Forbes recently released the annual valuations of NHL franchises for 2019/2020 as part of their Business of Hockey series. Not many surprises here compared to last year’s rankings, however if we look at the ten-year trend there are some interesting developments in terms of NHL Teams valuations.
Over the past decade the average valuation of NHL teams has increased by 192.63%
The average US-based NHL franchise has seen their valuation increase by 196% (excluding Vegas Golden Knights).
The average Canadian-based franchise has seen their valuation increase by nearly 206%.
Based on teams that have won the Stanley Cup over the past decade, the average valuation of these teams is $817.5M. Stanley Cup Champion teams have experienced an increase in valuation of 270.40%. Compared to the league average increase of 192.6%.
NHL's Most Valued Franchises 2019
- The average NHL team is worth $667M in 2019
- The valuation of the average NHL franchise saw a 6% increase in value over the previous year
| Rank | Team | Current Value ($mil) | 1-Yr Value Change (%) | Debt/Value (%) | Revenue ($mil) | Operating Income ($mil) |
| 1 | New York Rangers | $1.65 B | 6% | 1% | $270 M | $123 M |
| 2 | Toronto Maple Leafs | $1.5 B | 3% | 8% | $243 M | $101 M |
| 3 | Montreal Canadiens | $1.34 B | 3% | 16% | $243 M | $106 M |
| 4 | Chicago Blackhawks | $1.085 B | 3% | 0% | $208 M | $69 M |
| 5 | Boston Bruins | $1 B | 8% | 0% | $228 M | $62 M |
| 6 | Los Angeles Kings | $850 M | 5% | 5% | $203 M | $54 M |
| 7 | Philadelphia Flyers | $825 M | 3% | 0% | $187 M | $40 M |
| 8 | Detroit Red Wings | $800 M | 3% | 0% | $183 M | $31 M |
| 9 | Washington Capitals | $775 M | 7% | 18% | $180 M | $38 M |
| 10 | Vancouver Canucks | $740 M | 1% | 10% | $167 M | $31 M |
| 11 | Pittsburgh Penguins | $665 M | 2% | 17% | $184 M | $35 M |
| 12 | Dallas Stars | $600 M | 14% | 22% | $166 M | $18 M |
| 13 | Vegas Golden Knights | $580 M | 1% | 22% | $167 M | $33 M |
| 14 | Edmonton Oilers | $575 M | 6% | 16% | $154 M | $16 M |
| 15 | New Jersey Devils | $550 M | 21% | 18% | $181 M | $25 M |
| 16 | San Jose Sharks | $540 M | 6% | 9% | $164 M | $10 M |
| 17 | St Louis Blues | $530 M | 14% | 19% | $171 M | $20 M |
| 18 | New York Islanders | $520 M | 18% | 58% | $115 M | $-3.5 M |
| 19 | Minnesota Wild | $510 M | 4% | 22% | $149 M | $11 M |
| 20 | Calgary Flames | $500 M | 11% | 15% | $138 M | $3.6 M |
| 21 | Anaheim Ducks | $480 M | 4% | 5% | $137 M | $-3.1 M |
| 22 | Colorado Avalanche | $475 M | 10% | 0% | $130 M | $8.9 M |
| 23 | Tampa Bay Lightning | $470 M | 6% | 22% | $140 M | $7.2 M |
| 24 | Nashville Predators | $460 M | 8% | 18% | $135 M | $-11 M |
| 25 | Carolina Hurricanes | $450 M | 7% | 22% | $128 M | $3.6 M |
| 26 | Ottawa Senators | $445 M | 2% | 37% | $127 M | $3.6 M |
| 27 | Winnipeg Jets | $420 M | 1% | 31% | $127 M | $-7.7 M |
| 28 | Buffalo Sabres | $400 M | 7% | 20% | $135 M | $1.9 M |
| 29 | Columbus Blue Jackets | $325 M | 2% | 23% | $119 M | $-13 M |
| 30 | Florida Panthers | $310 M | 5% | 37% | $105 M | $-21 M |
| 31 | Arizona Coyotes | $300 M | 3% | 100% | $102 M | $-15 M |
NHL Team Valuations: 10-Year Trend
Professional hockey is a business, and business is good. Specifically the business of owning an NHL franchise has been good over the past decade.
