Forbes list of the most valuable NHL teams
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Forbes compiles the finances of all 32 NHL teams to produce an annual ranking of the best franchises in terms of valuation. The valuations are composed of the monetary worth of the sport, market, stadium deals, and brand.[1] These areas are supported by applying various financial metrics such as debt and operating income to each one.[2]
The latest ranking reported that the Toronto Maple Leafs were the most valuable NHL franchise for the third straight year, rising 16% to an estimated $4.4 billion.[3] The New York Rangers held the title for eight consecutive years prior to the 2021–22 NHL season.[4] The Maple Leafs and the Rangers are the only two franchises worth at least $4 billion, with a league average of $2.2 billion. The fastest growing NHL franchise is the Carolina Hurricanes, with a 60% increase in valuation over the past season ($1.25 billion to $2 billion).[3]
Several media outlets, such as CBS and Bleacher Report, have referenced the report and analyzed the results when they come out.[5][6] The NHL has consistently published news about the rankings since the early renditions.[7][8] The report has also applied more context to NHL trends, such as the Edmonton Oilers doubling in value in just one year.[9] (The Oilers have recently been consistently clinching the playoffs, moved into their new arena and made new media deals).[10][11][12]
Ranking
Rankings as of December 11, 2025, based on the 2024–25 NHL season.[3][a]
| Rank | Swing[b] | Team | State/ Province | Value[c] | Change[d] | Revenue[e] | Operating Income[e] |
|---|---|---|---|---|---|---|---|
| 1 |  | Toronto Maple Leafs |  Ontario | $4.4 billion |  16% |
$375 million | $191 million |
| 2 | | New York Rangers |  New York | $4 billion | 14% |
$322 million | $182 million |
| 3 | | Montreal Canadiens |  Quebec | $3.4 billion | 13% |
$320 million | $136 million |
| 4 | 2 | Edmonton Oilers |  Alberta | $3.2 billion | 21% |
$431 million | $244 million |
| 5 |  1 | Los Angeles Kings |  California | $3.1 billion | 7% |
$333 million | $129 million |
| 6 | 1 | Boston Bruins |  Massachusetts | $2.9 billion | 7% |
$275 million | $73 million |
| 7 | | Chicago Blackhawks |  Illinois | $2.8 billion | 14% |
$272 million | $95 million |
| 8 | | Philadelphia Flyers |  Pennsylvania | $2.7 billion | 17% |
$315 million | $124 million |
| 9 | | Washington Capitals |  District of Columbia | $2.55 billion | 19% |
$282 million | $92 million |
| 10 | | Detroit Red Wings |  Michigan | $2.5 billion | 18% |
$250 million | $69 million |
| 11 | | New Jersey Devils |  New Jersey | $2.4 billion | 14% |
$303 million | $98 million |
| 12 | | Dallas Stars |  Texas | $2.3 billion | 15% |
$250 million | $70 million |
| 13 | 2 | Vegas Golden Knights |  Nevada | $2.2 billion | 19% | $250 million | $77 million |
| 14 | 1 | Vancouver Canucks |  British Columbia | $2.15 billion | 10% | $235 million | $55 million |
| 15 | 1 | New York Islanders | New York | $2.1 billion | 11% |
$220 million | $50 million |
