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This paper presents an approach, QuantifyML, which employs model counting to assess the learnability and robustness of machine learning models. Typically the efficacy of machine learning models is determined by computing their accuracy statistically on test data sets. However, this may be misleading, if the test data is not representative of the problem that is being studied. Further, two different models may have the same accuracy on a given data set, measured statistically, but may be very different in their behavior on unseen data. Also, models with high accuracy could have poor adversarial robustness. In QuantifyML, our goal is to precisely quantify the extent to which machine learning models have learned and generalized from the given data. In QuantifyML, a trained model is translated into a C program, which is fed to the CBMC model checking tool to produce a formula in Conjunctive Normal Form (CNF), which in turn is analyzed with state-of-the-art model counters to efficiently obtain precise counts w.r.t different outputs. QuantifyML enables i) evaluating the learnability of models by comparing the counts for the outputs to ground truth, expressed as logical predicates (if available), ii) comparing the performance of different models that may be built with different machine learning algorithms (e.g., decision-trees vs. neural networks), and iii) quantifying the robustness of trained models around given inputs. Our evaluation demonstrates these applications of QuantifyML on decision trees and neural networks trained to learn relational properties of graphs, for which we know the ground truth, and to perform image classification, for which we do not have the ground truth, but we can quantify local robustness.