Gross Profit Margin
If you see falling revenue in boycott‑exposed segments plus lower Gross Profit Margins, that pattern is compatible with the boycott is biting.
Important point to note
A fall in gross profit margin is a good indication the boycott is hurting the company, but on its own, is not a fair or reliable indicator that the boycott is working. It is important to link it to revenue, volume, pricing, and costs before drawing that conclusion.
Commentary
Deep dives connecting index movements to broader market dynamics.
-
Hello World!
Welcome to WordPress! This is your first post. Edit or delete it to take the first step in your blogging journey.
Tools, Downloads, and Frequently Asked Questions
Methodological notes, downloadable data sets, and answers to common questions about how the Complicity Index tracks documented corporate involvement and measures financial decline across listed companies.
| Company | 2022 Gross Profit Margin (GPM) | 2023 GPM | 2024 GPM | 2025 GPM | % Change |
|---|---|---|---|---|---|
| A.P. Møller – Mærsk A/S | 45% | 18.90% | 22% | 17.7% | -27.30% |
| ZIM Integrated | 62.07% | 24.74% | 46.45% | 35.39% | -26.68% |
| Energean | 51.14% | 47.95% | 44.46% | 33.75% | -17.39% |
| Oracle | 79.08% | 72.85% | 71.41% | 70.51% | -8.57% |
| Intel | 45.11% | 40.04% | 38.88% | 36.56% | -8.55% |
| Glencore | 10.75% | 4.95% | 2.69% | 2.37% | -8.38% |
| Tesla | 25.60% | 18.20% | 17.90% | 18.00% | -7.60% |
| Mondelez International: Belvita, Chips Ahoy, Cadbury, Milka, Oreo, Royal Baking Powder, Ritz, Tobelerone, Tang + 35 other brands | 35.92% | 38.22% | 39.12% | 28.38% | -7.54% |
| Restaurants Brand International: Burger King, Forehouse Subs, Popeyes, Tim Hortons – anymore? | 39.94% | 39.90% | 35.97% | 33.85% | -6.09% |
| Krispy Kreme (JAB Holding) | 28.90% | 27.40% | 26.80% | 23.10% | -5.80% |
| Mercedes-Benz Group: Daimler | 21.60% | 22.00% | 18.60% | 16.10% | -5.50% |
| Orbia Advance Corporation: Netafim | 26.63% | 26.48% | 23.29% | 21.34% | -5% |
| Petrobas | 52.21% | 52.70% | 50.29% | 47.60% | -4.61% |
| NewMed Energy | 85.67% | 83.53% | 82.08% | 81.36% | -4.31% |
| Victoria’s Secret | 40.70% | 35.80% | 36.30% | 36.70% | -4.00% |
| Volkswagen: Audi, Porsche | 17.70% | 18.10% | 17.20% | 14.10% | -3.60% |
| FANUC Corporation | 40.33% | 38.20% | 34.69% | 37.00% | -3.33% |
| Nike | 46.00% | 43.50% | 44.60% | 42.70% | -3.30% |
| Hewlett Packard Enterprise | 33.36% | 35.14% | 32.79% | 30.26% | -3.10% |
| Boeing | 7.90% | 11.20% | -2.60% | 4.80% | -3.10% |
| Starbucks | 26.00% | 27.43% | 26.90% | 23.05% | -2.95% |
| Lockheed Martin | 12.70% | 12.70% | 9.90% | 10.20% | -2.50% |
| Inditex: Bershka, Massimo Dutti, Pull & Bear, Zara | 58.30% | 57.80% | 57.00% | 55.90% | -2.40% |
| NICE Systems | 68.66% | 67.69% | 66.75% | 66.41% | -2.25% |
