Forbes list of the most valuable NFL teams

Last updated April 22, 2024

Forbes compiles the finances of all 32 NFL 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 Dallas Cowboys is the most valuable NFL franchise after the 2022 NFL season.^[3] The fastest growing NFL franchise is the Las Vegas Raiders, with a 114% increase in valuation since the 2018 NFL season ($2.9 to $6.2 billion).^[4]^[5] The Cowboys have held the title for the highest valuation since the 2007 NFL season, two seasons after the ranking began publishing.^[6]

Several media outlets have referenced in related news or conducts analytic journalism when the ranking comes out, such as CBS and Sports Illustrated.^[7]^[8] The NFL has recognized the annual ranking for the first time after the rendition based on the 2014 NFL season.^[9] The report has also applied more context to NFL trends, such as the financial impact of Tom Brady signing with the Tampa Bay Buccaneers.^[10] The signage has widely contributed to the franchise being the fastest growing within a year, with 29% as its 1-year increase from 2019 ($2.3 billion) to 2020 ($2.94 billion).^[11]

Ranking

Rankings as of August 30, 2023 (2021 NFL 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		Dallas Cowboys	Texas	$9 billion	64%	3%	$1.135 billion	$504 million
#2		New England Patriots	Massachusetts	$7 billion	71%	4%	$684 million	$206 million
#3	1	Los Angeles Rams	California	$6.9 billion	82%	46%	$686 million	$125 million
#4	1	New York Giants	New Jersey	$6.8 billion	74%	7%	$639 million	$216 million
#5	1	Chicago Bears	Illinois	$6.3 billion	83%	2%	$556 million	$203 million
#6	6	Las Vegas Raiders	Nevada	$6.2 billion	114%	22%	$729 million	$72 million
#7	1	New York Jets	New Jersey	$6.1 billion	91%	9%	$560 million	$126 million
#8	1	Washington Commanders	Washington, D.C.	$6.05 billion	78%	17%	$545 million	$87 million
#9	4	San Francisco 49ers	California	$6 billion	71%	5%	$622 million	$152 million
#10		Philadelphia Eagles	Pennsylvania	$5.8 billion	90%	3%	$598 million	$187 million
#11	5	Miami Dolphins	Florida	$5.7 billion	107%	11%	$600 million	$111 million
#12	3	Houston Texans	Texas	$5.5 billion	77%	0%	$605 million	$195 million
#13	2	Denver Broncos	Colorado	$5.1 billion	70%	4%	$563 million	$103 million
#14	1	Seattle Seahawks	Washington	$5 billion	80%	4%	$555 million	$89 million
#15	2	Atlanta Falcons	Georgia	$4.7 billion	71%	20%	$544 million	$159 million
#16	3	Minnesota Vikings	Minnesota	$4.65 billion	72%	12%	$540 million	$99 million
#17	1	Baltimore Ravens	Maryland	$4.63 billion	68%	6%	$544 million	$108 million
#18	4	Pittsburgh Steelers	Pennsylvania	$4.625 billion	65%	4%	$548 million	$96 million
#19	9	Cleveland Browns	Ohio	$4.62 billion	112%	11%	$545 million	$104 million
#20	7	Green Bay Packers	Wisconsin	$4.6 billion	61%	2%	$577 million	$69 million
#21	8	Tennessee Titans	Tennessee	$4.4 billion	105%	10%	$516 million	$85 million
#22	1	Indianapolis Colts	Indiana	$4.35 billion	64%	9%	$545 million	$101 million
#23	1	Kansas City Chiefs	Missouri	$4.3 billion	87%	2%	$540 million	$95 million
#24	3	Tampa Bay Buccaneers	Florida	$4.2 billion	91%	4%	$531 million	$64 million
#25	4	Los Angeles Chargers	California	$4.15 billion	66%	19%	$518 million	$65 million
#26	4	Carolina Panthers	North Carolina	$4.1 billion	71%	5%	$530 million	$72 million
#27	2	New Orleans Saints	Louisiana	$4.075 billion	79%	6%	$533 million	$66 million
#28	5	Jacksonville Jaguars	Florida	$4 billion	72%	8%	$517 million	$110 million
#29	3	Arizona Cardinals	Arizona	$3.8 billion	69%	4%	$500 million	$83 million
#30	2	Buffalo Bills	New York	$3.7 billion	95%	11%	$503 million	$119 million
#31		Detroit Lions	Michigan	$3.6 billion	85%	6%	$495 million	$51 million
#32	2	Cincinnati Bengals	Ohio	$3.5 billion	75%	4%	$498 million	$104 million

Composition

A pie chart that represents the composition of valuation for the average NFL team.

