This study looked at companies listed anywhere in the world over the past 18 years until 2017, in 2017 it included 17,159 non-financial companies.

Over the past 18 years, the gross profit margin among non-financials averaged about 28%.

Telecoms have had the highest gross profit margin, Utilities the lowest.

This table constitutes a good sector benchmark when evaluating a company’s gross profit margin.

It also highlights structural differences across sectors in terms of where costs are allocated.