Relations between fracture toughness and microstructural details have been calculated for ductile materials based on a dilatational plasticity constitutive model that has recently been proposed. The model generalizes the Gurson model to account for both void growth and coalescence with explicit dependence on void shape and distribution effects. Based on a small scale yielding formulation of crack growth, toughness trends are determined as a function of yield stress, strain-hardening, initial porosity, void shape and spacing as well as void spacing anisotropy. Distinctions are drawn between the engineering fracture toughness, which is typically associated with 0.2 mm of crack growth, and the theoretical toughness based on coalescence of the crack tip with the first void ahead of it. Comparison with one set of experimental data for a steel is made for which a fairly complete characterization of the microstructure is available.