Sport (69.1%)

Market (13.6%)

Stadium (11.2%)

Brand (6.1%)

Team^{[lower-alpha 7]}	Value^{[lower-alpha 2]}	Sport^{[lower-alpha 8]}	Market^{[lower-alpha 9]}	Stadium^{[lower-alpha 10]}	Brand^{[lower-alpha 11]}
Dallas Cowboys	$8 billion	$2.967 billion	$1.814 billion	$1.648 billion	$1.570 billion
New England Patriots	$6.4 billion	$3.550 billion	$1.201 billion	$1.018 billion	$0.631 billion
Los Angeles Rams	$6.2 billion	$3.563 billion	$1.067 billion	$4.160 billion	$0.424 billion
New York Giants	$6 billion	$3.712 billion	$1.003 billion	$0.829 billion	$0.456 billion
Chicago Bears	$5.8 billion	$4.025 billion	$0.860 billion	$0.576 billion	$0.339 billion
Washington Commanders	$5.6 billion	$3.720 billion	$0.846 billion	$0.699 billion	$0.335 billion
New York Jets	$5.4 billion	$3.757 billion	$0.729 billion	$0.603 billion	$0.311 billion
San Francisco 49ers	$5.2 billion	$3.266 billion	$0.921 billion	$0.686 billion	$0.326 billion
Las Vegas Raiders	$5.1 billion	$3.273 billion	$0.742 billion	$2.000 billion	$0.405 billion
Philadelphia Eagles	$4.9 billion	$3.234 billion	$0.732 billion	$0.599 billion	$0.335 billion
Houston Texans	$4.7 billion	$2.971 billion	$0.775 billion	$0.636 billion	$0.318 billion
Denver Broncos	$4.65 billion	$3.195 billion	$0.692 billion	$0.469 billion	$0.294 billion
Miami Dolphins	$4.6 billion	$3.116 billion	$0.556 billion	$0.689 billion	$0.239 billion
Seattle Seahawks	$4.5 billion	$3.138 billion	$0.599 billion	$0.478 billion	$0.285 billion
Green Bay Packers	$4.25 billion	$2.828 billion	$0.605 billion	$0.445 billion	$0.372 billion
Atlanta Falcons	$4 billion	$2.856 billion	$0.476 billion	$0.401 billion	$0.267 billion
Pittsburgh Steelers	$3.975 billion	$2.908 billion	$0.514 billion	$0.390 billion	$0.163 billion
Minnesota Vikings	$3.925 billion	$2.834 billion	$0.504 billion	$0.375 billion	$0.213 billion
Baltimore Ravens	$3.9 billion	$2.752 billion	$0.534 billion	$0.388 billion	$0.225 billion
Los Angeles Chargers	$3.875 billion	$2.850 billion	$0.491 billion	$0.350 billion	$0.184 billion
Cleveland Browns	$3.85 billion	$2.728 billion	$0.526 billion	$0.395 billion	$0.201 billion
Indianapolis Colts	$3.8 billion	$2.839 billion	$0.447 billion	$0.333 billion	$0.182 billion
Kansas City Chiefs	$3.7 billion	$2.700 billion	$0.441 billion	$0.387 billion	$0.173 billion
Tampa Bay Buccaneers	$3.675 billion	$2.699 billion	$0.422 billion	$0.397 billion	$0.158 billion
Carolina Panthers	$3.6 billion	$2.593 billion	$0.453 billion	$0.384 billion	$0.170 billion
New Orleans Saints	$3.575 billion	$2.635 billion	$0.421 billion	$0.362 billion	$0.157 billion
Tennessee Titans	$3.5 billion	$2.630 billion	$0.405 billion	$0.328 billion	$0.136 billion
Jacksonville Jaguars	$3.475 billion	$2.662 billion	$0.332 billion	$0.343 billion	$0.138 billion
Buffalo Bills	$3.4 billion	$2.615 billion	$0.354 billion	$0.297 billion	$0.134 billion
Arizona Cardinals	$3.27 billion	$2.528 billion	$0.335 billion	$0.247 billion	$0.160 billion
Detroit Lions	$3.05 billion	$2.435 billion	$0.289 billion	$0.194 billion	$0.131 billion
Cincinnati Bengals	$3 billion	$2.346 billion	$0.316 billion	$0.214 billion	$0.124 billion

