Forbes list of the most valuable MLB clubs

Last updated April 18, 2024

Forbes compiles the finances of all 30 MLB teams to produce an annual ranking of the best franchises in terms of valuation. The valuations are composed of the monetary worth of the sport, market, stadium deals, and brand.^[1] These areas are supported by applying financial metrics such as debt and operating income to each one.^[2]

The latest ranking reported that the New York Yankees is the most valuable MLB franchise after the 2021 MLB season.^[3] The fastest growing MLB franchise is the New York Yankees as well, with a 50% increase in valuation since the 2017 MLB season ($4 to $6 billion).^[1] The Yankees have held the crown for the most valuable MLB franchise since the inaugural ranking, which was released after the 1998 MLB season.^[4]

Several media outlets have referenced in related news or conducts analytic journalism when the ranking comes out, such as USA Today and Yahoo!.^[5]^[6] The MLB has recognized the renditions of the ranking in financial documents, although not publicly.^[7]^[8] The report has also applied more context to MLB trends, such as the root of the 2021–22 MLB lockout being that owners were getting more money while players/employees were getting less despite growing valuations.^[9] This was further illustrated by the next edition of the ranking after the lockout, where nearly every MLB franchise has been growing, although MLB is decidedly the slowest among the "Big Four" leagues along with the MLS.^[10]^[11]^[12]

Ranking

Rankings as of March 23, 2023 (2022 MLB season)^[2]

Rank	Swing^{[lower-alpha 1]}	Team	Territory	Value^{[lower-alpha 2]}	Change^{[lower-alpha 3]}	Debt^{[lower-alpha 4]}	Revenue^{[lower-alpha 5]}	Operating Income^{[lower-alpha 6]}
#1		New York Yankees	New York	$7.1 billion	54.3%	0%	$657 million	$16 million
#2		Los Angeles Dodgers	California	$4.8 billion	45.5%	9%	$581 million	$14 million
#3		Boston Red Sox	Massachusetts	$4.5 billion	40.6%	0%	$513 million	$72 million
#4		Chicago Cubs	Illinois	$4.1 billion	32.3%	10%	$451 million	$57 million
#5		San Francisco Giants	California	$3.7 billion	23.3%	4%	$421 million	$75 million
#6		New York Mets	New York	$2.9 billion	26.1%	16%	$374 million	–$138 million
#7	2	Los Angeles Angels	California	$2.7 billion	42.1%	0%	$371 million	$36 million
#8	4	Atlanta Braves	Georgia	$2.6 billion	52.9%	18%	$425 million	$51 million
#9	1	Philadelphia Phillies	Pennsylvania	$2.575 billion	35.5%	5%	$398 million	–$3.7 million
#10	3	St. Louis Cardinals	Missouri	$2.55 billion	21.4%	8%	$358 million	$43 million
#11		Houston Astros	Texas	$2.25 billion	25%	13%	$407 million	$44 million
#12	1	Texas Rangers	Texas	$2.225 billion	30.9%	31%	$366 million	$58 million
#13	2	Seattle Mariners	Washington	$2.2 billion	37.5%	9%	$363 million	$86 million
#14	2	Toronto Blue Jays	Ontario	$2.1 billion	40%	0%	$294 million	–$34 million
#15	1	Chicago White Sox	Illinois	$2.05 billion	28.1%	7%	$276 million	–$53 million
#16	6	Washington Nationals	Washington, D.C.	$2 billion	11.1%	25%	$356 million	$45 million
#17		San Diego Padres	California	$1.75 billion	25%	17%	$324 million	–$53 million
#18	2	Baltimore Orioles	Maryland	$1.713 billion	31.8%	13%	$264 million	$57 million
#19	6	Milwaukee Brewers	Wisconsin	$1.605 billion	33.75%	9%	$294 million	$23 million
#20	3	Colorado Rockies	Colorado	$1.475 billion	22.9%	8%	$286 million	–$9.1 million
#21	3	Detroit Tigers	Michigan	$1.45 billion	11.5%	12%	$260 million	–$26 million
#22		Minnesota Twins	Minnesota	$1.39 billion	15.8%	20%	$267 million	–$27 million
#23	4	Arizona Diamondbacks	Arizona	$1.38 billion	6.2%	9%	$276 million	$30 million
#24	3	Pittsburgh Pirates	Pennsylvania	$1.32 billion	1.5%	11%	$262 million	$55 million
#25	1	Cleveland Guardians	Ohio	$1.3 billion	8.3%	8%	$268 million	$40 million
#26	3	Tampa Bay Rays	Florida	$1.25 billion	25%	10%	$248 million	$9.5 million
#27	1	Kansas City Royals	Missouri	$1.2 billion	20%	23%	$260 million	$33 million
#28	2	Cincinnati Reds	Ohio	$1.19 billion	8.2%	13%	$250 million	–$9.6 million
#29	2	Oakland Athletics	California	$1.18 billion	7.3%	13%	$212 million	$29 million
#30		Miami Marlins	Florida	$1 billion	0%	40%	$238 million	–$0.5 million

