The Idiot Index

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Sector
Operational MarkupApplied to brick-and-mortar and omnichannel retailers. COGS captures merchandise purchased for resale plus distribution, so the Markup Ratio is naturally compressed (retail margins are thin by structure); the load-bearing indicator is Labor Share, since retail employs millions…
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Operational Markup in Retail · FY 2024

6 of 35 companies · highest first
  1. 1
    HDHome Depot
    $1 of cost+opex becomes $1.18 of revenue
    sector median 1.0623Top 8%
    1.1803
    × revenue / (cost + opex)
  2. 2
    OXMOxford Industries
    $1 of cost+opex becomes $1.16 of revenue
    sector median 1.0623Top 25%
    1.1621
    × revenue / (cost + opex)
  3. 3
    PVHPVH
    $1 of cost+opex becomes $1.09 of revenue
    sector median 1.0623Median range
    1.0901
    × revenue / (cost + opex)
  4. 4
    BURLBurlington
    $1 of cost+opex becomes $1.03 of revenue
    sector median 1.0623Median range
    1.0345
    × revenue / (cost + opex)
  5. 5
    MMacy's
    $1 of cost+opex becomes $1.03 of revenue
    sector median 1.0623Bottom 25%
    1.0266
    × revenue / (cost + opex)
  6. 6
    GAPGap
    $1 of cost+opex becomes $1.00 of revenue
    sector median 1.0623Bottom 8%
    0.9956
    × revenue / (cost + opex)

Not yet covered (29)

These companies are in the Retail cohort but don't have a Operational Markup computed for FY 2024. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

Revenue per dollar of cost + operating expenses. The multiplier after legitimate operations.

Ratio
Operational Markup
Sector
Retail
Methodology version
v1.0.0
Formula
Revenue / (COGS + OperatingExpenses)
Sector context

Applied to brick-and-mortar and omnichannel retailers. COGS captures merchandise purchased for resale plus distribution, so the Markup Ratio is naturally compressed (retail margins are thin by structure); the load-bearing indicator is Labor Share, since retail employs millions of workers and pay-ratio disclosures are politically central to the sector.

The multiplier after legitimate operations. A high Markup combined with a low Operational Markup tells a specific story: surplus is being reinvested in the business. A high Markup combined with a high Operational Markup tells the opposite story: surplus is going to shareholders.

Source data: Revenues, CostOfGoodsAndServicesSold, OperatingExpenses (us-gaap) or equivalents in IFRS.