This is the Forbes NHL franchise valuations page for the 2003 - 2004 season.

Rank Team Current Value1 ($mil) 1-Yr Value Change (%) Debt/Value3 (%) Revenues ($mil) Operating Income4($mil)   1 New York Rangers 282 4 89 118 -3.3   2 Toronto Maple Leafs 280 7 39 117 14.1   3 Philadelphia Flyers 264 5 25 106 -4.1   4 Dallas Stars 259 -4 57 103 -0.3   5 Detroit Red Wings 248 1 25 97 -16.4   6 Colorado Avalanche 246 7 21 99 -1.1   7 Boston Bruins 236 6 51 95 2.3   8 Montreal Canadiens 195 15 41 90 7.5   9 Los Angeles Kings 193 5 69 80 -5.3   10 Chicago Blackhawks 178 -7 0 71 9.4   11 Minnesota Wild 163 -2 78 71 11.5   12 New York Islanders 160 5 63 64 -9.5   13 Tampa Bay Lightning 150 10 33 88 8.6   14 San Jose Sharks 149 8 30 74 1.3   15 Vancouver Canucks 148 18 75 74 1.3   16 St Louis Blues 140 -5 69 66 -28.8   17 Columbus Blue Jackets 139 -4 32 66 0.9   18 Phoenix Coyotes 136 14 44 57 -7.8   19 Ottawa Senators 125 7 19 70 -5.0   20 New Jersey Devils 124 -14 64 61 -13.9   21 Florida Panthers 121 7 33 60 -3.7   22 Calgary Flames 116 20 16 70 2.3   23 Washington Capitals 115 -11 59 61 -14.7   24 Nashville Predators 111 10 33 57 6.2   25 Mighty Ducks of Anaheim 108 -3 0 54 -22.4 Top of Form Bottom of Form

Rank Team Current Value1 ($mil) 1-Yr Value Change (%) Debt/Value3 (%) Revenues ($mil) Operating Income4($mil)   26 Atlanta Thrashers 106 -4 67 59 0.9   27 Edmonton Oilers 104 14 19 55 3.3   28 Buffalo Sabres 103 8 49 51 -10.5   29 Pittsburgh Penguins 101 -12 40 52 -0.6   30 Carolina Hurricanes 100 -9 90 52 -18.2