Gentex Corporation (GNTX)

Operating profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	495,731	370,006	409,782	399,556	488,538
Revenue	US$ in thousands	2,299,220	1,918,960	1,731,170	1,688,190	1,858,900
Operating profit margin		21.56%	19.28%	23.67%	23.67%	26.28%

December 31, 2023 calculation

Operating profit margin = Operating income ÷ Revenue
= $495,731K ÷ $2,299,220K
= 21.56%

Gentex Corp.'s operating profit margin has displayed some fluctuation over the past five years. The margin was 21.56% in 2023, showing an increase from 19.28% in 2022 but a decline from 23.67% in both 2021 and 2020. In 2019, the operating profit margin was the highest at 26.28%. Despite the variations, the company has maintained relatively healthy operating profit margins, indicating its ability to effectively control operating expenses and generate operating income from its core business activities. Further analysis of the company's cost structure and revenue generation strategies could provide insights into the factors driving these fluctuations in the operating profit margin.