The Los Angeles Dodgers may be Major League Baseball’s new evil empire. But the New York Yankees are still baseball’s most valuable franchise — according to a ranking by CNBC.
The news outlet assessed the value of all 30 MLB teams by estimating what each franchise would sell for today, using revenue data, earnings, and past sale prices — and adjusting for things like stadium deals and shared league assets.
CNBC relied on sources including team owners, investors, league consultants, public financial documents, and industry executives.
Baseball’s Most Valuable Team
The Yankees come in at the top with an estimated value of $8 billion — well ahead of the second-place Dodgers, who are valued at $5.8 billion.
Both teams are MLB’s top revenue generators, each bringing in around $700 million. But the Yankees’ higher valuation also reflects their minimal debt load — just 1% — meaning nearly all of their value comes from equity.
By contrast, the Dodgers, owned by Guggenheim Baseball Management, carry 10% debt, which lowers their equity value and, in turn, their overall valuation.
Steve Cohen’s New York Mets rank seventh, according to CNBC, with a value of $3.15 billion and an estimated $446 million in annual revenue.
High Revenues, Slim Margins
While the Yankees and Dodgers sit atop MLB’s financial rankings — valued at $8 billion and $5.8 billion, respectively — their profits are surprisingly modest. In 2024, the Yankees posted just $7 million in operating profit, while the Dodgers managed $10 million. That’s despite each team generating over $700 million in revenue.
Their razor-thin margins reflect the financial burden of being perennial contenders in a league with revenue sharing and no salary cap.
Massive payrolls, steep revenue-sharing contributions, and major investments in player development, stadium operations, and international expansion eat into both teams’ margins. The Dodgers, for instance, paid more than $120 million in revenue sharing alone last season, according to CNBC estimates.
Who’s Actually Making Money?
The most profitable teams are a mix of storied franchises and small-market teams. Leading the league in profitability are the San Diego Padres, who posted $79 million in EBITDA on $468 million in revenue — a strong return despite operating in a smaller market.
They’re followed by the Boston Red Sox, who brought in $71 million in EBITDA, and the San Francisco Giants, with $65 million. Both franchises benefit from large, loyal fan bases and tight operational control, striking a balance between spending and sustainability.
The Padres and Giants also sit atop the hyper-competitive NL West, ahead of the Dodgers. All three teams have winning percentages above .700.
The strong financial performance of teams like the Padres and Giants suggests it may not be necessary to outspend the league to succeed — a reality that could shape the immediate future of baseball.
With current spending sprees proving difficult to sustain, owners may push for a salary cap when MLB’s collective bargaining agreement expires on December 1, 2026 — raising the possibility of a lockout ahead of the 2027 season.
The Full List
Here are CNBC’s rankings of MLB teams by value, revenue, and profitability.
1. New York Yankees — Value: $8 billion
Revenue: $705 million
EBITDA: $7 million
Debt as % of value: 1%
Owner(s): The Steinbrenner family
2. Los Angeles Dodgers — Value: $5.8 billion
Revenue: $701 million
EBITDA: $10 million
Debt as % of value: 10%
Owner(s): Guggenheim Baseball Management
3. Boston Red Sox — Value: $4.7 billion
Revenue: $514 million
EBITDA: $71 million
Debt as % of value: 5%
Owner(s): John Henry, Thomas Werner
4. Chicago Cubs — Value: $4.5 billion
Revenue: $528 million
EBITDA: $38 million
Debt as % of value: 10%
Owner(s): The Ricketts family
5. San Francisco Giants — Value: $3.8 billion
Revenue: $533 million
EBITDA: $65 million
Debt as % of value: 4%
Owner(s): Greg Johnson
6. Philadelphia Phillies — Value: $3.2 billion
Revenue: $528 million
EBITDA: $42 million
Debt as % of value: 4%
Owner(s): The Middleton family, the Buck family
7. New York Mets — Value: $3.15 billion
Revenue: $446 million
EBITDA: -$272 million
Debt as % of value: 10%
Owner(s): Steve and Alexandra Cohen
8. Atlanta Braves — Value: $3.1 billion
Revenue: $476 million
EBITDA: $7 million
Debt as % of value: 8%
Owner(s): Atlanta Braves Holdings
9. Houston Astros — Value: $3 billion
Revenue: $499 million
EBITDA: $31 million
Debt as % of value: 2%
Owner(s): Jim Crane
10. Texas Rangers — Value: $2.75 billion
Revenue: $446 million
EBITDA: $3 million
Debt as % of value: 25%
Owner(s): Ray Davis
11. Los Angeles Angels — Value: $2.7 billion
Revenue: $398 million
EBITDA: $27 million
Debt as % of value: 0%
Owner(s): Arturo and Carole Moreno
12. St. Louis Cardinals — Value: $2.55 billion
Revenue: $395 million
EBITDA: $34 million
Debt as % of value: 7%
Owner(s): William DeWitt Jr.
