Fundamental Base Rate · OPERATING_MARGIN
As of 26 Sept 2026 · Explainable knowledge object · Not a trading signal
Operating margin, US SEC filers (8,220 firms, banks excluded, REITs separate): a firm in the top quartile for 1 year stays there next year at 79.5 % vs 25.8 % base (Δ +53.7 pp, n 6,039); after 3 years in a row at 88.3 % vs 27.4 % base (Δ +60.9 pp, n 1,690). Counting every firm that stopped filing as "did not hold": 69.0 % (k = 1) / 71.5 % (k = 3) — 54.1 % of the sample no longer files a 10-K after FY2023, and the truth lies between both numbers. Every number comes from one regime window: fiscal years 2011–2025, which contain exactly one recession (NBER, Feb–Apr 2020, two months). No prices, no returns; descriptive, not a stock pick.
Factors
Source & reproducibility
- Object: ko:fundamental_base_rate:operating_margin:2026-09-26
- Engine: fundamental-base-rate-engine v1.0.0
- As of: 26 Sept 2026 · computed 2026-09-27
- Repro hash: sha256:7ea680ba77b225e28…
- Inputs: 2 provenance references
This is a descriptive, explainable knowledge object for research and education — not financial advice and not a buy/sell signal. Figures describe the past and present; they do not predict the future.