- Over the past decade the average valuation of NHL teams has increased by 192.63%
- The average US-based NHL franchise has seen their valuation increase by 196% (excluding Vegas Golden Knights).
- The average Canadian-based franchise has seen their valuation increase by nearly 206%.
- Based on teams that have won the Stanley Cup over the past decade, the average valuation of these teams is $817.5M.
Here’s a look at the business of the NHL over the past decade.
NHL’s Most Valued Franchises in 2009
| Rank | Team | Current Value ($mil) | 1-Yr Value Change (%) | Debt/Value (%) | Revenue ($mil) | Operating Income ($mil) |
| 1 | Toronto Maple Leafs | 470 | 5 | 31 | 168 | 78.9 |
| 2 | New York Rangers | 416 | 1 | 0 | 139 | 27.7 |
| 3 | Montreal Canadiens | 339 | 2 | 71 | 130 | 31.3 |
| 4 | Detroit Red Wings | 337 | 11 | 0 | 130 | 27.4 |
| 5 | Philadelphia Flyers | 273 | -1 | 24 | 101 | 3.1 |
| 6 | Boston Bruins | 271 | 3 | 44 | 108 | 11.6 |
| 7 | Chicago Blackhawks | 258 | 26 | 0 | 108 | 20.9 |
| 8 | Dallas Stars | 246 | -10 | 81 | 97 | 12.4 |
| 9 | Vancouver Canucks | 239 | 1 | 46 | 109 | 20.3 |
| 10 | New Jersey Devils | 223 | 0 | 112 | 97 | 1.4 |
| 11 | Pittsburgh Penguins | 222 | 14 | 45 | 93 | 3.3 |
| 12 | Minnesota Wild | 210 | -3 | 54 | 95 | 1.3 |
| 13 | Los Angeles Kings | 208 | -1 | 79 | 92 | 10.6 |
| 14 | Anaheim Ducks | 206 | 2 | 17 | 94 | 4.8 |
| 15 | Colorado Avalanche | 205 | -11 | 16 | 84 | 3.4 |
| 16 | Calgary Flames | 200 | -2 | 15 | 95 | -0.8 |
| 17 | Ottawa Senators | 197 | -5 | 66 | 90 | -3.8 |
| 18 | Tampa Bay Lightning | 191 | -4 | 55 | 80 | -2.2 |
| 19 | San Jose Sharks | 184 | 3 | 24 | 84 | -5 |
| 20 | Washington Capitals | 183 | 15 | 37 | 83 | -4.9 |
| 21 | Carolina Hurricanes | 177 | 5 | 51 | 82 | -4.6 |
| 22 | St Louis Blues | 176 | 9 | 68 | 80 | -2.7 |
| 23 | Buffalo Sabres | 170 | 1 | 29 | 79 | -5.2 |
| 24 | Edmonton Oilers | 166 | -5 | 60 | 83 | 9.4 |
| 25 | Columbus Blue Jackets | 165 | 5 | 27 | 77 | -9.9 |
| 26 | Florida Panthers | 159 | -2 | 50 | 74 | -13.6 |
| 27 | Nashville Predators | 156 | -5 | 52 | 71 | -5.7 |
| 28 | New York Islanders | 149 | -3 | 67 | 62 | -5.6 |
| 29 | Atlanta Thrashers | 143 | -10 | 46 | 68 | -1.8 |
| 30 | Phoenix Coyotes | 138 | -3 | 101 | 66 | -18.5 |
NHL Team Valuation: 10-Year Trend
Here is a look at the teams that have experienced the greatest increase in valuation over the past decade.
- Over the past decade the average valuation of NHL teams has increased by 192.63%
- Only two teams have not seen their value double over the past decade; the Columbus Blue Jackets and the Florida Panthers.
- Four of the top six teams that have seen the highest valuation increase have won the Stanley Cup in the past decade.
