This paper characterizes and evaluates the student allocation in the Portuguese public higher education system. It describes the supply and demand sides of the system by looking at the "numerus clausus" across areas of study and institutions, institutions' degree of diversity, and performance and adjustment indicators based on students' revealed preferences. Performance indicators quantify the adequacy between demand and supply, across institutions and fields of study, and gauge the performance of public higher education institutions in the competition for candidates. Adjustment indicators allow us to predict the potential impact of changes in higher education regulations on student allocation and its stability. According to these indicators, such changes could result in an expansion for some institutions and fields of study, whereas other institutions might face a reduction.