The Dallas Cowboys Football Club Ltd. is the most valuable team in the National Football League Inc., according to a new valuation analysis of all 32 teams from S&P Global Market Intelligence.

The analysis places the Cowboys' value at $15.36 billion, followed by the New York Football Giants Inc. and The Los Angeles Rams, LLC at $12.2 billion and $11.5 billion, respectively.

Valuations for NFL teams have increased dramatically over the past five years, driven by a confluence of factors, including the growing number of billionaires, the influx of private equity, and the rapid growth in TV rights values.

This valuation growth has been sustained by rising revenues from TV rights and other avenues, such as ticket sales and an expansion in revenue multiples.

The Dallas Cowboys is one of the most popular teams in the NFL, possess a unique, top-tier arena used for events beyond football, and boast the best average attendance at home games. For instance, Kagan data shows the Cowboys' average attendance at home games is nearly 93,000, while the second-place New York Giants has an average attendance of nearly 79,000. Additionally, among all NFL teams, the Cowboys have the most social media followers across Meta Platforms Inc.'s Facebook and Instagram LLC, Bytedance Ltd.'s TikTok Inc., X (formerly Twitter Inc.) and Alphabet Inc.'s YouTube LLC, according to an S&P Global Market Intelligence Kagan analysis. As of August 2026, the team counts 20.8 million followers; by comparison, the next-highest team is the Philadelphia Eagles, LLC at 19.1 million.

Notably, the Cowboys' fandom remains strong even though their on-field performance has been inconsistent. The team's last Super Bowl appearance was in 1996, a game they won.

The Cowboys' business model can serve as a template for prospective NFL team buyers, as evidence of how strategic business improvements can build a stronger franchise, both on and off the field.

Recent transactions indicate that revenue multiples in the NFL are still expanding as the market remains in price discovery mode. The latest deals in the NFL are a case in point: the Football Northwest LLC, or Seattle Seahawks, was sold for a 2025 revenue multiple of 15.2x, the highest on record for a full takeover, while Atlanta Falcons Football Club LLC sold a 10% stake to Arctos Partners LP for a multiple of 15.5x.

The S&P Global Market Intelligence methodology employs a forward-looking approach to valuation multiples rather than relying exclusively on historical data. While NFL team transactions are infrequent and data is relatively scarce, we can confidently say that revenue multiples in the NFL have expanded from mid- to high-single digits to low- to mid-double digits in the past five years alone.

At some point, this multiple expansion will likely plateau and could even reverse, depending on various market factors. However, that trend is not evident in the current market.

The methodology assigns a higher valuation to teams based on their effectiveness and possibilities at monetizing brand value, the disposable incomes of the city they operate in, domestic and global popularity, and the stadium's quality and average attendance, among others. A smaller emphasis is placed on on-field performance. While important, on-field performance is not the definitive factor in driving a team's valuation in the NFL. The Steelers and the Patriots are the most decorated NFL teams, yet neither of them is in the top five most valuable franchises.

The least valuable team in the NFL is The Detroit Lions Inc. at a valuation of $7.36 billion, with Cincinnati Bengals, Inc. and Jacksonville Jaguars, LLC not far ahead at $7.42 billion and $7.43 billion, respectively. These teams rank lower due to relatively smaller metro population areas and lower disposable incomes, as well as older stadiums and weaker average attendance. Their performance on the field also leaves much to be desired, with none ever winning a Super Bowl.

Methodology:

S&P Global Market Intelligence's Kagan employs a comparable transactions analysis to determine the enterprise value (equity plus net debt) of NFL teams:

1. Comparable transactions: Analysis of recent whole-team acquisitions and significant investment transactions.
2. Kagan Composite Score: A proprietary index, scored from 0.00 to 1, that assesses a team's brand strength and future earnings potential. The Dallas Cowboys has the highest score of 0.82, while the Detroit Lions has the lowest score of 0.17. Even though the score difference is large, the spread between the most valuable and least valuable teams is dictated by market transactions.

The value of this composite index directly influences the valuation of the team through a proprietary formula that correlates the index to current market values. For instance, if the Seattle Seahawks is valued at $9.61 billion in the latest transaction and its Kagan Composite Index stands close to the middle of the league, the formula calculates the value of the rest of the teams. The higher the index, the bigger the valuation. All the values are adjusted in response to market fluctuations or changes in the team's circumstances, like the building of a new stadium or improvement in the on-field performance.

Composite Score data points: The index is built on a foundation of 14 distinct data inputs, weighted between on-field performance and fan engagement (20%-80% weighting). These data points are continuously updated to reflect the most current information available.

• Performance metrics: Include historical achievements, such as the number of Super Bowl appearances over the past 25 years.
• Engagement metrics: Include data such as average home-game attendance, the team's total number of social media followers, the size of the market's population and disposable incomes.

Market context and adjustments: S&P Global and Kagan continuously monitor actual deal transactions to refine the model. It is important to note that certain transactions may not be fully representative of the market, as owners might offer discounted stakes to strategic investors, such as prominent sports and media personalities. When these deals are deemed to be offered at a discount by our specialists, they are excluded from calculations.

In recent years, NFL team valuations and their corresponding revenue multiples have seen a significant increase, climbing from mid-single digits to low- to mid-double digits. This trend has been partly fueled by the league's decision to permit investments from financial sponsors and private equity firms. As rare and sought-after assets, the price discovery process for NFL teams is still evolving.

Expertise: This methodology was developed by leveraging the multi-year experience of Kagan's sports business analysts, S&P Global Market Intelligence's TMT reporters and editors, and insights from external experts, including investment bankers and valuation analysts.

Economics of Networks is a regular feature from S&P Global Market Intelligence.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.