[jgeada]

Would be interesting to see the historical trends for operating margins.

These days it seems that 30%+ operating margins are what VCs and stock market are expecting now, which seems unsustainable. Software and similar businesses can easily do it because cost of manufacturing one more unit is close to zero, all the costs are primarily NRE. Not all business fit that model and but yet they all aspire to the same margins.

[abirch]

I think another aspect here is Return on Equity (part of the Dupont equations) where you can have lower operating margins but be heavily levered.

That's what private equity loves.