 23.87% by June 30, 2021, showing improved profitability. However, there were subsequent fluctuations, with the margin peaking at 24.07% as of March 31, 2023, before dropping to 4.93% by the end of June 2024. The downward trend continued with a pretax margin of 4.79% as of December 31, 2024.

Overall, the pretax margin of Globus Medical has experienced significant variability, indicating fluctuations in the company's profitability levels and its ability to control operating expenses and generate earnings before taxes.