| 16 | | Tampa Bay Lightning |  Florida | $2.05 billion | 14% |
$240 million | $60 million |
| 17 | 10 | Carolina Hurricanes |  North Carolina | $2 billion | 60% |
$218 million | $41 million |
| 18 | | Colorado Avalanche |  Colorado | $1.95 billion | 15% |
$222 million | $47 million |
| 19 | | Calgary Flames | Alberta | $1.9 billion | 15% |
$210 million | $70 million |
| 20 | | Seattle Kraken |  Washington | $1.85 billion | 16% |
$235 million | $66 million |
| 21 | | Minnesota Wild |  Minnesota | $1.8 billion | 16% |
$240 million | $68 million |
| 22 | 5 | Pittsburgh Penguins | Pennsylvania | $1.75 billion | 0% |
$230 million | $60 million |
| 23 | 1 | Florida Panthers | Florida | $1.7 billion | 21% |
$230 million | $45 million |
| 24 | 2 | Nashville Predators |  Tennessee | $1.6 billion | 7% |
$203 million | $35 million |
| 25 | 2 | St. Louis Blues |  Missouri | $1.55 billion | 7% |
$208 million | $20 million |
| 26 | 1 | San Jose Sharks | California | $1.5 billion | 11% |
$182 million | $28 million |
| 27 | 1 | Utah Mammoth |  Utah | $1.45 billion | 21% |
$195 million | $32 million |
| 28 | 2 | Anaheim Ducks | California | $1.4 billion | 8% |
$185 million | $26 million |
| 29 | | Ottawa Senators | Ontario | $1.375 billion | 20% |
$181 million | $21 million |
| 30 | 1 | Winnipeg Jets |  Manitoba | $1.35 billion | 29% |
$187 million | $26 million |
| 31 | 1 | Buffalo Sabres | New York | $1.325 billion | 20% |
$175 million | $11 million |
| 32 | | Columbus Blue Jackets |  Ohio | $1.3 billion | 30% |
$161 million | $19 million |
Composition
A pie chart that represents the composition of valuation for the average NHL team.
- Sport (25.8%)
- Market (38.3%)
- Stadium (23.6%)
- Brand (12.3%)
| Team[f] | Value[c] | Sport[g] | Market[h] | Stadium[i] | Brand[j] |
|---|---|---|---|---|---|
| New York Rangers | $2.2 billion | $0.252 billion | $1.038 billion | $0.632 billion | $0.279 billion |
| Toronto Maple Leafs | $2 billion | $0.239 billion | $0.937 billion | $0.536 billion | $0.289 billion |
| Montreal Canadiens | $1.85 billion | $0.239 billion | $0.944 billion | $0.427 billion | $0.241 billion |
| Chicago Blackhawks | $1.5 billion | $0.23 billion | $0.679 billion | $0.407 billion | $0.184 billion |
| Boston Bruins | $1.4 billion | $0.22 billion | $0.581 billion | $0.42 billion | $0.179 billion |
| Los Angeles Kings | $1.3 billion | $0.149 billion | $0.535 billion | $0.446 billion | $0.171 billion |
| Edmonton Oilers | $1.275 billion | $0.186 billion | $0.605 billion | $0.295 billion | $0.189 billion |
| Philadelphia Flyers | $1.25 billion | $0.24 billion | $0.501 billion | $0.365 billion | $0.145 billion |
| Washington Capitals | $1.2 billion | $0.214 billion | $0.52 billion | $0.286 billion | $0.18 billion |
| Seattle Kraken | $1.05 billion | $0.191 billion | $0.428 billion | $0.272 billion | $0.159 billion |
| Detroit Red Wings | $1.03 billion | $0.245 billion | $0.411 billion | $0.228 billion | $0.146 billion |
| New York Islanders | $1.02 billion | $0.206 billion | $0.412 billion | $0.268 billion | $0.134 billion |