Composition

A pie chart that represents the composition of valuation for the average MLB club.

Sport (28.5%)

Market (40.1%)

Stadium (19.5%)

Brand (11.9%)

Team^{[lower-alpha 7]}	Value^{[lower-alpha 2]}	Sport^{[lower-alpha 8]}	Market^{[lower-alpha 9]}	Stadium^{[lower-alpha 10]}	Brand^{[lower-alpha 11]}
New York Yankees	$7.1 billion	$0.735 billion	$3.466 billion	$1.929 billion	$0.970 billion
Los Angeles Dodgers	$4.8 billion	$0.558 billion	$2.449 billion	$1.062 billion	$0.731 billion
Boston Red Sox	$4.5 billion	$0.609 billion	$2.067 billion	$1.197 billion	$0.626 billion
Chicago Cubs	$4.1 billion	$0.544 billion	$1.897 billion	$1.144 billion	$0.515 billion
San Francisco Giants	$3.7 billion	$0.609 billion	$1.630 billion	$0.992 billion	$0.469 billion
New York Mets	$2.9 billion	$0.614 billion	$1.186 billion	$0.696 billion	$0.404 billion
Los Angeles Angels	$2.7 billion	$0.542 billion	$1.286 billion	$0.537 billion	$0.334 billion
Atlanta Braves	$2.6 billion	$0.417 billion	$1.188 billion	$0.650 billion	$0.345 billion
Philadelphia Phillies	$2.575 billion	$0.483 billion	$1.208 billion	$0.528 billion	$0.355 billion
St. Louis Cardinals	$2.55 billion	$0.534 billion	$1.092 billion	$0.580 billion	$0.344 billion
Houston Astros	$2.25 billion	$0.390 billion	$1.012 billion	$0.563 billion	$0.285 billion
Texas Rangers	$2.225 billion	$0.448 billion	$0.973 billion	$0.505 billion	$0.299 billion
Seattle Mariners	$2.2 billion	$0.522 billion	$1.003 billion	$0.405 billion	$0.269 billion
Toronto Blue Jays	$2.1 billion	$0.566 billion	$0.852 billion	$0.430 billion	$0.252 billion
Chicago White Sox	$2.05 billion	$0.588 billion	$0.830 billion	$0.383 billion	$0.249 billion
Washington Nationals	$2 billion	$0.445 billion	$0.834 billion	$0.506 billion	$0.216 billion
San Diego Padres	$1.75 billion	$0.472 billion	$0.678 billion	$0.391 billion	$0.210 billion
Baltimore Orioles	$1.713 billion	$0.754 billion	$0.591 billion	$0.188 billion	$0.180 billion
Milwaukee Brewers	$1.605 billion	$0.532 billion	$0.543 billion	$0.359 billion	$0.171 billion
Colorado Rockies	$1.475 billion	$0.491 billion	$0.569 billion	$0.253 billion	$0.162 billion
Detroit Tigers	$1.45 billion	$0.530 billion	$0.536 billion	$0.216 billion	$0.167 billion
Minnesota Twins	$1.39 billion	$0.537 billion	$0.481 billion	$0.231 billion	$0.141 billion
Arizona Diamondbacks	$1.38 billion	$0.521 billion	$0.503 billion	$0.210 billion	$0.146 billion
Pittsburgh Pirates	$1.32 billion	$0.564 billion	$0.452 billion	$0.168 billion	$0.136 billion
Cleveland Guardians	$1.3 billion	$0.501 billion	$0.471 billion	$0.175 billion	$0.153 billion
Tampa Bay Rays	$1.25 billion	$0.585 billion	$0.404 billion	$0.138 billion	$0.123 billion
Kansas City Royals	$1.2 billion	$0.504 billion	$0.385 billion	$0.197 billion	$0.114 billion
Cincinnati Reds	$1.19 billion	$0.492 billion	$0.405 billion	$0.170 billion	$0.123 billion
Oakland Athletics	$1.18 billion	$0.490 billion	$0.421 billion	$0.147 billion	$0.122 billion
Miami Marlins	$1 billion	$0.505 billion	$0.281 billion	$0.114 billion	$0.100 billion

