A combination of stereological and physicochemical data was used to estimate the oxygen-diffusing capacity of the human term placenta. The effects on this morphometric diffusing capacity of isolated changes in placental structure were investigated by permitting volumes, surface areas and harmonic mean diffusion distances to deviate from normal baseline (term) values. Diffusion performance could be monitored effectively by estimating only three structural quantities. The most influential variable was the harmonic mean thickness of the villous membrane followed by the surface areas of villi and of fetal capillaries. Blood space volumes and plasma diffusion distances had negligible effects on diffusing capacity. Conclusions are discussed in the context of published findings on changes in placental anatomy which occur during gestation, abnormal pregnancies and pregnancies at high altitude.