| Johnson & Johnson: Acuvue, Listerine, Neutrogena, Tylenol + other brands | 70.28% | 69.18% | 69.56% | 68.08% | -2.20% |
| LVMH: Christian Dior, Hennessy, Kenzo, Loewe, Marc Jacobs, Moet et Chandon, Sephora, Louis Vuitton, Bulgari, Celine, Dom Perignon, Fendi, Givenchy, Guerlain, | 68.40% | 68.80% | 67.00% | 66.20% | -2.20% |
| YUM Brands: Taco Bell, Pizza Hut, KFC | 48.40% | 49.40% | 47.50% | 46.20% | -2.20% |
| Danya Cebus | 6.22% | 5.16% | 4.20% | 4.08% | -2.14% |
| Elbit Systems | 6.22% | 5.16% | 4.20% | 4.08% | -2.14% |
| Ralph Lauren: Polo | 68.60% | 66.80% | 64.90% | 66.50% | -2.10% |
| Blackrock | 48.59% | 48.05% | 49.42% | 46.70% | -1.89% |
| BMW | 17.23% | 19.09% | 16.08% | 15.43% | -1.80% |
| Estee Lauder: Aramis, Aveda, Bobbi Brown, Clinique, Jo Malone, Lab Series, La Mer, MAC, Origins + 11 other brands | 75.80% | 71.30% | 71.70% | 74% | -1.80% |
| British Petroleum (BP) | 29.10% | 30.70% | 25.00% | 27.40% | -1.70% |
| General Dynamics | 16.80% | 15.78% | 15.43% | 15.13% | -1.67% |
| Bright Dairy & Food Company Shanghai; Tnuva | 18.65% | 19.66% | 19.23% | 17.26% | -1% |
| Mizrahi Tefahot Bank | 39.91% | 38.36% | 38.45% | 38.56% | -1.35% |
| Lufthansa | 19.50% | 20.90% | 18.80% | 18.20% | -1.30% |
| Electra Group | 7.68% | 7.94% | 6.46% | 6.40% | -1% |
| Citi/Citigroup | 19.58% | 10.25% | 9.71% | 18.35% | -1.23% |
| Puma | 46.10% | 46.30% | 47.60% | 45.00% | -1.10% |
| SAP | 73.80% | 73.20% | 72.20% | 72.80% | -1.00% |
| VF Corporation: Timberland | 54.50% | 52.30% | 51.60% | 53.50% | -1.00% |
| Hanwha Systems | 11.67% | 12.40% | 14.83% | 10.69% | -0.98% |
| Shapir Engineering and Industry/ Shapir Group | 15.25% | 13.26% | 13.89% | 14.43% | -0.82% |
| Paypal | 42.30% | 39.60% | 40.50% | 41.50% | -0.80% |
| Northrop Grumman | 20.42% | 16.67% | 20.38% | 19.81% | -0.61% |
| Carrefour | 18.50% | 18.50% | 18.20% | 17.90% | -0.60% |
| Nestle Malaysia: Coffe-Mate, Kit Kat, Maggie, Movenpick, Milo, Nestle Carnation, Nestle Cerelac, Nestea, Nesquik, Nespresso, Nescafe, Perrier, Quality street, Smarties, Vittel + 17 other brands | 30.90% | 31.60% | 30.30% | 30.40% | -0.50% |
| Barclays | 36.50% | 31.60% | 33.00% | 36.10% | -0.40% |
| Rheinmetall | 52.71% | 54.86% | 53.84% | 52.38% | -0.33% |
| Beiersdorf: Nivea | 58.00% | 58.20% | 58.50% | 57.70% | -0.30% |
| Raytheon | 20.38% | 17.54% | 19.09% | 20.08% | -0.30% |
| RTX Corporation (Raytheon) | 20.38% | 17.54% | 19.09% | 20.08% | -0.30% |
| Hugo Boss | 61.79% | 61.50% | 61.80% | 61.50% | -0.29% |
| Marks & Spencer | 34.50% | 34.70% | 33.20% | 34.30% | -0.20% |
| CAF (Construcciones Auxiliar de Ferrocarriles) | 46.81% | 45.30% | 46.81% | 46.70% | -0.11% |
| Hapag-Lloyd | 19.90% | 27.70% | 27.70% | 19.90% | 0.00% |
| BAE Systems | 13.00% | 13.00% | 13.00% | 13.20% | 0.20% |
| Bank Hapoalim | 36.37% | 37.07% | 35.92% | 36.58% | 0.21% |
| Microsoft: Skype, Microsoft Teams | 68.40% | 68.92% | 69.76% | 68.82% | 0.42% |
