The highest-valued NHL team still reigns in Canada.

The Toronto Maple Leafs remain No. 1 on CNBC's list of NHL valuations for 2025 at $4.3 billion, a lead of $500 million over the second-highest team. It also is $2.1 billion above league average. Toronto in 2024 had a valuation of $3.8 billion and sat $1.89 billion above league average.

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Trailing the Maple Leafs in the top three are the same two teams from 2024. The New York Rangers are second with a valuation of $3.8 billion, a $300 million increase. In third are the Montreal Canadiens, which also rose by $300 million to hold a $3.4 billion valuation.

There has been a slight shakeup in the top five, though. While the Los Angeles Kings remain No. 4 at $3.15 billion, the Edmonton

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