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. These areas are supported by applying various financial metrics such as debt and operating income to each one.

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. The New York Rangers held the title for eight consecutive years prior to the 2021–22 NHL season. 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).

Several media outlets, such as CBS and Bleacher Report, have referenced the report and analyzed the results when they come out. The NHL has consistently published news about the rankings since the early renditions. The report has also applied more context to NHL trends, such as the Edmonton Oilers doubling in value in just one year. (The Oilers have recently been consistently clinching the playoffs, moved into their new arena and made new media deals).

Ranking Rankings as of December 11, 2025, based on the 2024–25 NHL season. Rank Swing Team State/Province Value Change Revenue Operating Income 1 Toronto Maple Leafs $4.4 billion 16% $375 million $191 million 2 New York Rangers $4 billion 14% $322 million $182 million 3 Montreal Canadiens $3.4 billion 13% $320 million $136 million 4 2 Edmonton Oilers $3.2 billion 21% $431 million $244 million 5 1 Los Angeles Kings $3.1 billion 7% $333 million $129 million 6 1 Boston Bruins $2.9 billion 7% $275 million $73 million 7 Chicago Blackhawks $2.8 billion 14% $272 million $95 million 8 Philadelphia Flyers $2.7 billion 17% $315 million $124 million 9 Washington Capitals $2.55 billion 19% $282 million $92 million 10 Detroit Red Wings $2.5 billion 18% $250 million $69 million 11 New Jersey Devils $2.4 billion 14% $303 million $98 million 12 Dallas Stars $2.3 billion 15% $250 million $70 million 13 2 Vegas Golden Knights $2.2 billion 19% $250 million $77 million 14 1 Vancouver Canucks $2.15 billion 10% $235 million $55 million 15 1 New York Islanders $2.1 billion 11% $220 million $50 million 16 Tampa Bay Lightning $2.05 billion 14% $240 million $60 million 17 10 Carolina Hurricanes $2 billion 60% $218 million $41 million 18 Colorado Avalanche $1.95 billion 15% $222 million $47 million 19 Calgary Flames $1.9 billion 15% $210 million $70 million 20 Seattle Kraken $1.85 billion 16% $235 million $66 million 21 Minnesota Wild $1.8 billion 16% $240 million $68 million 22 5 Pittsburgh Penguins $1.75 billion 0% $230 million $60 million 23 1 Florida Panthers $1.7 billion 21% $230 million $45 million 24 2 Nashville Predators $1.6 billion 7% $203 million $35 million 25 2 St. Louis Blues $1.55 billion 7% $208 million $20 million 26 1 San Jose Sharks $1.5 billion 11% $182 million $28 million 27 1 Utah Mammoth $1.45 billion 21% $195 million $32 million 28 2 Anaheim Ducks $1.4 billion 8% $185 million $26 million 29 Ottawa Senators 20% $181 million $21 million 30 1 Winnipeg Jets $1.35 billion 29% $187 million $26 million 31 1 Buffalo Sabres $1.325 billion 20% $175 million $11 million 32 Columbus Blue Jackets $1.3 billion 30% $161 million $19 million

Composition

Team Value Sport Market Stadium Brand 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 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 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 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) 0 500 450 400 285 300 290 300 240 220 225 200

Notes

Forbes list of the most valuable NHL teams

Bron en licentie