| Nestle: Coffe-Mate, Kit Kat, Maggie, Movenpick, Milo, Nestle Carnation, Nestle Cerelac, Nestea, Nesquik, Nespresso, Nescafe, Perrier, Quality street, Smarties, Vittel + 17 other brands | 45.41% | 46.09% | 46.94% | 45.83% | 0.42% |
| McDonalds | 56.97% | 57.12% | 56.75% | 57.41% | 0.44% |
| Ashtrom Group | 21.40% | 20.56% | 22.29% | 21.95% | 0.55% |
| RE/MAX | 74.44% | 74.25% | 74.33% | 75.02% | 0.58% |
| Dell Technologies | 21.70% | 22.30% | 23.90% | 22.40% | 0.70% |
| Volvo/ Volvo Group | 23.60% | 27.13% | 27.34% | 24.39% | 0.79% |
| Airbnb Inc | 82.15% | 82.83% | 83.08% | 82.96% | 0.81% |
| General Mills: Cheerios, Haagen-Dazs, Nature Valley, Old El Paso, Pillsbury, Trix, Yoplait + 38 other brands | 33.73% | 32.61% | 35.01% | 34.60% | 0.87% |
| Domino’s Pizza | 27.74% | 28.00% | 28.44% | 28.62% | 0.88% |
| Allianz | 22.60% | 22.60% | 23.00% | 23.60% | 1.00% |
| Thales | 25.36% | 25.86% | 26.12% | 26.44% | 1.08% |
| HP | 19.50% | 21.40% | 22.10% | 20.60% | 1.10% |
| Columbia Sportswear | 49.40% | 49.60% | 50.20% | 50.50% | 1.10% |
| Leonardo | 38.60% | 39.00% | 39.90% | 39.70% | 1.10% |
| Pepsico: Aquafina, Cheetos, Doritos, Gatorade, Lays, Lipton, Mirinda, Mountain Dew, Pepsi, Quaker Oats, Soda Stream, 7 Up, Tropicana & other brands | 53.30% | 54.40% | 54.90% | 54.50% | 1.20% |
| Tripadvisor | 61.66% | 62.47% | 61.42% | 62.88% | 1.22% |
| Alstom | 11.10% | 11.90% | 12.60% | 12.50% | 1.40% |
| GAP: Banana Republic, Old Navy, Athleta | 39.80% | 34.30% | 38.80% | 41.30% | 1.50% |
| AXA | 13.00% | 13.70% | 14.50% | 14.50% | 1.50% |
| Bookings Holdings Inc – Booking.com: Agoda, Kayak, OpenTable, Priceline | 85.60% | 84.60% | 85.90% | 87.40% | 1.80% |
| L’Oréal Group: Armani, Aesop, Biotherm, Diesel, Giorgio Armani, Garnier, Kiehl’s, Kerastase, Lancome, Maybelline, Prada, Shu Uemura, + 14 other brands | 72.40% | 73.90% | 74.20% | 74.30% | 1.90% |
| JPMorgan Chase | 29.27% | 31.34% | 32.93% | 31.27% | 2.00% |
| Keurig Dr Pepper: Snapple, Sunkist & other brands | 52.10% | 54.50% | 55.60% | 54.20% | 2.10% |
| Papa John’s | 18.50% | 19.60% | 20.20% | 20.70% | 2.20% |
| Kraft Heinz | 31.10% | 33.70% | 34.70% | 33.30% | 2.20% |
| Bank Leumi | 44.00% | 37.04% | 46.01% | 46.22% | 2.22% |
| Ashdod Refinery; Paz Retail and Energy Ltd | 20.44% | 22.68% | 23.19% | 22.72% | 2.28% |
| Meta: Facebook/Instagram | 79.60% | 80.80% | 81.70% | 82.00% | 2.40% |
| Cisco | 62.50% | 62.70% | 64.70% | 64.90% | 2.40% |
| CEMEX | 30.50% | 33.75% | 33.67% | 32.92% | 2.42% |
| Caterpillar | 26.19% | 31.73% | 32.54% | 28.79% | 2.60% |
| Siemens | 35.90% | 38.90% | 39.30% | 38.50% | 2.60% |
| HD Hyundai | 11.13% | 8.10% | 9.48% | 13.81% | 2.68% |
| BNP Paribas | 21% | 22% | 18.90% | 23.80% | 2.80% |
| Cellebrite | 81.25% | 83.63% | 84.40% | 84.20% | 2.95% |