- The Edmonton Oilers, with only one post season birth in the past decade, have actually seen the second largest increase in valuation of all Canadian-based teams, having experienced a 246% increase in value since 2009.
| Rank | Team | 2009 Value ($mil) | 2019 Value ($mil) | Variance |
| 1 | Vegas Golden Knights | n/a | 580 | n/a |
| 2 | Washington Capitals | 183 | 775 | 323.50% |
| 3 | Chicago Blackhawks | 258 | 1,085 | 320.54% |
| 4 | Los Angeles Kings | 208 | 850 | 308.65% |
| 5 | New York Rangers | 416 | 1,650 | 296.63% |
| 6 | Montreal Canadiens | 339 | 1,340 | 295.28% |
| 7 | Boston Bruins | 271 | 1,000 | 269.00% |
| 8 | New York Islanders | 149 | 520 | 248.99% |
| 9 | Edmonton Oilers | 166 | 575 | 246.39% |
| 10 | Toronto Maple Leafs | 470 | 1,500 | 219.15% |
| 11 | Vancouver Canucks | 239 | 740 | 209.62% |
| 12 | Philadelphia Flyers | 273 | 825 | 202.20% |
| 13 | St Louis Blues | 176 | 530 | 201.14% |
| 14 | Pittsburgh Penguins | 222 | 665 | 199.55% |
| 15 | Nashville Predators | 156 | 460 | 194.87% |
| 16 | Atlanta Thrashers | 143 | 420 | 193.71% |
| 17 | San Jose Sharks | 184 | 540 | 193.48% |
| 18 | Carolina Hurricanes | 177 | 450 | 154.24% |
| 19 | Calgary Flames | 200 | 500 | 150.00% |
| 20 | New Jersey Devils | 223 | 550 | 146.64% |
| 21 | Tampa Bay Lightning | 191 | 470 | 146.07% |
| 22 | Dallas Stars | 246 | 600 | 143.90% |
| 23 | Minnesota Wild | 210 | 510 | 142.86% |
| 24 | Detroit Red Wings | 337 | 800 | 137.39% |
| 25 | Buffalo Sabres | 170 | 400 | 135.29% |
| 26 | Anaheim Ducks | 206 | 480 | 133.01% |
| 27 | Colorado Avalanche | 205 | 475 | 131.71% |
| 28 | Ottawa Senators | 197 | 445 | 125.89% |
| 29 | Phoenix Coyotes | 138 | 300 | 117.39% |
| 30 | Columbus Blue Jackets | 165 | 325 | 96.97% |
| 31 | Florida Panthers | 159 | 310 | 94.97% |
Valuation Trends of Stanley Cup Champions from the Past Decade
Based on teams that have won the Stanley Cup over the past decade, the average valuation of these teams is $817.5M. Stanley Cup Champion teams have experienced an increase in valuation of 270.40%. Compared to the league average increase of 192.6%.
| Stanley Cup Champion | Championship Year | Current Value | 10-yr Variance | |
| 1 | St Louis Blues | 2019 | 530 | 201.14% |
| 2 | Washington Capitals | 2018 | 775 | 323.50% |
| 3 | Pittsburgh Penguins | 2016/17 | 665 | 199.55% |
| 4 | Chicago Blackhawks | 2010/12/15 | 1,085 | 320.54% |
| 5 | Los Angeles Kings | 2012/14 | 850 | 308.65% |
| 6 | Boston Bruins | 2011 | 1,000 | 269.00% |
| 10-yr Average | 817.5 | 270.40% |
Valuation Trends of Canadian-based NHL Teams over the Past Decade
The average Canadian team was worth $250.6M in 2009, fast forward ten years later and the average Canadian-based NHL franchise is worth $789M and increase of nearly 215%.
- As expected, the Toronto Maple Leafs have the highest valuation of all Canadian teams at $1.5B, followed by the Montreal Canadiens 1.34B and the Vancouver Canucks at 740M. Canada’s three largest cities have the NHL teams that are worth the most.
- The Montreal Canadiens (+295%) and the Edmonton Oilers (+246%) have seen the largest increase in valuation of all Canadian teams during the past decade.
