2003-04 Forbes NHL Report
(In Millions of Dollars)
| Rank | Team | Value | Revenues | Operating Income |
| 1 | New York Rangers | 282 | 118 | -3.3 |
| 2 | Toronto | 280 | 117 | 14.1 |
| 3 | Philadelphia | 264 | 106 | -4.1 |
| 4 | Dallas | 259 | 103 | -0.3 |
| 5 | Detroit | 248 | 97 | -16.4 |
| 6 | Colorado | 246 | 99 | -1.1 |
| 7 | Boston | 236 | 95 | 2.3 |
| 8 | Montreal | 195 | 90 | 7.5 |
| 9 | Los Angeles | 193 | 80 | -5.3 |
| 10 | Chicago | 178 | 71 | 9.4 |
| 11 | Minnesota | 163 | 71 | 11.5 |
| 12 | New York Islanders | 160 | 64 | -9.5 |
| 13 | Tampa Bay | 150 | 88 | 8.6 |
| 14 | San Jose | 149 | 74 | 1.3 |
| 15 | Vancouver | 148 | 74 | 1.3 |
| 16 | St. Louis | 140 | 66 | -28.8 |
| 17 | Columbus | 139 | 66 | 0.9 |
| 18 | Phoenix | 136 | 57 | -7.8 |
| 19 | Ottawa | 125 | 70 | -5 |
| 20 | New Jersey | 124 | 61 | -13.9 |
| 21 | Florida | 121 | 60 | -3.7 |
| 22 | Calgary | 116 | 70 | 2.3 |
| 23 | Washington | 115 | 61 | -14.7 |
| 24 | Nashville | 111 | 57 | 6.2 |
| 25 | Anaheim | 108 | 54 | -22.4 |
| 26 | Atlanta | 106 | 59 | 0.9 |
| 27 | Edmonton | 104 | 55 | 3.3 |
| 28 | Buffalo | 103 | 51 | -10.5 |
| 29 | Pittsburgh | 101 | 52 | -0.6 |
| 30 | Carolina | 100 | 52 | -18.2 |
| Totals | 163 (Avg) | 2238 | -96 |
