How the 32 clubs stack up

Key Points:

• NHL team valuations have surpassed $4 billion for the first time, led by the Toronto Maple Leafs ($5.4 billion), New York Rangers ($4.7 billion), and Montreal Canadiens ($4.1 billion), with the average team worth $2.71 billion, a 23% increase from last year.
• Recent minority stake sales, such as the Carolina Hurricanes' 12.5% stake at a $2.66 billion valuation and the New York Islanders' near 15% stake at $3 billion, indicate strong demand and rising valuations in the hockey market.
• NHL media rights deals contribute significantly to team values, with current U.S. deals averaging $650 million annually and a new 12-year Canadian deal with Rogers Communications worth $7.79 billion starting in 2026-27, more than doubling previous agreements.
• The league's viewership is growing, with a 25% increase in the 2025-26 regular season and record-high Stanley Cup Playoff ratings, fueling optimism for future media rights and expansion fees that could exceed $2 billion per new team.
• NHL revenues averaged $257 million per team in 2025-26, up 6%, though EBITDA declined 11% due to arena costs; profitability is expected to improve with increased spending on hospitality and merchandise.