Photo: Photo by Patrick Smith/Getty Images

Forbes Magazine has just released its 21st annual valuation of all 31 NHL teams. The New York Rangers maintain the No. 1 spot on the list for the fifth consecutive year, worth $1.65 billion. The Toronto Maple Leafs follow in the second spot, worth $1.5 billion, followed by the Montreal Canadiens, who take the No. 3 spot and are valued at $1.34 billion.

The NHL’s Top-10 most valuable team according to Forbes:

The average value of each NHL team rose 6% over the past season, to $667 million.

The Washington Capitals were valued as the League’s 9th most valuable team at $775 million. That’s up 7% from last year’s valuation, a 1% greater increase than the league average increase. The Capitals have been ascending the list for the last several years (our 2015 post on team valuations is here.)

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According to Forbes, the information used to compile their valuations primarily came from the teams, sports bankers, media consultants and public documents, like arena lease agreements and bond documents. Pollstar was our primary source for arena concert revenue:

Methodology: Revenue and operating income are for the 2018-19 season, include postseason and applicable non-NHL arena revenue, and are net of revenue sharing and arena debt service. All figures are in U.S. dollars based on average exchange rate during 2017-18 season. Team values are enterprise values (equity plus net debt) of teams based on current arena deal (unless new arena is pending). Operating income is earnings before interest, taxes, depreciation and amortization. Debt includes arena when recourse to team owner.

The complete list of valuations for all 31 teams can be found here.

By Jon Sorensen