The paper addresses a comparison between the performance of a five phase and a three phase prototype induction machine under steady state. The main aspects included in the comparison are: torque capability, efficiency, power factor, losses and active volume. An analytical model for steady state including losses and saturation is also presented; the model also considers the effect of the third harmonic airgap induction, which in the case of five phase machine can be used to reshape the airgap induction and increase the torque capability. The comparison is based on the data of two prototypes having the same frame size and about the same volume of conducting material and iron. The performance comparison shows that some advantages of high phase machines are in fact limited by losses and demand a specific design to be effectively achieved.