13. Seattle Mariners — Value: $2.25 billion
Revenue: $383 million
EBITDA: $56 million
Debt as % of value: 11%
Owner(s): John Stanton, Chris Larson
14. Toronto Blue Jays — Value: $2.2 billion
Revenue: $386 million
EBITDA: -$8 million
Debt as % of value: 0%
Owner(s): Rogers Communications
15. Chicago White Sox — Value: $2.15 billion
Revenue: $315 million
EBITDA: -$15 million
Debt as % of value: 9%
Owner(s): Jerry Reinsdorf, Justin and Mat Ishbia
16. San Diego Padres — Value: $2.1 billion
Revenue: $468 million
EBITDA: $79 million
Debt as % of value: 17%
Owner(s): The Seidler family
17. Washington Nationals — Value: $2.05 billion
Revenue: $316 million
EBITDA: $10 million
Debt as % of value: 27%
Owner(s): The Lerner family
18. Athletics — Value: $2 billion
Revenue: $275 million
EBITDA: $3 million
Debt as % of value: 10%
Owner(s): John Fisher
19. Baltimore Orioles — Value: $1.85 billion
Revenue: $338 million
EBITDA: $44 million
Debt as % of value: 12%
Owner(s): David Rubenstein
20. Arizona Diamondbacks — Value: $1.75 billion
Revenue: $351 million
EBITDA: $9 million
Debt as % of value: 7%
Owner(s): Ken Kendrick
21. Milwaukee Brewers — Value: $1.7 billion
Revenue: $337 million
EBITDA: $29 million
Debt as % of value: 15%
Owner(s): Mark Attanasio
22. Minnesota Twins — Value: $1.65 billion
Revenue: $356 million
EBITDA: $41 million
Debt as % of value: 24%
Owner(s): The Pohlad family
23. Colorado Rockies — Value: $1.62 billion
Revenue: $328 million
EBITDA: $20 million
Debt as % of value: 7%
Owner(s): Charles and Richard Monfort
24. Detroit Tigers — Value: $1.6 billion
Revenue: $328 million
EBITDA: $51 million
Debt as % of value: 10%
Owner(s): The Ilitch family
25. Cleveland Guardians — Value: $1.55 billion
Revenue: $356 million
EBITDA: $33 million
Debt as % of value: 6%
Owner(s): Paul Dolan, David Blitzer
26. Cincinnati Reds — Value: $1.5 billion
Revenue: $330 million
EBITDA: $41 million
Debt as % of value: 10%
Owner(s): Robert Castellini
27. Pittsburgh Pirates — Value: $1.47 billion
Revenue: $329 million
EBITDA: $58 million
Debt as % of value: 10%
Owner(s): The Nutting family
28. Kansas City Royals — Value: $1.45 billion
Revenue: $332 million
EBITDA: $31 million
Debt as % of value: 19%
Owner(s): John Sherman
29. Tampa Bay Rays — Value: $1.4 billion
Revenue: $304 million
EBITDA: $33 million
Debt as % of value: 9%
Owner(s): Stuart Sternberg
30. Miami Marlins — Value: $1.2 billion
Revenue: $296 million
EBITDA: $19 million
Debt as % of value: 38%
Owner(s): Bruce Sherman
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