A magnetic analysis of the composition of the two Alnico V phases is tried. Structure‐independent properties, like saturation magnetization and temperature coefficient, serve to indicate the correctness of alloys supposed to represent these phases. A model of the two‐phase structure of Alnico V is derived from electron micrographs. The combined saturation magnetization and the combined temperature coefficients are calculated with this model using the measured properties of the single alloys. The two alloys whose combined properties come closest to those of Alnico V consist mainly of NiAl and Fe2Co, respectively.