The purpose of this study was to evaluate alternative expressions of genetic merit for cow efficiency. Weights of Pinzgauer cattle taken at birth, weaning, and maturity were extracted from the South African National Database. Average daily gain from birth to weaning (ADG) and cow weight (CWT) were analyzed with a multi-trait mixed model. The model included direct and maternal genetic effects, a permanent environmental effect attributable to dams on ADG, a direct genetic effect and a permanent environmental effect attributable to there being multiple observations from the same cow on CWT as random effects. Heritability estimates for direct and maternal additive effects on ADG were 0.27 ± 0.04 and 0.06 ± 0.02, respectively. The estimated heritability for CWT was 0.45 ± 0.06. Estimates of repeatability for ADG and CWT were 0.42 and 0.67, respectively. Estimated breeding values based on the preceding results and using the maternal genetic effect on ADG as a proxy for the direct genetic effect on milk production were combined in six indexes of cow efficiency. These indexes sought to increase output and decrease input simultaneously, to increase output holding input constantly, and to hold input constant while decreasing input. The diversity of emphasis applied across these indexes suggests the need for due diligence in developing breeding objectives for improvement of cow efficiency. Indexes that are consistent with the econometric definition of efficiency and seek to simultaneously increase output and reduce input are recommended.