According to at least one embodiment, a method comprises observing communication from a virtual machine (VM) to a virtual machine monitor (VMM). The method further comprises determining, based on the observed communication, CPU utilization of the VMM that is attributable to the VM. According to at least one embodiment, a system comprises a Central Processing Unit (CPU), Virtual Machines (VMs), and a Virtual Machine Monitor (VMM) operable to receive requests for resource access from the VMs. The system further comprises a CPU utilization monitor operable to determine an amount of CPU utilization of the VMM in processing the received requests that is attributable to each of the VMs.