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 2021âÂÂ22 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 million to $2 million).
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).
Rankings as of December 11, 2025, based on the 2024âÂÂ25 NHL season.