Historical valuations

Historical valuations (in US$ millions) by NFL team^{[lower-alpha 7]}
Team	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Dallas Cowboys	8,000	6,500	5,700	5,500	5,000	4,800	4,200	4,000	3,200	2,300
New England Patriots	6,400	5,000	4,400	4,100	3,800	3,700	3,400	3,200	2,600	1,800
Los Angeles Rams	6,200	4,800	4,000	3,800	3,200	3,000	2,900	1,500	930	875
New York Giants	6,000	4,850	4,300	3,900	3,300	3,300	3,100	2,800	2,100	1,600
Chicago Bears	5,800	4,075	3,500	3,500	2,900	2,900	2,700	2,500	1,700	1,300
Washington Commanders	5,600	4,200	3,500	3,400	3,100	3,100	3,000	2,900	2,400	1,700
New York Jets	5,400	4,050	3,600	3,200	2,900	2,800	2,800	2,600	1,800	1,400
San Francisco 49ers	5,200	4,175	3,800	3,500	3,100	3,100	3,000	2,700	1,600	1,200
Las Vegas Raiders	5,100	3,415	3,100	2,900	2,400	2,400	2,100	1,400	970	825
Philadelphia Eagles	4,900	3,800	3,400	3,100	2,800	2,700	2,500	2,400	1,800	1,300
Houston Texans	4,700	3,700	3,300	3,100	2,800	2,800	2,600	2,500	1,900	1,500
Denver Broncos	4,650	3,750	3,200	3,000	2,700	2,600	2,400	1,900	1,500	1,200
Miami Dolphins	4,600	3,420	2,900	2,800	2,600	2,600	2,400	1,900	1,300	1,100
Seattle Seahawks	4,500	3,500	3,100	2,800	2,600	2,400	2,200	1,900	1,300	1,100
Green Bay Packers	4,250	3,475	3,100	2,900	2,600	2,600	2,400	2,000	1,400	1,200
Atlanta Falcons	4,000	3,200	2,900	2,800	2,600	2,500	2,100	1,700	1,100	933
Pittsburgh Steelers	3,975	3,430	3,000	2,800	2,600	2,500	2,300	1,900	1,400	1,100
Minnesota Vikings	3,925	3,350	3,000	2,700	2,400	2,400	2,200	1,600	1,200	1,000
Baltimore Ravens	3,900	3,400	3,000	2,800	2,600	2,500	2,300	1,900	1,500	1,200
Los Angeles Chargers	3,875	2,920	2,600	2,500	2,300	2,300	2,100	1,500	995	949
Cleveland Browns	3,850	2,600	2,400	2,200	2,000	2,000	1,900	1,500	1,100	1,000
Indianapolis Colts	3,800	3,250	2,900	2,700	2,400	2,400	2,200	1,900	1,400	1,200
Kansas City Chiefs	3,700	2,930	2,500	2,300	2,100	2,100	1,900	1,500	1,100	1,000
Tampa Bay Buccaneers	3,675	2,940	2,300	2,200	2,000	2,000	1,800	1,500	1,200	1,100
Carolina Panthers	3,600	2,910	2,600	2,400	2,300	2,300	2,100	1,600	1,300	1,100
New Orleans Saints	3,575	2,825	2,500	2,300	2,100	2,000	1,800	1,500	1,100	1,000
Tennessee Titans	3,500	2,625	2,300	2,200	2,100	2,100	2,000	1,500	1,200	1,100
Jacksonville Jaguars	3,475	2,800	2,500	2,300	2,100	2,100	2,000	1,500	965	840
Buffalo Bills	3,400	2,270	2,100	1,900	1,600	1,600	1,500	1,400	935	870
Arizona Cardinals	3,270	2,650	2,300	2,300	2,200	2,200	2,000	1,500	1,000	961
Detroit Lions	3,050	2,400	2,100	2,000	1,700	1,700	1,700	1,400	960	900
Cincinnati Bengals	3,000	2,275	2,000	2,000	1,800	1,800	1,700	1,400	990	924

