Aug 2, 2025; Glendale, AZ, USA; Arizona Cardinals owner Michael Bidwill at the Red and White practice during training camp at State Farm Stadium. Mandatory Credit: Mark J. Rebilas-Imagn Images Mark J. Rebilas-Imagn Images

Forbes: Cardinals One of Least Valuable NFL Teams

Originally posted on Arizona Cardinals on SI
By Donnie Druin | Last updated Aug 29, 2025 3:45 PM ET

The Arizona Cardinals ranked near the bottom of Forbes' NFL valuations list ahead of the 2025 season.

The Cardinals were valued at $5.5 billion, which ranked 29th in the league.

One-Year Change: 28%
Revenue: $571 million
Operating Income: $62 million

The Cardinals ranked ahead of the Detroit Lions, New Orleans Saints and Cincinnati Bengals. The Dallas Cowboys take the top spot at $13 billion with the top 12 teams all worth $7 billion or more.

More on How Forbes Estimates NFL Team Value

"Figures for revenue and operating income (earnings before interest, taxes, depreciation and amortization) are estimated for the 2024 season and are net of stadium debt service. Debt includes both team and stadium debt recourse to team owners. Forbes presents its P&L figures on a cash basis, rather than an accrual basis, of accounting.

"Team values are enterprise values (equity plus net debt) and include the economics of the team’s stadium (including non-NFL revenue that accrues to the team’s owner) but not the value of the stadium real estate itself. Team values also exclude other businesses related to the team with separate financial statements, such as The Star, the Dallas Cowboys’ headquarters and entertainment district. Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million.

"Sources for Forbes’ NFL valuations include team executives, sports bankers and league consultants; public documents, such as stadium lease agreements and credit rating reports; and sponsorship and broadcasting industry executives."

How Cardinals Can Improve

There's no direct changes the Cardinals can make to improve their value, though things such as the casitas and luxury seating options within State Farm Stadium should help generate more revenue for the team.

Teams near the top or even middle table have either established themselves are legitimate brands or transformed their organizations to winners in recent memory.

Unfortunately, the Cardinals are neither at the moment - though that can change.

Entering the third season of the Jonathan Gannon era, Arizona potentially could make a playoff push for the first time since 2021. The NFC West title is also in the cards (no pun intended), which hasn't been done in Arizona since 2015.