In spite of the widespread adoption of virtualization and consol- idation, there exists no consensus with respect to how to bench- mark consolidated servers that run multiple guest VMs on the same physical hardware. For example, VMware proposes VMmark which basically computes the geometric mean of normalized throughput values across the VMs; Intel uses vConsolidate which reports a weighted arithmetic average of normalized throughput values. These benchmarking methodologies focus on total system through- put (i.e., across all VMs in the system), and do not take into account per-VM performance. We argue that a benchmarking methodology for consolidated servers should quantify both total system through- put and per-VM performance in order to provide a meaningful and precise performance characterization. We therefore present two performance metrics, Total Normalized Throughput (TNT) to characterize total system performance, and Average Normalized Reduced Throughput (ANRT) to characterize per-VM performance. We compare TNT and ANRT against VMmark using published performance numbers, and report several cases for which the VM- mark score is misleading. This is, VMmark says one platform yields better performance than another, however, TNT and ANRT show that both platforms represent different trade-offs in total system throughput versus per-VM performance. Or, even worse, in a cou- ple cases we observe that VMmark yields opposite conclusions than TNT and ANRT, i.e., VMmark says one system performs better than another one which is contradicted by TNT/ANRT performance characterization.