The Bulls are struggling on the court, but they're as valuable as ever.

Though the team will be under .500 at the All-Star break for the first time since 2010, Forbes valued the Bulls franchise at $2.5 billion, up $200 million from their $2.3 billion valuation a year ago.

Forbes dissected each team's valuation into four categories:

In each of the last three seasons the Bulls have been valued as the league's third most valuable franchise. That wasn't the case in 2017. Though the Knicks ($3.3 billion) and Lakers ($3 billion) still lead the list, the Golden State Warriors' recent historical successes have bumped them up to $2.6 billion.