This paper aims at morphological analysis of the profitability coefficient of pig production, which consists of two coefficients, i.e. production efficiency (grazing efficiency) and the relation of product prices (price of live pigs) to input prices (feed price). The profitability coefficient was, thus, presented in an analytical perspective and its components were illustrated empirically. The analisis of the profitability coefficient was based on two basic assumptions. The first is that efficiency is or should be the main source or basis of profitability of pig production. The second is that efficiency should compensate for or neutralize the negative effect of the deteriorating relation of live pig prices to feed prices on profitability. The empirical verification did not confirm the second assumption, which means that in the case of profitability of pig production, better efficiency does not neutralize the unfavourable impact of downward trend in the relation of pig prices to feed prices on the coefficient (market specificity in the researched years). The profitability coefficient and its components presented at the analytical level may become an important diagnostic basis for analysts of other agricultural markets.