Decision tree analysis was used to evaluate the economic benefits of leptospirosis vaccination in beef cattle. The analysis used estimated values for the cost of vaccination, the probability of calf losses from leptospirosis and the economic losses resulting from calf mortality to calculate the expected value of vaccination. A computer spreadsheet was used to calculate the expected value of the vaccination programme over a wide range of estimated costs and probabilities and to determine the break-even point at which vaccination becomes economic. A sensitivity analysis demonstrated that the outcome of the analysis was most dependent on calf value and the probability of calf loss due to leptospirosis. The analysis was relatively insensitive to changes in vaccine cost, vaccine efficacy and herd fertility.