Multi-factor metric drift evaluation and attribution techniques are described. A drift attribution model is trained to compute, for a segment of input data that defines an observed value for a metric and observed values for each of a plurality of factors that influence the value of the metric, a contribution by each of the plurality of factors to the observed metric value. Drift observations output by the trained drift attribution model are further processed using a Shapely explainer to represent contributions of each of the metric factors, and their associated values, relative to one or more observed values of a metric during the time segment. The respective magnitude by which each metric factor affects an observed value of the metric is described in a metric drift report, which objectively quantifies respective impacts of a factor, relative to other factors that affect a metric.