Notes

↑ Movement of spots in the ranking from the 2017 NFL season to the 2021 NFL season.
1 2 Value of team (in U.S. dollars) based on current stadium deal (unless new stadium is pending), without deduction for debt (other than stadium debt).
↑ Change of valuation from the 2016 NFL season to the 2020 NFL season.
↑ Expressed as the percentage of valuation that is debt. Includes stadium debt.
↑ Revenue in dollars.
↑ Earnings (in dollars) 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

↑ "Dallas Cowboys Profile". Forbes . Retrieved 27 March 2022.
1 2 "The NFL's Most Valuable Teams (2023)". Forbes . Retrieved 23 August 2022.
↑ "The Business of Football List". Forbes . Retrieved 27 March 2022.
↑ "The NFL's Most Valuable Teams 2019: Cowboys Lead League At $5.5 Billion". Forbes . Retrieved 1 October 2023.
↑ "Las Vegas Raiders Forbes Profile". Forbes . Retrieved 1 October 2023.
↑ "Most Valuable NFL Teams 2005/2021". YouTube . Retrieved 27 March 2022.
↑ "Most valuable NFL franchises revealed". CBS. 5 August 2021. Retrieved 27 March 2022.
↑ "How much are NFL teams worth?". Sports Illustrated. 5 August 2021. Retrieved 27 March 2022.
↑ "The most valuable NFL franchises according to Forbes". NFL . Retrieved 27 March 2022.
↑ "Tom Brady Won't Retire From NFL Without A Mighty Stiff Arm". Forbes . Retrieved 27 March 2022.
↑ "Tampa Bay Buccaneers Profile". Forbes . Retrieved 27 March 2022.

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[swing-12] Movement of spots in the ranking from the 2017 NFL season to the 2021 NFL season.

[value-13] 1 2 Value of team (in U.S. dollars) based on current stadium deal (unless new stadium is pending), without deduction for debt (other than stadium debt).

[change-14] Change of valuation from the 2016 NFL season to the 2020 NFL season.

[debt-15] Expressed as the percentage of valuation that is debt. Includes stadium debt.

[revenue-16] Revenue in dollars.

[income-17] Earnings (in dollars) before interest, taxes, depreciation and amortization.

[team-18] 1 2 Financial data taken from each team profile on Forbes.

[sport-19] Portion of franchise's value attributable to revenue shared among all teams.

[market-20] Portion of franchise's value attributable to its city and market size.

[stadium-21] Portion of franchise's value attributable to its arena.

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

[1] "Dallas Cowboys Profile". Forbes . Retrieved 27 March 2022.

[ForbesNFL2023-2] 1 2 "The NFL's Most Valuable Teams (2023)". Forbes . Retrieved 23 August 2022.

[3] "The Business of Football List". Forbes . Retrieved 27 March 2022.

[4] "The NFL's Most Valuable Teams 2019: Cowboys Lead League At $5.5 Billion". Forbes . Retrieved 1 October 2023.

[5] "Las Vegas Raiders Forbes Profile". Forbes . Retrieved 1 October 2023.

[6] "Most Valuable NFL Teams 2005/2021". YouTube . Retrieved 27 March 2022.

[7] "Most valuable NFL franchises revealed". CBS. 5 August 2021. Retrieved 27 March 2022.

[8] "How much are NFL teams worth?". Sports Illustrated. 5 August 2021. Retrieved 27 March 2022.

[9] "The most valuable NFL franchises according to Forbes". NFL . Retrieved 27 March 2022.

[10] "Tom Brady Won't Retire From NFL Without A Mighty Stiff Arm". Forbes . Retrieved 27 March 2022.

[11] "Tampa Bay Buccaneers Profile". Forbes . Retrieved 27 March 2022.

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