Knowing the stakeholder's perception of educational quality is essential for Higher Education (HE) institutions because it reflects the market acceptance of its products. The study aims to analyze stakeholders' satisfaction with HE's quality through the performance of its graduates. Data collected through surveys to 258 customers in 15 educational institutions and analyzed quantitatively. The researcher used the Customer Satisfaction Index (CSI) and Importance Performance Analysis (IPA) to explain the gap between stakeholders' satisfaction and alumni performance. This research found that customer satisfaction on the quality of graduates of researched university falls within the range of 'satisfied' categories and quality of graduates' performance, or skill has been rated 'good' by Customer. However, there are still three competencies considered 'sufficient' by Customers. This study also finds a gap between customer satisfaction and graduates' performance, which the mean reaches -1.16. The biggest gaps are in the logical, analytical, and problem-solving competencies with the gap score -1.56, and innovation and creativity competencies with the gap score -1.59. This research implies higher education institutions to improve these competencies that are considered lacking through the learning process and other appropriate programs to meet customer satisfaction.