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Calgary Flames franchise value increases to $1.82B, up 15% from 2024

Originally posted on The Win Column | By Karim Kurji | Last updated Oct 1, 2025 12:26 PM ET

Every October, Sportico releases updated valuations for each NHL franchise. Last year was the first year all 32 teams received a valuation of at least one billion dollars, and this year every team saw an increase from the previous year.

The Calgary Flames were 18th most valuable franchise in 2024, and have dropped one spot to 19th in the NHL in 2025. However, their franchise value increased by 15% and $240M, to a valuation of $1.58B.

Here’s the full list of NHL franchises, their valuations, and the change from last year.

Team	2024 Valuation ($B)	2025 Valuation ($B)	Change ($B)	Change (%)
TOR	3.66	4.25	0.59	16%
NYR	3.25	3.65	0.40	12%
MTL	2.95	3.30	0.35	12%
BOS	2.67	3.00	0.33	12%
LAK	2.50	2.96	0.46	18%
EDM	2.40	2.76	0.36	15%
CHI	2.45	2.74	0.29	12%
PHI	2.29	2.66	0.37	16%
WSH	1.86	2.30	0.44	24%
DET	1.85	2.11	0.26	14%
NJD	1.70	2.06	0.36	21%
VGK	1.77	2.02	0.25	14%
DAL	1.65	1.94	0.29	18%
NYI	1.67	1.93	0.26	16%
CAR	1.29	1.92	0.63	49%
TBL	1.80	1.90	0.10	6%
FLA	1.25	1.89	0.64	51%
VAN	1.73	1.87	0.14	8%
CGY	1.58	1.82	0.24	15%
COL	1.57	1.81	0.24	15%
MIN	1.60	1.79	0.19	12%
SEA	1.46	1.71	0.25	17%
PIT	1.47	1.70	0.23	16%
NSH	1.32	1.60	0.28	21%
ANA	1.24	1.59	0.35	28%
STL	1.30	1.53	0.23	18%
SJS	1.42	1.49	0.07	5%
UTA	1.20	1.44	0.24	20%
BUF	1.13	1.36	0.23	20%
OTT	1.14	1.34	0.20	18%
WPG	1.10	1.33	0.23	21%
CBJ	1.06	1.30	0.24	23%

Notes on 2025 NHL franchise valuations

The Florida Panthers saw the largest increase off their back-to-back Stanley Cup victories at 51% and $640M year over year (YOY)

The San Jose Sharks saw the smallest increase of just 5% and $70M YOY.

The Toronto Maple Leafs are the first franchise in NHL history to surpass a $4B valuation, now at $4.25B.

The Carolina Hurricanes rose the most spots in the ranking, up 10 spots this year to 15th most valuable compared to 25th most valuable in 2024.

The San Jose Sharks, Vancouver Canucks, and Tampa Bay Lightning fell the most spots compared to their 2024 rankings, all falling five spots in the 2025 list.

This article first appeared on The Win Column and was syndicated with permission.

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