Forbes magazine says the Toronto Maple Leafs are the most valuable NHL franchise with a value of $521-million.
The New York Rangers are second at $507-million, followed by the Montreal Canadiens at $445-million.
Forbes has Vancouver seventh at $300-million, Calgary 13th at $220-million, Edmonton 15th at $212-million, Ottawa 17th at $201-million and Winnipeg 24th at $164-million.
The magazine says the average NHL team, is now worth $240-million, up 5 per cent from a year ago.
But rising player costs are cutting into profits.
Still the teams worth the most are doing just fine, according to the magazine.
Forbes says the Leafs, Rangers and Habs posted an aggregate operating profit greater than the rest of the league combined.