Thomson heat absorption corresponding to changes in the Seebeck coefficient with respect to temperature enables the design of thermoelectric coolers wherein Thomson cooling is the dominant term, i.e., the Thomson coolers. Thomson coolers extend the working range of Peltier coolers to larger temperature differences and higher electrical currents. The Thomson coefficient is small in most materials. Recently, large Thomson coefficient values have been measured attributed to thermally induced phase change during magnetic and structural phase transitions. The large Thomson coefficient observed can result in the design of highly efficient Thomson coolers. This work analyzes the performance of Thomson coolers analytically and sets the metrics for evaluating the performance of materials as their constituent components. The maximum heat flux when the Thomson coefficient is constant is obtained and the performance is compared to Peltier coolers. Three dimensionless parameters are introduced which determine the performance of the Thomson coolers and can be used to analyze the coefficient of performance, the maximum heat flux, and the maximum temperature difference of a Thomson cooler.