The Edmonton Oilers‘ back-to-back runs to the Stanley Cup Final have had a positive effect on their overall valuation, according to a new report.

According to figures published by CNBC on Tuesday, the Oilers are now valued at $3.1 billion, an increase of 17 per cent from 2024.

That increase has vaulted the Oilers into the top five among all NHL franchises, moving them ahead of the Boston Bruins ($3.05 billion).

The top four teams remain unchanged, with the Toronto Maple Leafs leading the way at $4.3 billion. Rogers Communications, which owns Sportsnet, became the majority owner of Maple Leafs Sports and Entertainment earlier this year.

The New York Rangers are second on CNBC’s rankings with a valuation of $3.8 billion, followed by the Montreal Canadiens ($3.4 billion) and Los Angeles Kings ($3.15 billion).

Speaking on CNBC after the report was published, NHL commissioner Gary Bettman cautioned that the numbers are “undervalued” and “as much art as it is science.”

But Bettman added that “the trending is very positive.”

Bettman went on to say that NHL teams have more cost certainty than teams in other sports because the hard salary-cap system helps teams have more predictable payrolls and stay in the playoff hunt for more of the season. Entering play Wednesday, 11 teams not in a playoff spot were within four points of the final wild-card position in their conference.

“What you see on the ice, the competitive balance, the entertainment value, is extraordinary, and that’s because we have a system that enables all of our teams to compete,” Bettman said.

The CNBC panel also pressed Bettman on expansion. While the commissioner wouldn’t tip his hand to any markets the league might consider expanding to, he said that any expansion fee for a new club would be no less than $2 billion.

CNBC’s complete rankings of NHL teams by value:

Toronto Maple Leafs, $4.3 billion

New York Rangers, $3.8 billion

Montreal Canadiens, $3.4 billion

Los Angeles Kings $3.15 billion

Edmonton Oilers $3.1 billion

Boston Bruins, $3.05 billion

Chicago Blackhawks, $2.75 billion

Philadelphia Flyers, $2.6 billion

Washington Capitals, $2.5 billion

Detroit Red Wings, $2.47 billion

New Jersey Devils, $2.45 billion

Vancouver Canucks, $2.2 billion

Vegas Golden Knights, $2.1 billion

Dallas Stars, $2.05 billion

Carolina Hurricanes, $2 billion

Tampa Bay Lightning, $1.95 billion

Calgary Flames, $1.93 billion

Minnesota Wild, $1.9 billion

Colorado Avalanche, $1.85 billion

New York Islanders, $1.82 billion

Seattle Kraken, $1.77 billion

Pittsburgh Penguins, $1.76 billion

Florida Panthers, $1.75 billion

Nashville Predators, $1.65 billion

St. Louis Blues, $1.62 billion

Anaheim Ducks, $1.61 billion

Utah Mammoth, $1.6 billion

San Jose Sharks, $1.55 billion

Winnipeg Jets, $1.46 billion

Ottawa Senators, $1.44 billion

Buffalo Sabres, $1.42 billion

Columbus Blue Jackets, $1.4 billion