Forbes list of the most valuable NHL teams

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 million to $2 million).[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.
  1. Sport (25.8%)
  2. Market (38.3%)
  3. Stadium (23.6%)
  4. 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

Historical valuations (in US$ millions) by NHL team
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

  1. ^ 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).
  2. ^ Movement of spots in the ranking from the 2023–24 NHL season to the 2024–25 NHL season.
  3. ^ a b Team values are rounded to the nearest $25 million.
  4. ^ Change of valuation from the 2023–24 NHL season to the 2024–25 NHL season.
  5. ^ a b Revenue and operating income estimates are rounded to the nearest $1 million.
  6. ^ Financial data taken from 2023 team profiles on Forbes.
  7. ^ Portion of franchise's value attributable to revenue shared among all teams.
  8. ^ Portion of franchise's value attributable to its city and market size.
  9. ^ Portion of franchise's value attributable to its arena.
  10. ^ Portion of franchise's value attributable to its brand.
  11. ^ a b c d Team did not exist to be attributed a financial valuation.

See also

References

  1. ^ "New York Rangers Profile". Forbes. Retrieved April 2, 2022.
  2. ^ "NHL Team Values 2022: New York Rangers On Top At $2.2 Billion". Forbes. Retrieved December 20, 2022.
  3. ^ a b c Teitelbaum, Justin; Knight, Brett (December 11, 2025). "Forbes NHL Valuations 2025 List: Most Valuable Hockey Teams". Forbes. Retrieved January 23, 2026.
  4. ^ "The Most Valuable NHL Teams 2023". Forbes. Retrieved September 4, 2024.
  5. ^ "New York Rangers tabbed as most valuable NHL franchise, Maple Leafs and Canadiens round out the top three". National Hockey League. December 9, 2021. Retrieved April 2, 2022.
  6. ^ "Rangers Top Forbes' 2021 List of Most Valuable NHL Teams; NYR Becomes 1st $2B Team". Bleacher Report. Retrieved April 2, 2022.
  7. ^ "Maple Leafs first NHL team worth $1 billion, according to Forbes magazine". National Hockey League. Retrieved April 2, 2022.
  8. ^ "Forbes: Maple Leafs most valuable NHL team at $332 million; Capitals are last". National Hockey League. Retrieved April 2, 2022.
  9. ^ "Edmonton Oilers Profile". Forbes. Retrieved April 2, 2022.
  10. ^ "NHL Records - Edmonton Oilers". National Hockey League. Retrieved April 2, 2022.
  11. ^ "Home of the Katz Group". Katz Group of Companies. Retrieved April 2, 2022.
  12. ^ "Sportsnet announces 2021-22 Edmonton Oilers broadcast schedule". Sportsnet. September 17, 2021. Retrieved April 2, 2022.
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