The Catalytic efficiency of two different enymes can be compared by the:
Km value or Michaelis constant is defined as the substrate concentration at which half of the enzyme molecules are forming (ES) complex or concentration of the substrate when the velocity of the enzyme reaction is half the maximal possible.
The Km varies from enzyme to enzyme and is used in characterizing the different enzymes.
A smaller Km value indicates greater affinity of the enzyme for its substrate, hence, shows a quicker reaction.
Km value is a constant characteristic of an enzyme for its conversion of a substrate.