Forbes list of the most valuable NHL teams

Forbes NHL Franchise Valuations

Company type	List/Ranking
Industry	Sports valuation
Area served	National Hockey League (NHL)
Products	Annual valuation reports of NHL teams

Forbes assembles financial data from all 32 NHL teams to create an annual list ranking the top franchises based on valuation. These valuations take into account the economic value of the sport, market, stadium agreements, and brand, supported by financial indicators such as debt and operating income.

The most recent report identifies the Toronto Maple Leafs as the highest-valued NHL franchise following the 2022–23 NHL season, surpassing the New York Rangers, who had maintained the top position for eight straight years. The NHL team with the fastest valuation growth is the Edmonton Oilers, experiencing a 136.1% rise since the 2017–18 NHL season, increasing from $540 million to $2.65 billion.

These rankings are frequently analyzed and cited by various media organizations, including CBS and Bleacher Report. The NHL regularly promotes these valuations, which also shed light on league developments such as the Oilers’ rapid expansion—fueled by steady playoff performances, a new venue (Rogers Place), and updated media contracts.

Ranking

Standings as of December 14, 2023 (2022–23 NHL season)

Rank	Movement	Team	State/ Province	Valuation	Change	Debt	Revenue	Operating Income
1	1	Toronto Maple Leafs	Template:Country data Ontario	$2.8 billion	40%	7%	$281 million	$127 million
2	1	New York Rangers	Template:Country data New York	$2.65 billion	20%	3%	$265 million	$69 million
3		Montreal Canadiens	Template:Country data Quebec	$2.3 billion	24%	9%	$265 million	$99 million
4	2	Los Angeles Kings	Template:Country data California	$2 billion	54%	5%	$279 million	$108 million
5		Boston Bruins	Template:Country data Massachusetts	$1.9 billion	36%	5%	$239 million	$57 million
6	2	Chicago Blackhawks	Template:Country data Illinois	$1.875 billion	25%	5%	$228 million	$96 million
7		Edmonton Oilers	Template:Country data Alberta	$1.85 billion	45%	4%	$281 million	$122 million
8		Philadelphia Flyers	Template:Country data Pennsylvania	$1.65 billion	32%	0%	$219 million	$53 million
9		Washington Capitals	Template:Country data Washington, D.C.	$1.6 billion	33%	12%	$218 million	$74 million
10	2	New York Islanders	Template:Country data New York	$1.55 billion	52%	32%	$183 million	$30 million
11	6	New Jersey Devils	Template:Country data New Jersey	$1.45 billion	51%	9%	$240 million	$55 million
12	1	Vancouver Canucks	British Columbia	$1.325 billion	31%	9%	$198 million	$48 million
13	1	Tampa Bay Lightning	Template:Country data Florida	$1.25 billion	25%	12%	$196 million	$27 million
14	4	Seattle Kraken	Template:Country data Washington	$1.225 billion	17%	29%	$197 million	$44 million
15	4	Detroit Red Wings	Template:Country data Michigan	$1.2 billion	17%	8%	$199 million	$64 million
16	1	Pittsburgh Penguins	Template:Country data Pennsylvania	$1.175 billion	19%	17%	$207 million	$49 million
17	3	Colorado Avalanche	Template:Country data Colorado	$1.15 billion	34%	30%	$182 million	$39 million
18	2	Vegas Golden Knights	Template:Country data Nevada	$1.125 billion	17%	13%	$233 million	$73 million
19	2	Calgary Flames	Template:Country data Alberta	$1.1 billion	29%	8%	$183 million	$37 million
20	2	Dallas Stars	Texas	$1.08 billion	17%	15%	$210 million	$50 million

Composition

Team	Total Value	Sport Value	Market Value	Stadium Value	Brand Value
New York Rangers	$2.2 billion	$252 million	$1.038 billion	$632 million	$279 million
Toronto Maple Leafs	$2 billion	$239 million	$937 million	$536 million	$289 million
Montreal Canadiens	$1.85 billion	$239 million	$944 million	$427 million	$241 million
Chicago Blackhawks	$1.5 billion	$230 million	$679 million	$407 million	$184 million
Boston Bruins	$1.4 billion	$220 million	$581 million	$420 million	$179 million
Los Angeles Kings	$1.3 billion	$149 million	$535 million	$446 million	$171 million
Edmonton Oilers	$1.275 billion	$186 million	$605 million	$295 million	$189 million
Philadelphia Flyers	$1.25 billion	$240 million	$501 million	$365 million	$145 million
Washington Capitals	$1.2 billion	$214 million	$520 million	$286 million	$180 million
Seattle Kraken	$1.05 billion	$191 million	$428 million	$272 million	$159 million
Detroit Red Wings	$1.03 billion	$245 million	$411 million	$228 million	$146 million
New York Islanders	$1.02 billion	$206 million	$412 million	$268 million	$134 million
Vancouver Canucks	$1.01 billion	$240 million	$433 million	$202 million	$135 million
Tampa Bay Lightning	$1 billion	$238 million	$379 million	$272 million	$111 million

Historical valuations

Calgary Flames:1100 ,855 ,680 ,480 ,500 ,450 ,430 ,410 ,435 ,451 ,420 Dallas Stars:1080 ,925 ,720 ,575 ,600 ,525 ,515 ,500 ,450 ,420 ,333 Minnesota Wild:1050 ,850 ,675 ,500 ,510 ,490 ,440 ,400 ,380 ,370 ,330 St. Louis Blues:990 ,880 ,640 ,510 ,530 ,465 ,450 ,310 ,270 ,235 ,185 Nashville Predators: 975 (latest) followed by values of:810;600;435;460;425;380;270;255;250;205

NHL franchise valuations over time (in US$ millions)

Team	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	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	2,650	2,200	2,000	1,700	1,700	1,600	1,500	1,300	1,200	1,100	850
Montreal Canadiens	2,300	1,850	1,600	1,300	1,300	1,300	1,300	1,100	1,200	1,000	775
Los Angeles Kings	2,000	1,300	1,025	825	850	810	750	600	580	580	450
Boston Bruins	1,900	1,400	1,300	1,000	1,000	925	890	800	750	750	600
Chicago Blackhawks	1,875	1500	1400	1100	1100	1100	1000	925	925	825	625
Edmonton Oilers	1850	1275	1100	550	575	540	520	445	455	475	400
Philadelphia Flyers	1650		1250		1200		800		825		800		740		720		660		625		500
Washington Capitals	1600		1200		930		750		775		725		625		575		565		500		414
New York Islanders	1550		1020		950		520		520		440		395		385		325		300		195
New Jersey Devils	1450		960		775		530		550		455		400		320		330		330		320
Vancouver Canucks |1325 |1010 |825 |725 |740 |735 |730 |700 |745 |800 |700
Tampa Bay Lightning |1250 |1000 |650 |470 |470 |445 |390 |305 |260 |230 |180
Seattle Kraken |1225 |1050 |875 |0 |0 |0 |0 |0 |0 |0 |0
Detroit Red Wings |1200 |1030 |990 |775 |800 |775 |700 |625 |600 |570 |470
Pittsburgh Penguins |1175 |990 |900 |650 |665 |650 |650 |570 |560 |565 |480
Colorado Avalanche 1150 860 630 465 475 430 385 360 360 360 337
Vegas Golden Knights 1125 965 710 570 580 575 500

See also

• Forbes list of the most valuable sports teams
• List of professional sports leagues by revenue