Historical valuations

Historical valuations (in US$ millions) by MLB club^{[lower-alpha 7]}
Team	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
New York Yankees	7,100	6,000	5,300	5,000	4,600	4,000	3,700	3,400	3,200	2,500	2,300
Los Angeles Dodgers	4,800	4,075	3,600	3,400	3,300	3,000	2,800	2,500	2,400	2,000	1,600
Boston Red Sox	4,500	3,900	3,500	3,300	3,200	2,800	2,700	2,300	2,100	1,500	1,300
Chicago Cubs	4,100	3,800	3,400	3,200	3,100	2,900	2,700	2,200	1,800	1,200	1,000
San Francisco Giants	3,700	3,500	3,200	3,100	3,000	2,900	2,700	2,300	2,000	1,000	786
New York Mets	2,900	2,650	2,500	2,400	2,300	2,100	2,000	1,700	1,400	800	811
Los Angeles Angels	2,700	2,200	2,000	2,000	1,900	1,800	1,800	1,300	1,300	775	718
Atlanta Braves	2,600	2,100	1,900	1,800	1,700	1,600	1,500	1,200	1,200	730	629
Philadelphia Phillies	2,575	2,300	2,100	2,000	1,900	1,700	1,700	1,200	1,300	975	893
St. Louis Cardinals	2,550	2,450	2,200	2,200	2,100	1,900	1,800	1,600	1,400	820	716
Houston Astros	2,250	1,980	1,900	1,900	1,800	1,700	1,500	1,100	800	530	626
Texas Rangers	2,225	2,050	1,800	1,800	1,700	1,600	1,600	1,200	1,200	825	764
Seattle Mariners	2,200	1,700	1,600	1,600	1,600	1,500	1,400	1,200	1,100	710	644
Toronto Blue Jays	2,100	1,780	1,700	1,600	1,500	1,400	1,300	900	870	610	568
Chicago White Sox	2,050	1,760	1,700	1,700	1,600	1,500	1,400	1,100	975	695	692
Washington Nationals	2,000	2,000	1,900	1,900	1,800	1,700	1,600	1,300	1,300	700	631
San Diego Padres	1,750	1,575	1,500	1,500	1,400	1,300	1,100	890	890	615	600
Baltimore Orioles	1,713	1,375	1,400	1,400	1,300	1,200	1,200	1,000	1,000	620	618
Milwaukee Brewers	1,605	1,280	1,200	1,200	1,200	1,000	925	875	875	565	562
Colorado Rockies	1,475	1,385	1,300	1,300	1,200	1,100	1,000	860	855	575	537
Detroit Tigers	1,450	1,400	1,300	1,300	1,300	1,200	1,200	1,200	1,100	680	643
Minnesota Twins	1,390	1,390	1,300	1,300	1,200	1,200	1,000	910	895	605	578
Arizona Diamondbacks	1,380	1,380	1,300	1,300	1,300	1,200	1,200	925	840	585	584
Pittsburgh Pirates	1,320	1,320	1,300	1,300	1,300	1,300	1,300	975	900	572	479
Cleveland Guardians	1,300	1,300	1,200	1,200	1,200	1,000	920	800	825	570	559
Tampa Bay Rays	1,250	1,100	1,100	1,100	1,000	900	825	650	625	485	451
Kansas City Royals	1,200	1,110	1,100	1,000	1,000	1,000	950	865	700	490	457
Cincinnati Reds	1,190	1,190	1,100	1,100	1,100	1,000	915	905	885	600	546
Oakland Athletics	1,180	1,180	1,100	1,100	1,100	1,000	880	725	725	495	468
Miami Marlins	1,000	990	990	980	1,000	1,000	940	675	650	500	520

Notes

↑ Movement of spots in the ranking from the 2018 MLB season to the 2022 MLB season.
1 2 Value of team (in USD) based on current stadium deal (unless new stadium is pending), without deduction for debt (other than stadium debt).
↑ Change of valuation from the 2018 MLB season to the 2022 MLB season.
↑ Expressed as the percentage of valuation that is debt. Includes stadium debt.
↑ Revenue in USD.
↑ Earnings (in USD) before interest, taxes, depreciation and amortization.
1 2 Financial data taken from each team profile on Forbes.
↑ Portion of franchise's value attributable to revenue shared among all teams.
↑ Portion of franchise's value attributable to its city and market size.
↑ Portion of franchise's value attributable to its arena.
↑ Portion of franchise's value attributable to its brand.

