The NHL is experiencing a financial surge, with average franchise values jumping to $2.2 billion, marking a 15% year-over-year increase. This growth is fueled largely by massive Canadian and U.S. national media rights deals, rising game-day revenue, and strong local TV agreements. Teams with elite arena economics and high fan engagement continue to dominate the valuation rankings, while lower-revenue clubs also saw significant boosts thanks to evenly distributed national media income.
Below is CNBC’s Official NHL Team Valuations 2025 — a full breakdown of the top 32 NHL franchises by value, Year-over-Year (YOY) growth, revenue, EBITDA (earnings before interest, taxes, depreciation, and amortization), ownership, and debt ratio.
Top 10 Most Valuable NHL Teams in 2025
The Toronto Maple Leafs retain the No. 1 spot, now worth an impressive $4.3 billion, driven by elite ticket sales, premium seating demand, and a lucrative media deal expected to rise to $55 million annually. The New York Rangers hold strong at No. 2, boosted by unmatched gate revenue—earning $179 million last season. The Montreal Canadiens round out the top three, leading the league in local media revenue, projected at $70 to $75 million per year.
CNBC’s Official NHL Team Valuations 2025
| Rank | Team | Value | YOY Change | Revenue | EBITDA | Debt % 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 |
Key Takeaways from the 2025 NHL Valuations
Record Revenue Growth
Average team revenue hit $243 million, up 9% from last season, while average EBITDA jumped 20% to $54 million.
Media Rights Power the Boom
A new Canadian media deal with Rogers worth $7.79 billion and expected doubling of U.S. TV rights are major drivers of rising franchise values.
Fastest-Growing Teams
- Columbus Blue Jackets: ↑ 40%
- Carolina Hurricanes: ↑ 53%
- Buffalo Sabres, Winnipeg Jets, Utah Mammoth: All ↑ over 24%
Arena Economics Matter
Teams like the Rangers, Maple Leafs, and Oilers earned massive gate revenues, keeping them at the top despite higher competition.
Most Valuable NHL Franchises | 2025 Top 5
- Toronto Maple Leafs – $4.3B
- New York Rangers – $3.8B
- Montreal Canadiens – $3.4B
- Los Angeles Kings – $3.15B
- Edmonton Oilers – $3.1B
Why NHL Teams Are Becoming Prime Investment Targets
- Media rights explosion (streaming, bilingual markets, digital packages)
- High arena profitability and premium seating growth
- Superstar effect (Connor McDavid, Auston Matthews, Sidney Crosby)
- Rising popularity in non-traditional markets (Vegas, Dallas, Carolina, Florida)
Conclusion
The NHL is entering a new financial era—one powered by media rights, live-event demand, and competitive franchise economics. The league’s rising team valuations reflect strong investor confidence, booming fan interest, and new revenue streams that are transforming hockey into one of North America’s most attractive sports business investments.