Sportico on Wednesday named the Toronto Maple Leafs the NHL’s most valuable franchise for a fourth straight year.

According to Sporticothe Leafs are worth $3.66 billion, putting them ahead of the New York Rangers ($3.25 billion) and the Montreal Canadiens ($2.93 billion). The entire top 10 is as follows:

1. Toronto Maple Leafs: $3.66 billion

2. New York Rangers: $3.25 billion

3. Montreal Canadiens: $2.93 billion

4. Boston Bruins: $2.67 billion

5. King of Los Angeles: $2.5 billion

6. Chicago Blackhawks: $2.45 billion

7. Edmonton Oilers: $2.4 billion

8. Philadelphia Flyers: $2.29 billion

9. Washington Capitals: $1.86 billion

10. Detroit Red Wings: $1.85 billion

For the first time since Sportico began tracking NHL team valuations, every franchise is worth at least $1 billion, with the Columbus Blue Jackets being the least valued franchise at $1.06 billion.

Every team grew by at least 19% between 2023 and 2024, and many teams grew much higher.

No franchise has seen its value increase more than the Utah Hockey Club, which is the new identity of the Arizona Coyotes.

The Coyotes were by far the lowest valued franchise in the NHL last year with a valuation of $675 million, but the move to Utah saw the organization’s value increase from a league high of 78 percent, placing it 28th in the NHL with a valuation of $675 million. of 1.2 billion dollars.

Although the Maple Leafs haven’t won a Stanley Cup since 1967, their place atop the franchise value list is no surprise.

The Maple Leafs play in the largest market in hockey-obsessed Canada and have fielded a solid team for several years despite a lack of playoff success.

Led by Auston Matthews, Mitch Marner and William Nylander, the Leafs have made eight straight playoff appearances, but they have only managed to get out of the first round once during that span.

The Rangers have had more recent success, reaching the Eastern Conference finals in 2022 and 2024, but they haven’t won a Cup since 1994.

Likewise, the Canadians’ last Cup victory was in 1993, which happened to be the last time a Canadian team lifted the Lord Stanley Cup.

As is the case with most professional sports franchises, strong financial results aren’t necessarily an indicator of success on the ice in the NHL, although it can help.

The Edmonton Oilers saw their valuation increase 51 percent over the past year after reaching the Stanley Cup final last season, and the Florida Panthers saw 37 percent growth after beating the Oilers to win their first Cup.