Shocking CNBC NHL Team Valuations Reveal Unexpected Winners and Losers in 2025 Rankings
Here is how the NHL’s 32 teams stack up:
CNBC’s Official NHL Team Valuations 2025
| Rank | Team | Value | YoY Change in Value | Revenue | EBITDA | Debt as % of Value | Owner(s) |
|---|---|---|---|---|---|---|---|
| 1. | Toronto Maple Leafs | $4.3B | 8% | $382M | $181M | 4% | Rogers Communications, Larry Tanenbaum |
| 2. | New York Rangers | $3.8B | 9% | $322M | $76M | 1% | Madison Square Garden Sports |
| 3. | Montreal Canadiens | $3.4B | 10% | $324M | $112M | 6% | Molson family |
| 4. | Los Angeles Kings | $3.15B | 11% | $347M | $110M | 3% | Philip Anschutz |
| 5. | Edmonton Oilers | $3.1B | 17% | $431M | $188M | 2% | Daryl Katz |
| 6. | Boston Bruins | $3.05B | 11% | $281M | $72M | 3% | Jeremy Jacobs |
| 7. | Chicago Blackhawks | $2.75B | 6% | $268M | $85M | 4% | Wirtz family |
| 8. | Philadelphia Flyers | $2.6B | 16% | $315M | $0M | 0% | Comcast |
| 9. | Washington Capitals | $2.5B | 19% | $269M | $72M | 8% | Ted Leonsis |
| 10. | Detroit Red Wings | $2.47B | 20% | $251M | $41M | 4% | Marian Ilitch |
| 11. | New Jersey Devils | $2.45B | 23% | $300M | $60M | 5% | David Blitzer, Josh Harris |
| 12. | Vancouver Canucks | $2.2B | 13% | $234M | $42M | 6% | Aquilini Investment Group |
| 13. | Vegas Golden Knights | $2.1B | 13% | $243M | $69M | 7% | Bill Foley |
| 14. | Dallas Stars | $2.05B | 8% | $252M | $74M | 8% | Tom Gaglardi |
| 15. | Carolina Hurricanes | $2B | 53% | $212M | $34M | 10% | Tom Dundon |
| 16. | Tampa Bay Lightning | $1.95B | 8% | $237M | $47M | 12% | Doug Ostrover and Marc Lipschultz, Jeff Vinik |
| 17. | Calgary Flames | $1.93B | 13% | $189M | $49M | 5% | N. Murray Edwards |
| 18. | Minnesota Wild | $1.9B | 23% | $250M | $70M | 9% | Craig Leipold |
| 19. | Colorado Avalanche | $1.85B | 12% | $207M | $34M | 19% | Stan Kroenke |
| 20. | New York Islanders | $1.82B | 3% | $208M | $31M | 18% | Jon Ledecky, Scott Malkin |
| 21. | Seattle Kraken | $1.77B | 10% | $191M | $26M | 26% | Samantha Holloway |
| 22. | Pittsburgh Penguins | $1.76B | 0% | $206M | $28M | 11% | Fenway Sports Group |
| 23. | Florida Panthers | $1.75B | 30% | $235M | $48M | 9% | Vincent Viola |
| 24. | Nashville Predators | $1.65B | 10% | $192M | $24M | 7% | Bill Haslam |
| 25. | St. Louis Blues | $1.62B | 10% | $197M | $4M | 8% | Tom Stillman |
| 26. | Anaheim Ducks | $1.61B | 12% | $175M | $23M | 19% | Henry Samueli, Susan Samueli |
| 27. | Utah Mammoth | $1.6B | 33% | $200M | $46M | 20% | Ryan Smith, Ashley Smith |
| 28. | San Jose Sharks | $1.55B | 11% | $176M | $17M | 3% | Hasso Plattner |
| 29. | Winnipeg Jets | $1.46B | 33% | $182M | $17M | 9% | Mark Chipman, David Thomson |
| 30. | Ottawa Senators | $1.44B | 22% | $169M | $5M | 19% | Michael Andlauer |
| 31. | Buffalo Sabres | $1.42B | 24% | $176M | $14M | 4% | Terry Pegula, Kim Pegula |
| 32. | Columbus Blue Jackets | $1.4B | 40% | $164M | $22M | 10% | John McConnell, Nationwide |
Methodology
CNBC’s Official NHL Team Valuations are current enterprise values — equity plus net debt — calculated using revenue multiples, and include the economics of the team’s arena, including non-NHL revenue that accrues to the team’s owner. The valuations do not include the value of stadium real estate.
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