| Mattel Inc: Hot wheels, UNO & 100 other brands | 45.90% | 47.50% | 50.90% | 48.90% | 3.00% |
| Reckitt: Dettol, Finish, Harpic, Scholl, | 57.80% | 60.00% | 60.70% | 60.80% | 3.00% |
| Chevron; Delek Group | 38.87% | 39.29% | 39.53% | 41.90% | 3.03% |
| Coca Cola: Costa Coffee, Capri Sun, Dr Pepper, Dasani, Fanta, Minute Maid, Schweppes, Sprite + 206 other brands | 58.10% | 59.50% | 61.10% | 61.60% | 3.50% |
| Walt Disney | 34.24% | 33.41% | 35.75% | 37.76% | 3.52% |
| Apple | 43.30% | 44.10% | 46.20% | 46.90% | 3.60% |
| Motorola | 48.20% | 49.90% | 51.10% | 51.80% | 3.60% |
| Procter & Gamble: Ambi Pure, Ariel, Bounty, Braun, Clearblue, Crest, Duracell, Gillette, Head & Shoulders, Olay, Old Spice, Oral-B, Pampers, Pantene, Pringles, Tide, Vicks + 5 other brands | 47.43% | 47.86% | 51.39% | 51.16% | 3.73% |
| Palantir Tech | 78.60% | 80.60% | 80.20% | 82.40% | 3.80% |
| First International Bank of Israel | 28.92% | 34.96% | 35.05% | 32.75% | 3.83% |
| IBM | 54.00% | 55.45% | 56.65% | 58.19% | 4.19% |
| Alphabet Inc (Google) | 55.38% | 56.63% | 58.20% | 59.65% | 4.27% |
| Israel Discount Bank | 27.88% | 28.70% | 33.46% | 32.18% | 4.30% |
| Adidas | 47.30% | 47.50% | 50.80% | 51.60% | 4.30% |
| Expedia Group | 85.80% | 87.75% | 89.46% | 90.12% | 4.32% |
| Danone: Actimel Activa, Alpro, Aqua, Evian, Sirma, Volvic | 46.10% | 47.40% | 49.70% | 50.60% | 4.50% |
| Kellanova (Kellogg Company): Coco Pops, Frosties, Pringles + 24 other brands | 30.20% | 32.70% | 36.90% | 35.20% | 5.00% |
| Teva | 46.72% | 48.25% | 48.74% | 51.81% | 5.09% |
| Kimberly-Clark: Andrex, Huggies, Kleenex, Kotex, Pullups, Scott + other brands | 30.80% | 36.60% | 38.28% | 36.01% | 5.21% |
| Heidelberg Materials | 58.96% | 62.09% | 63.87% | 64.18% | 5.22% |
| Deutsche Telekom | 39.20% | 43.40% | 44.70% | 44.50% | 5.30% |
| Wix | 62.10% | 67.20% | 67.90% | 68.10% | 6.00% |
| Amazon.com Inc | 43.80% | 47.00% | 48.90% | 50.30% | 6.50% |
| Unilever: Axe, Bovril, Brycreem, Cif, Closeup, Comfort, Dove, Knorr, Lux, Magnum, Marmite, Persil, Pond’s, Rexona, Sunlight, Sunsilk, Toni & Guy, Vaseline, Wall’s + 33 other brands | 40.20% | 43.50% | 46.70% | 46.90% | 6.70% |
| Unilever : Axe, Bovril, Brycreem, Cif, Closeup, Comfort, Dove, Knorr, Lux, Magnum, Marmite, Persil, Pond’s, Rexona, Sunlight, Sunsilk, Toni & Guy, Vaseline, Wall’s + 33 other brands | 40.20% | 43.50% | 46.70% | 46.90% | 6.70% |
| Mehadrin | -1.13% | -2.33% | 5.29% | 5.67% | 6.80% |
| HSBC | 45.63% | 46.39% | 53.57% | 53.02% | 7.39% |
| HSBC | 45.63% | N/A | 53.57% | 53.02% | 7.39% |
| Rolls-Royce | 19.92% | 22.12% | 22.41% | 27.91% | 7.99% |
| Henkel: Loctite, Persil, Schwarzkopf | 42.30% | 45.70% | 50.10% | 50.80% | 8.50% |
| Nivdia | 64.90% | 56.90% | 72.70% | 75.00% | 10.10% |
| Hyundai Heavy Industries | 1.53% | 5.24% | 10.12% | 16.64% | 15.11% |
| Bank of America | 56.08% | 52.95% | 57.34% | 82.53% | 26.45% |
