We estimate technical, revenue, allocative and profit efficiency for the NAABIS list of active AI Dairy Bulls using a FDH output orientation under constant returns. The genetic traits used as outputs include, pounds of protein, pounds of fat, somatic cell count, calving ability, daughter pregnancy rate, udder composition, and livability. Empirical results show that most of the bulls were highly technically efficient. That is not the case for allocative efficiency and profit efficiency, especially when genetic characteristics beyond protein and fat are included in the analysis. Given the potential revenue generated by a bull’s trait, some bull’s semen is overpriced. We determine whether this is due to technically inefficiency or allocative inefficiency by decomposing the profit inefficient estimates. We find the reduction in a bull’s semen price that would be necessary to make a bull profit efficient