For a constant-property thermoelectric module consisting of two material legs, let be their Seebeck coefficient difference, their total series electrical resistance, and their total parallel thermal conductance. The couple's thermoelectric figure of merit is
Its units are ; multiply by an absolute temperature to form a dimensionless figure. This expression assumes that contact losses are absent or consistently included in and .
For equal leg lengths and areas , with equal electrical resistivity and thermal conductivity , one has and . Consequently . The factor four follows from combining two series resistances and two parallel conductances; it disappears only if the symbols have already been defined as pair properties. With opposite equal Seebeck coefficients , the result reduces to .

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