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 financial metrics such as debt and operating income to each one.^[2]

The latest ranking reported that the New York Rangers is the most valuable NHL franchise after the 2021–22 NHL season.^[3] The fastest growing NHL franchise is the Edmonton Oilers, with a 136.1% increase in valuation since the 2017–18 NHL season ($0.575 billion to $1.275 billion).^[4] The Rangers have been the most valuable NHL team since the 2014–15 NHL season, totaling up to eight consecutive years.^[5]

Several media outlets have referenced in related news or conducts analytic journalism when the ranking comes out, such as CBS and Bleacher Report.^[6][7] The NHL has consistently published news about the rankings since the early renditions.^[8][9] The report has also applied more context to NHL trends, such as the Edmonton Oilers doubling in value in just one year.^[10] Particularly, the Oilers have recently been clinching the playoffs consistently that aligns well with the opening of Rogers Place and new media deals.^[11][12][13]

Ranking

Rankings as of December 14, 2022 (2021–22 NHL season)^[2]

Rank	Swing[a]	Team	Territory	Value[b]	Change[c]	Debt[d]	Revenue[e]	Operating Income[f]
1		New York Rangers	New York	$2.2 billion	37.5%	1%	$249 million	$90 million
2		Toronto Maple Leafs	Ontario	$2 billion	33.3%	10%	$248 million	$116 million
3		Montreal Canadiens	Quebec	$1.85 billion	42.3%	12%	$239 million	$110 million
4		Chicago Blackhawks	Illinois	$1.5 billion	36.4%	7%	$222 million	$92 million
5		Boston Bruins	Massachusetts	$1.4 billion	51.4%	7%	$218 million	$57 million
6		Los Angeles Kings	California	$1.3 billion	60.5%	8%	$249 million	$88 million
7	6	Edmonton Oilers	Alberta	$1.275 billion	136.1%	6%	$230 million	$87 million
8	1	Philadelphia Flyers	Pennsylvania	$1.25 billion	56.3%	8%	$190 million	$35 million
9	1	Washington Capitals	Washington, D.C.	$1.2 billion	65.5%	9%	$192 million	$55 million
10		Seattle Kraken	Washington	$1.05 billion		44%	$191 million	$67 million
11	3	Detroit Red Wings	Michigan	$1.03 billion	32.9%	9%	$187 million	$61 million
12	10	New York Islanders	New York	$1.02 billion	131.8%	32%	$181 million	$35 million
13	4	Vancouver Canucks	British Columbia	$1.01 billion	37.4%	12%	$187 million	$58 million
14	7	Tampa Bay Lightning	Florida	$1 billion	124.7%	14%	$187 million	$27 million
15	4	Pittsburgh Penguins	Pennsylvania	$0.99 billion	52.3%	20%	$187 million	$37 million
16	4	Vegas Golden Knights	Nevada	$0.965 billion	67.8%	16%	$198 million	$64 million
17	2	New Jersey Devils	New Jersey	$0.960 billion	110.9%	15%	$191 million	$37 million
18	4	Dallas Stars	Texas	$0.925 billion	76.2%	17%	$187 million	$43 million
19	2	St. Louis Blues	Missouri	$0.88 billion	89.2%	14%	$180 million	$56 million
20	4	Colorado Avalanche	Colorado	$0.86 billion	100%	32%	$178 million	$43 million
21	1	Calgary Flames	Alberta	$0.855 billion	90%	14%	$178 million	$41 million
22	6	Minnesota Wild	Minnesota	$0.85 billion	73.5%	19%	$169 million	$40 million
23	2	Nashville Predators	Tennessee	$0.81 billion	90.6%	19%	$169 million	$35 million
24	1	Ottawa Senators	Ontario	$0.8 billion	83.9%	25%	$157 million	$47 million
25	10	San Jose Sharks	California	$0.74 billion	45.1%	14%	$150 million	$6.7 million
26	8	Anaheim Ducks	California	$0.725 billion	57.6%	34%	$158 million	$44 million
27		Winnipeg Jets	Manitoba	$0.65 billion	56.6%	27%	$149 million	$22 million
28	2	Carolina Hurricanes	North Carolina	$0.64 billion	52.4%	23%	$159 million	$18 million
29		Columbus Blue Jackets	Ohio	$0.62 billion	93.8%	22%	$144 million	$31 million
30	2	Buffalo Sabres	New York	$0.61 billion	62.7%	21%	$143 million	$20 million
31	1	Florida Panthers	Florida	$0.55 billion	86.4%	30%	$137 million	$4.7 million
32	1	Arizona Coyotes	Arizona	$0.45 billion	55.2%	69%	$127 million	$5.8 million

Composition

Historical valuations