Energy and climate targets necessitate efficiency indicators to reflect resource-saving potentials. Prevailing indicators for cooling towers, however, often omit the effect of outside conditions. Hence, this study introduces an innovative indicator grounded in the energy efficiency ratio. Our proposed metric is the cost–benefit ratio between electricity demand and the thermodynamic minimum airflow. Thus, we call the novel indicator the airflow performance indicator. To validate its feasibility, we apply the indicator first to an extensive dataset encompassing 6575 cooling tower models and second to a year-long case study involving a data center’s wet cooling system. As a result, the energy performance indicator demonstrates that dry cooling requires eight times more minimum airflow at the median than evaporative cooling would, directly correlating to the fan power. Furthermore, efficiency benchmarks derived from the dataset of 6575 cooling tower models provide a comparative assessment of the case study. Defining the quantified benefit as minimum airflow additionally underscores the limitations of free cooling as the wet cooling system only partly covers the cooling demand, requiring chillers additionally. In conclusion, the indicator empowers the identification of energy-saving potentials in the selection, design, and operation of cooling towers. Moreover, the functional unit definition provides a foundation for future life cycle assessments of cooling towers, enhancing cooling tower efficiency and sustainability.