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How much a margin moved

How far the profit margin strayed from its own average, year to year, measured in percentage points. A small number means a predictable business; a large one means the margin is at the mercy of something outside the company.

Example

A margin that sat at 11%, 12%, 13%, 12% moved about half a point. One that went 4%, 19%, 7%, 15% moved about six — the same average, a completely different business to own.

Worth knowing

This is a spread, not a direction: it says nothing about whether the margin is rising or falling. The margin trend figure says that.

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