A capability for perfect application capacity analysis for elastic capacity management of a cloud-based application is presented. The capability for perfect application capacity analysis for elastic capacity management of a cloud-based application may support use of perfect application capacity analysis to identify opportunities for improvements in elastic capacity management of the cloud-based application. The capability for perfect application capacity analysis for elastic capacity management of a cloud-based application may include receiving historical application demand and capacity data for the cloud-based application, determining a set of constraints associated with the cloud-based application, determining perfect application capacity data for the cloud-based application based on the historical application demand data for the cloud-based application and the set of constraints associated with the cloud-based application, and identifying, based on the historical application capacity data for the cloud-based application and the perfect application capacity data for the cloud-based application, an opportunity to improve elastic capacity management for the cloud-based application.