Per head, per DSE and per hectare

A total gross margin depends on the size of the enterprise. To compare one with another, you need to divide it by something. There are three common ways.

Per head

Divide the gross margin by the number of breeding animals. For a sheep flock, that's per ewe. For a breeding herd, it's per cow. For a piggery, it's per sow.

Per head is easy to understand. But it doesn't help you compare a cow with a ewe, because a cow eats far more.

Per DSE

DSE means dry sheep equivalent. NSW DPI says a 50 kg wether kept at a constant weight has a rating of 1 DSE. Animals that need more feed get a higher rating. A wether is a castrated male sheep.

The NSW DPIRD inland weaner budget for June 2026 rates a cow and her calf at 15.25 DSE. It notes this is an average and varies during the year.

Gross margin per DSE tells you what each unit of feed earns. That's the fairest way to compare cattle and sheep on the same country, because feed is usually what limits how many stock you can run.

Per hectare

Divide the gross margin by the hectares the enterprise uses. This helps you compare livestock with cropping, or one block with another.

Per hectare depends heavily on how many stock the land carries. DPI notes that its sheep budgets assume improved country carrying 10 DSE per hectare. If your country carries less, your gross margin per hectare will be lower. Work out your own carrying capacity before you compare.

The DPIRD figures

Here's how the three look in the 2025 DPIRD first-cross ewe budget. That's 1,000 ewes on 299 ha:

• $160.62 per ewe
• $53.72 per DSE
• $537.19 per hectare.

Which one to use

Use all three, for different questions.

• Per head to check your own flock or herd against a budget.
• Per DSE to compare grazing enterprises on the same feed.
• Per hectare to compare land uses, or blocks with different carrying capacity.

Download the enterprise gross margins spreadsheet to work out all three for your own enterprises.