Traditionally pasture has been measured or evaluated in terms of a dry matter yield estimate, which has no reference to other important quality factors. The work in this paper measures pasture growth rates on different slopes and aspects and pasture quality through nitrogen N% and metabolizable energy and ME concentration. It is known that permanent pasture species vary greatly in terms of quality and nutritional value through different stages of maturity. Pasture quality decreases as grass tillers mature through to flowering. This study looks at the value of pasture on 14 sites, with different aspects, slopes and pasture species within Ohorea; a hill country sheep and beef station in the central North Island of New Zealand over a year. A field study was undertaken to examine the changes in pasture growth rate and quality. The purpose was to value the pasture in dollar terms calculated from a conversion factor based on animal carcass weight produced from an 845ha block over a twelve month period. The pasture produced, estimated from cage cuts on the 14 sites, varied in estimated value from NZ$0.11 to NZ$0.38kg^-1 dry matter produced. The use of dry matter yield as the sole means of valuing pasture is flawed and a new index introduced based on a quality and quantity matrix is required.