This study aims to analyze operating performance of a micro gas turbine with the aid of detailed measurements of various system parameters. In addition to embedded measurements, parameters such as exhaust temperatures, engine inlet temperatures and fuel flow rates are measured. Variations in measured data and estimated performance parameters are analyzed. Those data are processed to calculate losses along the power transmission line and the net gas turbine performance (power and efficiency based on the gas turbine shaft end) is isolated from the overall system performance. A method to estimate characteristic parameters such as component efficiencies, based on the comparison between measured and predicted performance data, is suggested and exemplified for the full load condition.