The typical NHL group is now price $2.2 billion, in line with CNBC’s Official NHL Crew Valuations, 15% greater than final yr, as richer nationwide media rights offers drive up franchise values.
In April, the NHL and Rogers Communications agreed to a 12-year nationwide Canadian media rights deal price $7.79 billion, based mostly on alternate charges as of Nov. 24, that may start with the 2026-27 season. It’s greater than twice the quantity the league is getting from its present 12-year take care of Rogers.
The league’s present U.S. nationwide media rights offers with Walt Disney and Warner Brothers Discovery, that are price a mixed annual common of $630 million by way of the 2027-28 season, are additionally anticipated to see an enormous improve within the subsequent cycle. “The subsequent U.S. rights deal for the NHL ought to method a doubling,” stated Lee Berke, CEO of LHB Sports activities, Leisure & Media, whose agency advises groups and leagues on media offers. “Sports activities rights transfer the needle for distributors, subscribers and viewers.”
In the course of the 2024-25 season, income elevated to a median of $243 million for the league’s 32 groups, 9% greater than the earlier season. Over the identical time span, EBITDA — or earnings earlier than curiosity, taxes, depreciation and amortization — rose 20%, to a median of $54 million per group.
Income from nationwide media rights is break up evenly among the many league’s groups, with will increase in nationwide media rights proportionally benefiting low-revenue groups greater than high-revenue groups. This is likely one of the causes the 16 groups that posted the bottom income for the 2024-25 season elevated, on common, 19% in worth in the course of the previous yr in contrast with 14% for the 16 groups that had the very best income.
However groups with nice area economics and wealthy native tv offers nonetheless dominate the highest of our NHL valuations, as a result of in the course of the common season the groups maintain all the cash from these income streams.
Essentially the most useful group stays the Toronto Maple Leafs, price $4.3 billion. The Leafs took in $130 million in web gate income final season, second-most within the league, in line with inside NHL reviews obtained by CNBC. The Maple Leafs additionally earn about $45 million a yr from the native media rights take care of Rogers, the third-most within the NHL. The Leafs’ subsequent deal is anticipated to extend to round $55 million a yr, which might place the group behind solely the Montreal Canadiens.
The New York Rangers are valued at $3.8 billion, second-most within the league, regardless of taking an 18% haircut to their native tv rights to $35 million for the yr ending June 2026, on account of an MSG Networks debt restructuring. However the Rangers raked in essentially the most regular-season web gate receipts by a mile final season, at $179 million. Over the previous 4 seasons, the Rangers earned $615 million from regular-season gate receipts — $152 million greater than the Maple Leafs, who earned the second-most.
The Canadiens maintain on to the third spot within the annual rankings, with a worth of $3.4 billion. The group in October introduced the signing of a brand new native media rights take care of Bell Media for each English- and French-language channels. It is going to pay the group a league-leading annual common of $70 million to $75 million starting subsequent season.
The Edmonton Oilers leapfrogged the Boston Bruins to change into the fifth-most-valuable group, and are actually price $3.1 billion. The Oilers have hockey’s largest famous person in Connor McDavid and had been within the Stanley Cup Remaining the previous two seasons. Not solely did the Oilers put up a report yr throughout all income verticals, together with sponsorships, premium seating, meals and beverage, and merchandise in the course of the 2024-25 season, they started a brand new native tv take care of Rogers this season that might pay the group effectively over $50 million yearly, relying on promoting income.
Right here is how the NHL’s 32 groups stack up:
CNBC’s Official NHL Crew Valuations 2025
Methodology
CNBC’s Official NHL Crew Valuations are present enterprise values — fairness plus web debt — calculated utilizing income multiples, and embody the economics of the group’s area, together with non-NHL income that accrues to the group’s proprietor. The valuations don’t embody the worth of stadium actual property.
Income figures are web of income sharing and the 35% of house playoff non-premium gate income that goes towards the revenue-sharing pool. Income multiples are based mostly on historic management transaction costs, in addition to what traders, league executives and bankers say concerning the market. Buy costs are for management stakes and have in mind cost construction and the worth of a deal over time.
CNBC values exclude different companies associated to the groups with separate monetary statements, such because the Edmonton Oilers’ mixed-use actual property undertaking. For groups that promote their very own merchandise, such because the Oilers, CNBC deducts the price of items bought from merchandise gross sales. Likewise, CNBC excludes the market worth of associates/fairness technique investments to make sure constant enterprise value-to-revenue and enterprise value-to-EBITDA multiples. Debt figures are the most recent out there and embody each group debt and stadium debt.
Valuations are based mostly on a group’s present area, until there may be an settlement in place for the group to maneuver or get a brand new area. Values are adjusted for groups whose stadium economics are going to enhance quickly, such because the Calgary Flames, who’re scheduled to maneuver into a brand new area for the 2027-28 season, and the Washington Capitals, whose area undertaking can also be scheduled to be accomplished for the 2027-28 season. Likewise, CNBC valuations anticipate a considerable improve within the NHL’s subsequent U.S. nationwide broadcasting deal, which might start with the 2028-29 season.
Income and EBITDA figures are for the 2024-25 season and web of income sharing and participant escrow. CNBC presents income and working revenue figures on a money foundation, slightly than an accrual foundation. CNBC figures are completely different from the league’s official hockey-related income as a result of we embody non-NHL area income that goes to the groups. When the proprietor of the world additionally owns each the NHL group and NBA group that play within the area — as is the case for Toronto’s Maple Leafs and Raptors, the Colorado Avalanche and Denver Nuggets, and Utah’s Mammoth and Jazz, amongst others — we divide income from non-sports occasions held on the area evenly between the 2 groups.
All valuation figures are in U.S. {dollars} and are based mostly on a one-year common alternate price, from June 2024 to June 2025, of CA$1 = US$0.72.
Sources for CNBC’s Official NHL Crew Valuations embody group house owners, traders and executives, in addition to sports activities bankers and league consultants; public paperwork resembling stadium lease agreements, stadium authority finances audits and credit standing reviews; and sponsorship and broadcasting trade executives. Sure figures had been offered by league executives who spoke to CNBC on the situation of anonymity as a result of agreements are non-public and they don’t have permission to discuss them publicly.
Figures that might not be confirmed with sources are CNBC estimates. Some figures used within the calculation of values could also be approximate.
