The Dallas Cowboys were the NFL’s most valuable team in Forbes’ 2025 ranking, at an estimated $13 billion. The Los Angeles Rams and New York Giants were the only other franchises valued above $10 billion. Forbes published the estimates on August 29, 2025; they are enterprise-value estimates, not observed sale prices.
Forbes’ 2025 NFL team valuation ranking
The ranking below lists Forbes’ estimated enterprise values for all 32 NFL franchises in 2025. Forbes rounded team values to the nearest $50 million. The underlying revenue and operating-income figures referenced in the same article are estimates for the 2024 season.
| Rank | Team | Estimated value, 2025 |
|---|---|---|
| 1 | Dallas Cowboys | $13 billion |
| 2 | Los Angeles Rams | $10.5 billion |
| 3 | New York Giants | $10.1 billion |
| 4 | New England Patriots | $9 billion |
| 5 | San Francisco 49ers | $8.6 billion |
| 6–31 | Other teams | Individual values and order not stated in the available Forbes ranking details |
| 32 | Cincinnati Bengals | $5.25 billion |
Forbes’ 2025 estimates put the Cowboys $2.5 billion ahead of the Rams. Three teams topped $10 billion. Across the league, the estimated average was $7.1 billion, up 25% year over year, and the Bengals’ $5.25 billion valuation meant every franchise exceeded $5 billion for the first time, according to Forbes.
What Forbes counted in a team’s value
Forbes defined team value as enterprise value: equity plus net debt. Its estimates included the economics of a team’s stadium, including non-NFL revenue that accrues to the owner. They excluded stadium real estate and separately reported team-related businesses, such as the Cowboys’ headquarters and entertainment district. See Forbes’ 2025 NFL valuations and methodology.
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The distinction matters: a team’s value can reflect income associated with using its venue without treating the stadium land and buildings as part of the team valuation. Forbes said its estimates drew on team executives, sports bankers, league consultants, public documents such as stadium leases and credit-rating reports, and sponsorship and broadcasting executives.
Valuation is not the same as revenue or profit
A franchise valuation is an estimate of the business’s worth, not the cash it brings in during one season. Forbes estimated NFL-wide revenue at $21.2 billion during the 2024 season. For the Cowboys, it estimated 2024-season revenue of $1.234 billion and operating income of $629 million. Forbes presented those revenue and operating-income figures on a cash basis and net of stadium debt service; they are not the team’s 2025 valuation.
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For context, Forbes also reported that estimated NFL team sponsorship revenue approached $2.5 billion during the prior season, citing SponsorUnited. That league-wide sponsorship figure is a revenue estimate, not a separate measure of franchise value.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why a reported stake sale may imply a different value
A minority-stake transaction can provide a useful reference point, but its implied valuation is not automatically comparable to Forbes’ team estimate or to a sale giving the buyer control. Minority investors generally have less say in operations, while a smaller stake can sometimes attract a premium because it lowers the amount needed to buy in.
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For example, Forbes reported that about 6.2% of the 49ers sold in May 2025 at an implied valuation of $8.6 billion. That transaction context does not replace Forbes’ 2025 list estimate for the 49ers, also $8.6 billion; it is a different kind of evidence.
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