Actually after running some tests, I have discovered it is actually far less efficient than it says on the tooltip. It was running at about 12.5% efficiency, and after I edited the item to run at 50% efficiency, it is still running at about 12.5% efficiency.
I found in the code it had the entity's effectivity at 0.25 and the burner's effectivity at 0.25. When I set the burner effectivity to 1 and the entity effectivity to 0.5, it displayed 50% efficiency on the tooltip and also functioned at 50% efficiency.