| Vancouver Canucks | $1.01 billion | $0.24 billion | $0.433 billion | $0.202 billion | $0.135 billion |
| Tampa Bay Lightning | $1 billion | $0.238 billion | $0.379 billion | $0.272 billion | $0.111 billion |
| Pittsburgh Penguins | $0.99 billion | $0.194 billion | $0.4 billion | $0.256 billion | $0.141 billion |
| Vegas Golden Knights | $0.965 billion | $0.168 billion | $0.407 billion | $0.268 billion | $0.123 billion |
| New Jersey Devils | $0.96 billion | $0.209 billion | $0.359 billion | $0.271 billion | $0.121 billion |
| Dallas Stars | $0.925 billion | $0.22 billion | $0.383 billion | $0.198 billion | $0.124 billion |
| St. Louis Blues | $0.88 billion | $0.252 billion | $0.313 billion | $0.203 billion | $0.112 billion |
| Colorado Avalanche | $0.86 billion | $0.249 billion | $0.302 billion | $0.199 billion | $0.11 billion |
| Calgary Flames | $0.855 billion | $0.247 billion | $0.346 billion | $0.166 billion | $0.096 billion |
| Minnesota Wild | $0.85 billion | $0.258 billion | $0.296 billion | $0.195 billion | $0.101 billion |
| Nashville Predators | $0.81 billion | $0.257 billion | $0.266 billion | $0.19 billion | $0.096 billion |
| Ottawa Senators | $0.8 billion | $0.293 billion | $0.238 billion | $0.152 billion | $0.116 billion |
| San Jose Sharks | $0.74 billion | $0.293 billion | $0.221 billion | $0.168 billion | $0.057 billion |
| Anaheim Ducks | $0.725 billion | $0.263 billion | $0.224 billion | $0.147 billion | $0.091 billion |
| Winnipeg Jets | $0.65 billion | $0.26 billion | $0.203 billion | $0.124 billion | $0.063 billion |
| Carolina Hurricanes | $0.64 billion | $0.223 billion | $0.214 billion | $0.128 billion | $0.075 billion |
| Buffalo Sabres | $0.61 billion | $0.263 billion | $0.193 billion | $0.1 billion | $0.053 billion |
| Florida Panthers | $0.55 billion | $0.247 billion | $0.156 billion | $0.096 billion | $0.052 billion |
| Arizona Coyotes (now inactive) | $0.45 billion | $0.236 billion | $0.117 billion | $0.061 billion | $0.036 billion |
Historical valuations
| Team | 2023–24 | 2022–23 | 2021–22 | 2020–21 | 2019–20 | 2018–19 | 2017–18 | 2016–17 | 2015–16 | 2014–15 | 2013–14 | 2012–13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Toronto Maple Leafs | 3,800 | 2,800 | 2,000 | 1,800 | 1,500 | 1,500 | 1,500 | 1,400 | 1,100 | 1,200 | 1,300 | 1,200 |
| New York Rangers | 3,500 | 2,650 | 2,200 | 2,000 | 1,700 | 1,700 | 1,600 | 1,500 | 1,300 | 1,200 | 1,100 | 850 |
| Montreal Canadiens | 3,000 | 2,300 | 1,850 | 1,600 | 1,300 | 1,300 | 1,300 | 1,300 | 1,100 | 1,200 | 1,000 | 775 |
| Los Angeles Kings | 2,900 | 2,000 | 1,300 | 1,025 | 825 | 850 | 810 | 750 | 600 | 580 | 580 | 450 |
| Boston Bruins | 2,700 | 1,900 | 1,400 | 1,300 | 1,000 | 1,000 | 925 | 890 | 800 | 750 | 750 | 600 |
| Edmonton Oilers | 2,650 | 1,850 | 1,275 | 1,100 | 550 | 575 | 540 | 520 | 445 | 455 | 475 | 400 |
| Chicago Blackhawks | 2,450 | 1,875 | 1,500 | 1,400 | 1,100 | 1,100 | 1,100 | 1,000 | 925 | 925 | 825 | 625 |
| Philadelphia Flyers | 2,300 | 1,650 | 1,250 | 1,200 | 800 | 825 | 800 | 740 | 720 | 660 | 625 | 500 |
| Washington Capitals | 2,150 | 1,600 | 1,200 | 930 | 750 | 775 | 725 | 625 | 575 | 565 | 500 | 414 |