- The Winnipeg Jets, after moving from Atlanta in 2011, are Canadian’s best bargain with a valuation of $420M.
Valuation Trends of US-based NHL Teams over the Past Decade
Business in the NHL is good south of the border as well. The New York Rangers overtook the Toronto Maple Leafs as the moist valued franchise in the NHL with a 2019 valuation of 1.65B. Here is a look at the 10-year trend for the NHL’s US-based franchises.
- The Washington Capitals (+323.5%). Chicago Blackhawks (+320.54%) and the Los Angeles Kings (+308.65%) have seen the greatest increases in valuation over the past decade. It just goes to show the impact of winning a Stanley Cup can have on the worth of an NHL franchise.
- The League’s newest franchise the Vegas Golden Knights have a 2019 valuation of $580M
- The average US-based team has seen an increase of +196% in franchise value over the past decade.
| Rank | US-based Team | 2009 Value ($mil) | 2019 Value ($mil) | Variance |
| 1 | New York Rangers | 416 | 1,650 | 296.63% |
| 2 | Chicago Blackhawks | 258 | 1,085 | 320.54% |
| 3 | Boston Bruins | 271 | 1,000 | 269.00% |
| 4 | Los Angeles Kings | 208 | 850 | 308.65% |
| 5 | Philadelphia Flyers | 273 | 825 | 202.20% |
| 6 | Detroit Red Wings | 337 | 800 | 137.39% |
| 7 | Washington Capitals | 183 | 775 | 323.50% |
| 8 | Pittsburgh Penguins | 222 | 665 | 199.55% |
| 9 | Dallas Stars | 246 | 600 | 143.90% |
| 10 | New Jersey Devils | 223 | 550 | 146.64% |
| 11 | San Jose Sharks | 184 | 540 | 193.48% |
| 12 | St Louis Blues | 176 | 530 | 201.14% |
| 13 | New York Islanders | 149 | 520 | 248.99% |
| 14 | Minnesota Wild | 210 | 510 | 142.86% |
| 15 | Anaheim Ducks | 206 | 480 | 133.01% |
| 16 | Colorado Avalanche | 205 | 475 | 131.71% |
| 17 | Tampa Bay Lightning | 191 | 470 | 146.07% |
| 18 | Nashville Predators | 156 | 460 | 194.87% |
| 19 | Carolina Hurricanes | 177 | 450 | 154.24% |
| 20 | Buffalo Sabres | 170 | 400 | 135.29% |
| 21 | Columbus Blue Jackets | 165 | 325 | 96.97% |
| 22 | Florida Panthers | 159 | 310 | 94.97% |
| 23 | Arizona Coyotes | 138 | 300 | 117.39% |
| Average | 214 | 633.48 | 196.02% | |
| 24 | Vegas Golden Knights | n/a | 580 | n/a |
Love him or hate him, Gary Bettman has made NHL team owners a lot of money during his tenure as NHL Commissioner. If the past decade is any indication, we might expect this to increase further. From an economics standpoint, the NHL has never been in a healthier position. Sure there are a couple of franchise that might be slated for a sale or potentially for relocation, but overall the league has been enjoying financial success for a number of years. The NHL has become a business. For a couple of decades the NHL has been trying to grow the game in US markets and partially in Global markets. NHL hockey has become a business. Don’t think so? Well half a billion dollar expansion fees ($650 million in the case of the Seattle NHL franchise) says otherwise.
The business of the NHL is why we don’t see a team in Quebec right now, or a second team in the Toronto market. The fact is hockey has been a business forever. Think back to the seventies and the emergence of the million dollar players and the formation of the WHA (World Hockey Association). For years, NHL owners, even those in Canada did not want to share revenues with expansion franchises. They did not want to share their piece of the pie. Fast forward to today and the owners are sitting pretty as the above numbers suggest. With the addition of the Seattle franchise, NHL owners will split $650 million dollars from the expansion fee. For those who didn’t do the match, that is nearly $21 million per team. I’d say business in the NHL is pretty good heading into 2020.
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