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References

1 2 "New York reds Profile". Forbes . Retrieved April 2, 2022.
1 2 "Baseball's Most Valuable Teams 2023: Price Tags Are Up 12% Despite Regional TV Woes". Forbes . Retrieved April 22, 2022.
↑ "The Business of Baseball List". Forbes . Retrieved April 2, 2022.
↑ "No surprise where Yankees rank in Forbes' latest MLB valuations". SNY (TV network) . Retrieved April 2, 2022.
↑ "Report: Yankees now worth an estimated $6 billion, with 12 of 30 MLB franchises topping $2 billion mark". USA Today . Retrieved April 2, 2022.
↑ "Yankees reportedly valued at $6 billion, making them MLB's most valuable franchise". Yahoo! . Retrieved April 2, 2022.
↑ "Baltimore Orioles Financial News Directory (Page 100)" (PDF). Major League Baseball . Retrieved April 2, 2022.
↑ "A's second baseman Jemile Weeks: Is he on the verge of stardom? (Page 2)" (PDF). Major League Baseball . Retrieved April 2, 2022.
↑ "WHAT THE MLB LOCKOUT MEANS FOR BASEBALL (2:25)". YouTube . Retrieved April 2, 2022.
↑ "KC Royals, and nearly every other MLB team, are worth more after lockout, Forbes says". The Kansas City Star . Retrieved April 2, 2022.
↑ "Statista Global Consumer Survey: How can the NFL engage their fans?". YouTube (Statista). Retrieved August 16, 2022.
↑ "How Major League Soccer Plans To Overtake Baseball". YouTube (CNBC). Retrieved August 16, 2022.

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[swing-13] Movement of spots in the ranking from the 2018 MLB season to the 2022 MLB season.

[value-14] 1 2 Value of team (in USD) based on current stadium deal (unless new stadium is pending), without deduction for debt (other than stadium debt).

[change-15] Change of valuation from the 2018 MLB season to the 2022 MLB season.

[debt-16] Expressed as the percentage of valuation that is debt. Includes stadium debt.

[revenue-17] Revenue in USD.

[income-18] Earnings (in USD) before interest, taxes, depreciation and amortization.

[team-19] 1 2 Financial data taken from each team profile on Forbes.

[sport-20] Portion of franchise's value attributable to revenue shared among all teams.

[market-21] Portion of franchise's value attributable to its city and market size.

[stadium-22] Portion of franchise's value attributable to its arena.

[brand-23] Portion of franchise's value attributable to its brand.

[NYY-1] 1 2 "New York reds Profile". Forbes . Retrieved April 2, 2022.

[ForbesMLB2023-2] 1 2 "Baseball's Most Valuable Teams 2023: Price Tags Are Up 12% Despite Regional TV Woes". Forbes . Retrieved April 22, 2022.

[3] "The Business of Baseball List". Forbes . Retrieved April 2, 2022.

[4] "No surprise where Yankees rank in Forbes' latest MLB valuations". SNY (TV network) . Retrieved April 2, 2022.

[5] "Report: Yankees now worth an estimated $6 billion, with 12 of 30 MLB franchises topping $2 billion mark". USA Today . Retrieved April 2, 2022.

[6] "Yankees reportedly valued at $6 billion, making them MLB's most valuable franchise". Yahoo! . Retrieved April 2, 2022.

[7] "Baltimore Orioles Financial News Directory (Page 100)" (PDF). Major League Baseball . Retrieved April 2, 2022.

[8] "A's second baseman Jemile Weeks: Is he on the verge of stardom? (Page 2)" (PDF). Major League Baseball . Retrieved April 2, 2022.

[9] "WHAT THE MLB LOCKOUT MEANS FOR BASEBALL (2:25)". YouTube . Retrieved April 2, 2022.

[10] "KC Royals, and nearly every other MLB team, are worth more after lockout, Forbes says". The Kansas City Star . Retrieved April 2, 2022.

[11] "Statista Global Consumer Survey: How can the NFL engage their fans?". YouTube (Statista). Retrieved August 16, 2022.

[12] "How Major League Soccer Plans To Overtake Baseball". YouTube (CNBC). Retrieved August 16, 2022.

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