| Detroit Red Wings | 2,150 | 1,200 | 1,030 | 990 | 775 | 800 | 775 | 700 | 625 | 600 | 570 | 470 |
| New Jersey Devils | 2,100 | 1,450 | 960 | 775 | 530 | 550 | 455 | 400 | 320 | 330 | 330 | 320 |
| Dallas Stars | 2,000 | 1,080 | 925 | 720 | 575 | 600 | 525 | 515 | 500 | 450 | 420 | 333 |
| Vancouver Canucks | 1,950 | 1,325 | 1,010 | 825 | 725 | 740 | 735 | 730 | 700 | 745 | 800 | 700 |
| New York Islanders | 1,900 | 1,550 | 1,020 | 950 | 520 | 520 | 440 | 395 | 385 | 325 | 300 | 195 |
| Vegas Golden Knights | 1,850 | 1,125 | 965 | 710 | 570 | 580 | 575 | 500 | 0[k] | |||
| Tampa Bay Lightning | 1,800 | 1,250 | 1,000 | 650 | 470 | 470 | 445 | 390 | 305 | 260 | 230 | 180 |
| Pittsburgh Penguins | 1,750 | 1,175 | 990 | 900 | 650 | 665 | 650 | 650 | 570 | 560 | 565 | 480 |
| Colorado Avalanche | 1,700 | 1,150 | 860 | 630 | 465 | 475 | 430 | 385 | 360 | 360 | 360 | 337 |
| Calgary Flames | 1,650 | 1,100 | 855 | 680 | 480 | 500 | 450 | 430 | 410 | 435 | 451 | 420 |
| Seattle Kraken | 1,600 | 1,225 | 1,050 | 875 | 0[k] | |||||||
| Minnesota Wild | 1,550 | 1,050 | 850 | 675 | 500 | 510 | 490 | 440 | 400 | 380 | 370 | 330 |
| Nashville Predators | 1,500 | 975 | 810 | 600 | 435 | 460 | 425 | 380 | 270 | 255 | 250 | 205 |
| St. Louis Blues | 1,450 | 990 | 880 | 640 | 510 | 530 | 465 | 450 | 310 | 270 | 235 | 185 |
| Florida Panthers | 1,400 | 775 | 550 | 450 | 295 | 310 | 295 | 305 | 235 | 186 | 190 | 240 |
| San Jose Sharks | 1,350 | 900 | 740 | 625 | 515 | 540 | 510 | 490 | 470 | 445 | 425 | 405 |
| Anaheim Ducks | 1,300 | 925 | 725 | 620 | 460 | 480 | 460 | 460 | 415 | 400 | 365 | 300 |
| Carolina Hurricanes | 1,250 | 825 | 640 | 550 | 440 | 450 | 420 | 370 | 230 | 225 | 220 | 187 |
| Utah Mammoth | 1,200 | 0[k] | ||||||||||
| Ottawa Senators | 1,150 | 950 | 800 | 525 | 430 | 445 | 435 | 420 | 355 | 370 | 400 | 380 |
| Buffalo Sabres | 1,100 | 750 | 610 | 500 | 385 | 400 | 375 | 350 | 300 | 300 | 288 | 250 |
| Winnipeg Jets | 1,050 | 780 | 650 | 575 | 405 | 420 | 415 | 375 | 340 | 350 | 358 | 340 |
| Columbus Blue Jackets | 1,000 | 765 | 620 | 475 | 310 | 325 | 320 | 315 | 245 | 226 | 200 | 175 |
| Arizona Coyotes (inactive) | 0[k] | 500 | 450 | 400 | 285 | 300 | 290 | 300 | 240 | 220 | 225 | 200 |
Notes
- All figures are in U.S. dollars based on the average U.S.-Canada exchange rate during the 2024-25 season (1 CAD = 0.73 USD).
- Movement of spots in the ranking from the 2023–24 NHL season to the 2024–25 NHL season.
- Team values are rounded to the nearest $25 million.
- Change of valuation from the 2023–24 NHL season to the 2024–25 NHL season.
- Revenue and operating income estimates are rounded to the nearest $1 million.
- Financial data taken from 2023 team profiles on Forbes.
- Portion of franchise's value attributable to revenue shared among all teams.
- Portion of franchise's value attributable to its city and market size.
- Portion of franchise's value attributable to its arena.
- Portion of franchise's value attributable to its brand.
- Team did not exist to be attributed a financial valuation.