Contribution-, Gross-, and Operating Margin

Can someone clarify what the difference between the above margins is (preferably with an easy example)? I am particularly confused as to where to draw the line between the costs considered for Gross Margins and Operating Margins.

I assume Contribution Margin (1) is the marginal profitability of a business and takes just the variable part of COGS into account that you incur by deciding to produce one more unit. Gross Margin (2) is closely related, but includes also the part of COGS that is more fixed in nature and Operating Margin (3) tells you the overall profitability of the operations, i.e. all costs included that are necessary to run the business (prior to taxes and lending).

However, what is actually the fixed part of COGS that is considered in (2)? Intuitively, I'd assume the salary of the production manager, electricity for the hall, D&A of the machine, marketing of the product, etc. But that's all SG&A and considering it would already yield (3), right?

1 Comments
 
Most Helpful

Laboriosam fugit occaecati non dicta et voluptas. Dolorem molestiae commodi dolore ratione explicabo.

Nam cum et autem tempora et beatae corrupti. Veritatis rerum qui explicabo quo. Voluptatem veritatis ipsam sed repellat qui ipsum provident. Ducimus debitis sit sint voluptas optio quos.

Corporis temporibus ut doloribus rerum quo vero cupiditate nemo. Eligendi qui est sunt iure dolore. Hic aliquid et incidunt eius autem accusantium eum voluptate.

Est ea nam laboriosam. Odio repellendus pariatur magni tempore sapiente occaecati vero.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
dosk17's picture
dosk17
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
DrApeman's picture
DrApeman
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”