The National Hockey League is commanding more respect when it comes to team values.
The average NHL team is worth $1.92 billion, according to CNBC's Official 2024 NHL Valuations, and recent transactions come at revenue multiples that rival deals done in Major League Baseball.
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What accounts for the league's ascension?
Steady revenue growth combined with a hard salary cap and a leaguewide revenue-sharing system all but ensure profitability for the league's 32 teams.
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For the 2023-24 season, the NHL's hockey-related revenue was $6.3 billion, 8.6% higher than the previous season, according to the league. The NHL also hit record national sponsorship revenue last season, bringing in $250 million, as well as record regular-season gate receipt revenue of $2.4 billion, the NHL said.
That growth, combined with richer media deals, is contributing to a better bottom line for professional hockey. The average NHL team posted EBITDA of $45 million on revenue of $223 million for the 2023-24 season, according to CNBC calculations.
Here is how the NHL's 32 teams stack up:
