Within the Tracking KPI section of the 2024 Ratchet+Wrench Industry Survey, shop owners were asked about their annual revenue, overall gross profit margin, and overall net profit margin. Understanding the overall financials of shops allows shop owners to make data-driven decisions.
Based on insight from the 2024 Ratchet+Wrench Industry Survey, over50% of surveyed shops have an annual revenue of over $1,000,000, and at the same time, over 50% of shops reported a gross profit margin of over 50%.
Annual Revenue
Under $250,000 – 9%
$250,000-499,999 – 9%
$500,000-749,999 – 8%
$750,000-999,999 – 11%
$1,000,000-2,499,999– 39%
Over $2,500,000 – 19%
Unknown – 5%
Overall Gross Profit Margin
Less than 30% – 8%
30-39% – 12%
40-49% – 14%
50-59% – 34%
60% or more – 22%
Does not track – 10%
Overall Net Profit Margin
I don’t generate a net profit – 4%
1-4% – 4%
5-9% – 9%
10-14% – 20%
15-19% – 19%
20% or more – 22%
Does not track – 22%
