The Dallas Cowboys haven't won a Super Bowl since 1996.
But the franchise is 18-0 in one respect: that's the number of consecutive years the Cowboys have led the NFL in franchise valuation, according to the Forbes annual survey.
In fact, Dallas and owner Jerry Jones have reached 11 figures in value. That's right. The Cowboys are the first $10 billion team in sports worldwide, valued at $10.1 billion by Forbes.
That figure is about $31 for every person in the U.S.
The Jaguars rank among the bottom fourth in the league
The Jacksonville Jaguars are 26th in the NFL, valued at $4.6 billion. That is last in the AFC South (Houston is 12th at $6.1 billion, Tennessee 23rd at $4.9 billion and Indianapolis 25th at $4.8 billion) but still an increase of 15 percent over last year.
Forbes reports that the Jaguars' revenue last year was $567 million and its operating income is $139 million.
The Jaguars were valued at $4 billion in 2023, which was 15 percent higher than the previous year. Shad Khan purchased the team from Wayne Weaver in 2012 for $770 million, which means the value has increased nearly $4 billion.
Forbes reported in April that Khan's net worth of $12.2 billion was 162nd in the world and fifth among NFL owners. The city and the Jaguars announced a deal on June 25 in which the city will pay $775 million towards the new stadium, 55 percent of the cost. Khan will pick up the rest.
Dallas earns double the local revenue of next-best NFL team
The Cowboys value has increased 2,346 percent since Forbes began doing the survey in 1998, when it valued the team at $413 million.
Forbes also rated the Cowboys annualized return at 15 percent, which is two points higher than the S&P 500 in the four years since the pandemic.
Dallas earns $800 million locally, through ticket sales, merchandise and sponsorships. No other NFL team makes more than $400 million
Every NFL team reported a profit, bolstered by annual TV revenue of $380 million per team, part of the new TV deal the league signed last year that is worth $125.5 billion through 2033.
Who else does Forbes rank at top and bottom of NFL?
The NFL average worth is $5.7 billion per team, up 11 percent from last season. Cincinnati is last among the 32 teams but still made $4.1 billion.
The Super Bowl champion Kansas City Chiefs are 24th at $4.85 billion.
Behind Dallas, the rest of the top five in the NFL are the Los Angeles Rams ($7.6 billion), New England ($7.4 billion), the New York Giants ($7.3 billion) and the New York Jets ($6.9 billion).
The bottom five are New Orleans ($4.4 billion), Arizona ($4.3 billion), Buffalo ($4.2 billion), Detroit ($4.15 billion) and the Bengals.
How does Forbes arrive at team valuations?
According to Forbes, it's methodology counts "revenue and operating income (earnings before interest, taxes, depreciation and amortization) estimated for the 2023 season and net of stadium debt service. Debt includes both team and stadium debt recourse to team owners. Forbes presents its P&L figures on a cash basis, rather than an accrual basis, of accounting.
"Team values are enterprise values (equity plus net debt) and include the economics of the team's stadium (including non-NFL revenue that accrues to the team's owner) but not the value of the stadium real estate itself.
"Team values also exclude other businesses related to the team with separate financial statements, such as The Star, the Dallas Cowboys' headquarters and entertainment facility. (Those valuations are included in Forbes' annual ranking of sports empires.)
"Team values are rounded to the nearest $50 million, and estimated operating income is rounded to the nearest $1 million.
"Sources for NFL valuations include team executives, sports bankers and league consultants; public documents such as stadium lease agreements and credit rating reports; and sponsorship and broadcasting industry executives."
This article originally appeared on Florida Times-Union: Forbes releases NFL valuations: Where do Jacksonville Jaguars rank?
