Forbes compiles thefinances of all 32NHL teams to produce an annual ranking of the best franchises in terms ofvaluation. The valuations are composed of the monetary worth of thesport,market,stadium deals, andbrand.^[1] These areas are supported by applying various financial metrics such asdebt andoperating income to each one.^[2]

The latest ranking reported that theToronto Maple Leafs were the most valuable NHL franchise for the third straight year, rising 16% to an estimated $4.4 billion.^[3] TheNew York Rangers held the title for eight consecutive years prior to the2021–22 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 theCarolina Hurricanes, with a 60% increase in valuation over the past season ($1.25 million to $2 million).^[3]

Several media outlets, such asCBS andBleacher Report, have referenced the report andanalyzed the results when they come out.^[5][6] TheNHL 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 theEdmonton Oilers doubling in value in just one year.^[9] (The Oilers have recently been consistently clinching the playoffs, moved into theirnew arena and made new media deals).^[10][11][12]

Rankings as of December 11, 2025, based on the2024–25 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

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

• National Hockey League lists
• Sports world rankings
• Top sports lists
• Forbes lists
• 21st century-related lists
• Lists of ice hockey teams

• Articles with short description
• Short description is different from Wikidata
• Use mdy dates from January 2026