For the 18th straight year, Forbes has deemed the Dallas Cowboys the most valuable franchise in the NFL.

According to Justin Teitelbaum of Forbes, the Cowboys are now worth $10.1 billion, making them the first professional sports franchise to reach the $10 billion mark. Here is a look at the rest of the top 10:

1. Dallas Cowboys: $10.1 billion
2. Los Angeles Rams: $7.6 billion
3. New England Patriots: $7.4 billion
4. New York Giants: $7.3 billion
5. New York Jets: $6.9 billion
6. San Francisco 49ers: $6.8 billion
7. Las Vegas Raiders: $6.7 billion
8. Philadelphia Eagles: $6.6 billion
9. Chicago Bears: $6.4 billion
10. Washington Commanders: $6.3 billion

In addition to seeing their value rise by 12 percent from last year, the Cowboys have an operating income of $564 million, which is nearly double the next closest team.

Per Forbes, the Cowboys brought in $800 million in local revenue during the 2023 season, which was more than double the closest teams in the Las Vegas Raiders and Los Angeles Rams.

Dallas has long been among the most valuable franchise in the NFL and pro sports in general, but it has experienced exponential growth over the years.

Back in 1998, the Cowboys were worth $413 million, and they have seen an incredible 2,346 percent increase since then. Even since as recently as 2020, the Cowboys’ worth has increased by 77 percent.

Collectively, NFL teams are worth an average of $5.7 billion, and even the least valuable team in the Cincinnati Bengals is worth $4.1 billion.

Forbes noted that every NFL team is profitable with operating income of at least $56 million for each franchise, which is something the NBA and MLB can’t even say.

The driving force behind the NFL’s profitability is its plethora of television and streaming deals with CBS, ESPN/ABC, Fox, NBC and YouTube. Those contracts generate about $380 million in revenue per team.

It should be noted that on-field success doesn’t necessarily have much to do with the valuations of NFL teams.

Of the top 10 highest-valued teams, only four of them reached the playoffs last season, including the Cowboys.

The Kansas City Chiefs, who have won back-to-back Super Bowls, are only the 24th-most valuable team at $4.85 billion, while the Buffalo Bills are 30th ($4.2 billion) on the heels of winning four straight AFC East titles, and the Detroit Lions are 31st ($4.15 billion) after reaching the NFC Championship Game last season.

Although the Cowboys have not won a Super Bowl since the 1995 season, nor have they even made it to the NFC Championship Game since then, they are an unstoppable force when it comes to generating revenue.