The number that means something
Device utilisation percentages are close to useless for training. A GPU spinning in a synchronisation barrier reports high utilisation while accomplishing nothing.
The metric that carries information is model FLOPs utilisation. Compute the floating point operations the model mathematically requires per token, multiply by tokens processed per second, and divide by the hardware's peak throughput. The result is the fraction of the machine you are converting into useful mathematics.
The word model in the name matters. It counts only the operations the model needs, not operations you performed. Activation recomputation runs an extra forward pass, and those operations do not count, correctly, because they buy memory rather than progress. A related metric, hardware FLOPs utilisation, does count them, and the gap between the two tells you what recomputation is costing.
Realistic values are lower than people expect. Meta reported BF16 model FLOPs utilisation between 38 and 43 percent for the Llama 3 405B run. Above 50 percent is very good, and below 25 percent usually means something is misconfigured rather than merely suboptimal.

