The physicochemical and microbiological properties of traditional Portuguese ready-to-eat dry fermented sausage chouriça de carne samples from 14 regional producers were analysed and subjected to multivariate analysis to determine the relationships between them and to evaluate how the quality and safety of these sausages is affected by these properties. Producer-mean values for physicochemical analyses were quite variable, with intervals of 4.87–6.11 for pH, 0.803–0.965 for aw, moisture 19.5–48.5%, protein 32.0–60.1% (db), fat 22.0–53.3% (db), ash 3.52–9.69% (db), and carbohydrates 1.66–13.5% (db). Mesophilic counts varied (5.61–8.68 log CFU/g), while lactic acid bacteria were generally high (MRS: 8.21–10.2; M17: 7.66–10.0 log CFU/g). S. aureus was enumerated in levels up to 2.55 log CFU/g, while presumptive C. perfringens never surpassed 2 log CFU/g. Salmonella spp. and Listeria spp. were also detected in the samples tested. Principal component (PC) analysis yielded a three-dimension solution that explained 60% of the data variation; PC1 (26%) characterized chorizo formulations with more meat, while PC2 (19.3%) described sausages with longer/rapid fermentation, and PC3 (14.5%) highlighted chouriços with poorer hygiene. Cluster analysis identified three quality groups: (i) chorizos with high moisture, high protein content, and lowest pH; (ii) sausages with low moisture, high fat content, and elevated pH; and (iii) chouriças with high moisture and high protein but lower fat contents, low pH, and improved hygiene. Lastly, factor analysis yielded a varimax-rotated three-factor solution that explained 65% of the data, with similar results to PCA; factor 1 (23.5%) depicted chorizos with low pH but high moisture, factor 2 (20.8%) described sausages with more meat in the formulation, and factor 3 (20.6%) longer or rapid fermentation. Overall, the results evidenced the great variability in the quality attributes of Portuguese chorizo sausages, very likely to arise from multiple recipes, ingredients, and manufacturing practices. The definition of quality clusters is expected to play a crucial role for the self-denominated “artisanal” food companies to benchmark their chouriço sausages against the proper artisanal quality group.