Ferrari was the most valuable Formula 1 team in Forbes’ 2023 ranking, with an estimated enterprise value of $3.9 billion. Mercedes followed at $3.8 billion and Red Bull Racing at $2.6 billion. These were estimates published in July 2023—not confirmed sale prices, audited valuations, or measures of cash on hand.
Formula 1 team values in 2023
Forbes published its estimates on July 20, 2023, using projected 2023 revenue because the season was only halfway through and Forbes considered available 2022 revenue too old to reflect market expectations. The estimates cover each team’s Formula 1 operations, rather than associated businesses such as engine sales.
| Value rank | Team | Estimated enterprise value | Estimated 2023 revenue | Estimated 2023 EBITDA |
|---|---|---|---|---|
| 1 | Ferrari | $3.9 billion | $680 million | $115 million |
| 2 | Mercedes | $3.8 billion | $700 million | $192 million |
| 3 | Red Bull Racing | $2.6 billion | $510 million | $85 million |
| 4 | McLaren | $2.2 billion | $490 million | $58 million |
| 5 | Alpine | $1.4 billion | $325 million | $50 million |
| 6 | Aston Martin | $1.375 billion | $290 million | $32 million |
| 7 | AlphaTauri | $1.125 billion | $260 million | $20 million |
| 8 | Alfa Romeo | $900 million | $210 million | $25 million |
| 9 | Haas | $780 million | $180 million | $2 million |
| 10 | Williams | $725 million | $160 million | −$5 million |
All figures are Forbes estimates in U.S. dollars. Forbes converted figures using exchange rates as of July 7, 2023: £1 to $1.28 and €1 to $1.09. EBITDA means earnings from continuing operations before interest, taxes, depreciation, and amortization. It is a profitability measure, not the same thing as revenue or team value. Forbes’ 2023 team ranking provides the estimates and definitions.
Team value was not the same as the 2023 constructors’ order
Red Bull won the 2023 constructors’ championship by a wide margin, but Forbes ranked it third in estimated value. Ferrari led the value ranking while finishing third in the championship; Mercedes ranked second in both. Williams was seventh in the standings but tenth by estimated value.
Recommended Free Tools
#1 Best Overall
- Mercedes Die-Cast Formula Vehicle in 1/43 scale
- Authentic Race Car and Driver's Helmet Details
- Acrylic Box with Decorative Sleeve
- #63 George Russell
| 2023 constructors’ rank | Team | Points | Forbes estimated value rank |
|---|---|---|---|
| 1 | Red Bull | 860 | 3 |
| 2 | Mercedes | 409 | 2 |
| 3 | Ferrari | 406 | 1 |
| 4 | McLaren | 302 | 4 |
| 5 | Aston Martin | 280 | 6 |
| 6 | Alpine | 120 | 5 |
| 7 | Williams | 28 | 10 |
| 8 | AlphaTauri | 25 | 7 |
| 9 | Alfa Romeo | 16 | 8 |
| 10 | Haas | 12 | 9 |
The standings are the official 2023 results published by Formula 1. Championship points describe on-track performance; estimated enterprise value reflects a financial assessment. Neither ranking can be used as a substitute for the other.
What Forbes meant by “value”
Forbes estimated enterprise value: equity value plus net debt. That is different from a team’s cash balance, a verified price paid in a transaction, or an audited appraisal. The estimates apply to Formula 1 operations and exclude ancillary businesses such as engine sales.
Rank #2
- Officially Licensed Replica – Authentic styling and branding from the original manufacturer
- Die-Cast Metal Construction – Durable metal body with detailed plastic components
- Highly Detailed Design – Realistic exterior styling and interior details
- Free-Rolling Wheels – Smooth movement for display or play
- Perfect for Collectors & Kids – Great gift for automotive fans
Forbes said its estimates drew on public filings, private documents—including bank valuation work—and interviews with executives, analysts, bankers, and investors. It used projected 2023 revenue rather than 2022 revenue because it judged the latter less representative of market expectations at the midpoint of the 2023 season. Its methodology and scope are described in the Forbes article.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Formula 1 team estimates had grown
Forbes put the average estimated team value at $1.88 billion in 2023, compared with $500 million in 2019—a 276% increase. It also estimated average team revenue at $380 million in 2023, up from $220 million in 2018. These are Forbes’ estimates for the teams and years cited, not a guarantee that every team’s value or revenue grew by the same amount.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Rank #3
- McLaren Die-Cast Formula Vehicle in 1/43 scale
- Authentic Race Car and Driver's Helmet Details
- Acrylic Box with Decorative Sleeve
- Driver Number and Name: #4 Lando Norris McLaren racing team representation
- 2024 Race Season Model: Features the McLaren MCL38 from the 2024 racing season with accurate livery and design details
Forbes attributed much of the rise in values to Formula 1’s 2021 cost cap, and also pointed to the popularity of Netflix’s Drive to Survive and an expanded race schedule. The cost cap’s stated 2023 base was $135 million, with specified expenses such as engines and driver salaries excluded and inflation adjustments applied. That figure is the cap’s base—not a complete limit on every expense—and Forbes presented it as part of its explanation rather than proof that the cap alone caused valuations to rise.
Quick Recap
Best Value
- MCLAREN F1 TEAM CAR TOY – LEGO Speed Champions McLaren F1 Team MCL38 Race Car vehicle set for boys and girls ages 10 and up to build, display and race
- 1 DRIVER MINIFIGURE – The vehicle kit includes a driver minifigure wearing a McLaren outfit and a winged helmet for kids to place inside the cockpit and role-play thrilling race action
- AUTHENTIC DETAILS – A McLaren F1 car with details from the real-life 2024 version, including a halo bar, rear wing, sponsor stickers and wider rear tires imprinted with “Pirelli”
- F1 FUN FOR THE WHOLE FAMILY – Race for the checkered flag alongside the whole family with other building sets (sold separately) in the LEGO F1 range
- PLAY & DISIPLAY – After kids have enjoyed playing out racing stories with the F1 car toy, they can display it on a shelf or bedside table
Rank #4
- Officially Licensed Replica – Authentic styling and branding from the original manufacturer
- Die-Cast Metal Construction – Durable metal body with detailed plastic components
- Highly Detailed Design – Realistic exterior styling and interior details
- Free-Rolling Wheels – Smooth movement for display or play
- Perfect for Collectors & Kids – Great gift for automotive fans
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
