The National Hockey League is commanding more respect when it comes to team values.
The average NHL team is worth $1.92 billion, according to CNBC’s Official 2024 NHL Valuations, and recent transactions come at revenue multiples that rival deals done in Major League Baseball.
What accounts for the league’s ascension?
Steady revenue growth combined with a hard salary cap and a leaguewide revenue-sharing system all but ensure profitability for the league’s 32 teams.
For the 2023-24 season, the NHL’s hockey-related revenue was $6.3 billion, 8.6% higher than the previous season, according to the league. The NHL also hit record national sponsorship revenue last season, bringing in $250 million, as well as record regular-season gate receipt revenue of $2.4 billion, the NHL said.
That growth, combined with richer media deals, is contributing to a better bottom line for professional hockey. The average NHL team posted EBITDA of $45 million on revenue of $223 million for the 2023-24 season, according to CNBC calculations.
Here is how the NHL’s 32 teams stack up:
CNBC’s Official NHL Team Valuations 2024
| Rank | Team | Value | Revenue | EBITDA | Debt as % of Value | Owner(s) |
| 1. | Toronto Maple Leafs | $4B | $324M | $139.5M | 5% | Rogers Communications, BCE, Larry Tanenbaum |
| 2. | New York Rangers | $3.5B | $317M | $80M | 1% | Madison Square Garden Sports |
| 3. | Montreal Canadiens | $3.1B | $302M | $111.2M | 7% | Molson family |
| 4. | Los Angeles Kings | $2.85B | $337M | $110.1M | 4% | Philip Anschutz |
| 5. | Boston Bruins | $2.75B | $280M | $78.8M | 4% | Jeremy Jacobs |
| 6. | Edmonton Oilers | $2.65B | $379M | $156.9M | 3% | Daryl Katz |
| 7. | Chicago Blackhawks | $2.6B | $265M | $103.3M | 4% | Wirtz family |
| 8. | Philadelphia Flyers | $2.25B | $247M | $39M | 0% | Comcast |
| 9. | Washington Capitals | $2.1B | $246M | $79.3M | 9% | Ted Leonsis |
| 10. | Detroit Red Wings | $2.05B | $239M | $34.3M | 4% | Marian Ilitch |
| 11. | New Jersey Devils | $2B | $267M | $50.4M | 6% | David Blitzer, Josh Harris |
| 12. | Vancouver Canucks | $1.95B | $226M | $31.1M | 6% | Aquilini Investment Group |
| 13. | Dallas Stars | $1.9B | $244M | $80.6M | 8% | Tom Gaglardi |
| 14. | Vegas Golden Knights | $1.85B | $221M | $49.4M | 8% | Bill Foley |
| 15. | Tampa Bay Lightning | $1.8B | $220M | $39.7M | 12% | Doug Ostrover, Marc Lipschultz, Jeff Vinik |
| 16. | New York Islanders | $1.77B | $207M | $29.2M | 18% | Jon Ledecky, Scott Malkin |
| 17. | Pittsburgh Penguins | $1.75B | $218M | $42.3M | 11% | Fenway Sports Group |
| 18. | Calgary Flames | $1.7B | $183M | $29M | 5% | N. Murray Edwards |
| 19. | Colorado Avalanche | $1.65B | $195M | $20.6M | 21% | Stan Kroenke |
| 20. | Seattle Kraken | $1.6B | $184M | $19.4M | 29% | David Bonderman, Samantha Holloway |
| 21. | Minnesota Wild | $1.55B | $202M | $31.5M | 11% | Craig Leipold |
| 22. | Nashville Predators | $1.5B | $192M | $27.8M | 7% | Bill Haslam |
| 23. | St. Louis Blues | $1.47B | $189M | $6.5M | 9% | Tom Stillman |
| 24. | Anaheim Ducks | $1.43B | $175M | $20.1M | 21% | Henry Samueli, Susan Samueli |
| 25. | San Jose Sharks | $1.4B | $168M | ($3.3M) | 4% | Hasso Plattner |
| 26. | Florida Panthers | $1.35B | $181M | $6.6M | 12% | Vincent Viola |
| 27. | Carolina Hurricanes | $1.3B | $184M | $25.4M | 15% | Tom Dundon |
| 28. | Utah Hockey Club | $1.2B | $119M | ($6.3M) | 26% | Ryan Smith, Ashley Smith |
| 29. | Ottawa Senators | $1.18B | $154M | $3.8M | 23% | Michael Andlauer |
| 30. | Buffalo Sabres | $1.15B | $169M | $15.8M | 4% | Terry Pegula, Kim Pegula |
| 31. | Winnipeg Jets | $1.1B | $163M | $1.3M | 12% | Mark Chipman, David Thomson |
| 32. | Columbus Blue Jackets | $1B | $148M | ($1.5M) | 13% | John McConnell, Nationwide |