The average National Basketball Association team is worth $4.66 billion, according to CNBC Sport’s official NBA valuations. This places the league between the average National Football League team, worth $6.49 billion, and the average National Hockey League team, worth $1.92 billion. 

The most valuable NBA team is the Golden State Warriors, worth $9.4 billion. The Warriors generated $781 million in revenue — net of their revenue-sharing payment — during the 2023-24 season, the highest in the NBA. The Warriors own their home arena, San Francisco’s Chase Center, from which they also earn revenue from non-NBA events. The team raked in nearly $200 million in sponsorship revenue last season, nearly double that of any other team, according to a league executive. 

It may not be surprising that the value of the Warriors has increased at a 24% compound annual growth rate since Joe Lacob and Peter Guber paid $450 million for the team in 2010. After all, the Warriors have won four NBA titles over the past decade, moved into their state-of-the-art arena in 2019 and have been led by two-time league MVP Stephen Curry. 

But even the small-market Memphis Grizzlies, the NBA’s least valuable team, worth $3.2 billion, have been a great investment for owner Robert Pera. The Grizzlies have not been to the NBA Finals since entering the league in 1995 and generally rank in the bottom third of the NBA in average attendance. Yet, the value of the Grizzlies has increased at a 19% annual rate since Pera paid $377 million for the team in 2012.  

According to team executives, the biggest reason for the rising tide in NBA valuations has been the increase in national media rights, which are divided equally among the league’s 30 teams. In July, the NBA agreed to a new media rights package worth $76 billion over 11 years, beginning with the 2025-26 season. On an average annual basis, the new deal is worth $6.9 billion a year, nearly 160% more than its current deal is worth.

Revenue and EBITDA figures represent the 2023-24 season. Here is CNBC’s methodology for ranking the NBA teams.