Students' satisfaction with their university and course is of fundamental importance to retain students and promote their positive worth-of-mouth. The objective of this research is to analyse the level of efficiency of Portuguese public universities, according to the expectations and satisfaction of their students. To accomplish the objective, this article uses data envelopment analysis methodology. As our unit of analysis, we selected the faculties making up the universities researched. The analytical input came from the expectations of 1669 students regarding their study programme and their universities. The outputs stem from their satisfaction with their study programmes and their universities. We conclude that university practices do not currently guarantee efficiency. We also observe that efficiency in the relationship between expectations and general satisfaction with the study programme does not represent efficiency in the relationship between expectations and general satisfaction with the university, and vice versa.