Sportico named the Toronto Maple Leafs the NHL’s most valuable franchise for a fourth consecutive year on Wednesday.

According to Sportico, the Leafs are worth $3.66 billion, placing them ahead of the New York Rangers ($3.25 billion) and the Montreal Canadiens ($2.93 billion).The entire top 10 is as follows.

For the first time since Sportico began tracking NHL team valuations, every franchise is worth at least $1 billion with the the Columbus Blue Jackets being the least valuable franchise at $1.06 billion.

Every team experienced growth of at least 19 percent from 2023 to 2024, and many teams grew significantly more than that.

No franchise saw its value increase more than the Utah Hockey Club, which is the new identity of the Arizona Coyotes.

The Coyotes were the least valuable franchise in the NHL by a significant margin last year with a valuation of $675 million, but the move to Utah saw the organization’s value increase by a league-high 78 percent, placing it 28th in the NHL with a valuation of $1.2 billion.

While the Maple Leafs have not won a Stanley Cup since 1967, there place atop the franchise value list comes as little surprise.

The Maple Leafs play in the biggest market in the hockey-obsessed nation of Canada, plus they have fielded a strong team for several years despite a lack of playoff success.

Led by the likes of Auston Matthews, Mitch Marner and William Nylander, the Leafs have made eight straight postseason appearances, but they have only made it out of the first round once during that time.