In new research, we develop a systematic approach to measuring the strength or rigor of a student’s high school transcript. Using student-level transcript data from Delaware—about 45,000 students across five 12th-grade cohorts from 2017 to 2021—we apply statistical tools to estimate both course difficulty and student performance. Our approach works by analyzing patterns of grades across shared courses. For example, imagine that Student 1 earns an A in Calculus and a B in Physics, while Student 2 earns a B in Calculus and a C in Physics. Our model would infer, first, that Physics is more difficult than Calculus and, second, that Student 1 outperformed Student 2 in those courses.