The debate on the sustainability of livestock farming is often polarized around greenhouse gas (GHG) emissions and land use, and the potential benefits of grassland-based ecosystem services in farm assessments are generally overlooked. Accounting for multiple ecosystem services (ES) may be further complicated by confounding effects of animal stocking rate and trade-offs between ES. We used life cycle assessment to assess environmental impacts of four “green options” for cattle production and a conventional dairy farm that are distributed along a broad gradient of extensification in the Atlantic area of Western Europe. We also applied an ES-multifunctionality assessment method to these five farms in which multifunctionality was defined and valued according to different stakeholder perspectives. We showed that relying on C sequestration in grasslands to fully compensate for ruminant GHG emissions would lead to farming at a very low stocking rate. The climate-neutral farm had 0.53 livestock units/ha of on-farm fodder area and produced 11 kg of human-edible protein (HEP)/total ha.yr. The sustainable intensification farm produced 124.5 kg HEP/total ha.yr and was also climate-neutral. Following a “land sparing” strategy, high-yielding cows grazed temporary grasslands and annual fodder crops, while carbon was sequestered in soil and woody biomass on the half of the farm area that was “returned to nature”. The types of biodiversity on these five farms differed as well as their cultural value. We discuss how the inclusion of stakeholder values in multi-criteria farm assessment provides valuable information for the systemic redesign of cattle production systems.