Operating margin

A sudden border closure would hit travel while lifting online shopping.

For profitability, use the Operating Profit Margin, or ROIC.

Both leave out gains, losses, and non-operating income that distort net profit.

Then compare ROIC with WAC, the return investors require.

The operating profit margin equals operating income divided by total revenue.

ROIC equals this period's net operating profit after taxes, NOPAT, divided by average invested capital.

Invested capital is total long-term liabilities plus equity, averaged between the start and end of the period.