The Toronto Maple Leafs are no longer the most valuable franchise in the NHL or in Canada, according to a report from Forbes Tuesday.

The Leafs’ value out-ranked all hockey franchises since 2006, and topped Forbes’ ranking in the category as recently as July, but Toronto has been supplanted by a new No. 1, the New York Rangers.

Valued at $1.2 billion, the Rangers recaptured Forbes’ top spot, which they last held in 2004. The Montreal Canadiens moved up from third to second, with an estimated worth of $1.18 billion. And the Maple Leafs rank third at $1.15 billion, a 12 per cent drop in value from the 2014 rankings.

Of Canada’s seven clubs, only the Habs saw a year-over-year increase in value. The Maple Leafs’ slide is attributed to poor on-ice performance and the tumbling Canadian dollar.

Surely icing back-to-back Stanley Cup contenders helps, but the Rangers’ big boost stemmed from the $1 billion renovation of Madison Square Garden. New York raked $95 million in advertising and the refurbished rink’s premium seating, the most in the league.

Forbes estimates the average NHL franchise is worth $505 million, a three per cent bump from 2014. Revenue increased eight per cent per team; the average take for an NHL team in 2014-15 was $133 million.

Deep playoff runs helped the Chicago Blackhawks (up 12 per cent in value), the Tampa Bay Lightning (up 15 per cent) and the Washington Capitals (up 13 per cent) see significant increases in value.

Here is Forbes’ full 2015 ranking. We’ve included each club’s 2014 value for comparison’s sake.

1. New York Rangers

Current value: $1.2 billion

2014 value: $1.1 billion

2. Montreal Canadiens

Current value: $1.18 billion

2014 value: $1 billion

3. Toronto Maple Leafs

Current value: $1.15 billion

2014 value: $1.3 billion

4. Chicago Blackhawks

Current value: $925 million

2014 value: $825 million

5. Boston Bruins

Current value: $750 million

2014 value: $750 million

6. Vancouver Canucks

Current value: $745 million

2014 value: $800 million

7. Philadelphia Flyers

Current value: $660 million

2014 value: $625 million

8. Detroit Red Wings

Current value: $600 million

2014 value: $570 million

9. Los Angeles Kings

Current value: $580 million

2014 value: $580 million

10. Washington Capitals

Current value: $565 million

2014 value: $500 million

11. Pittsburgh Penguins

Current value: $560 million

2014 value: $565 million

12. Edmonton Oilers

Current value: $455 million

2014 value: $475 million

13. Dallas Stars

Current value: $450 million

2014 value: $420 million

14. San Jose Sharks

Current value: $445 million

2014 value: $425 million

15. Calgary Flames

Current value: $435 million

2014 value: $451 million

16. Anaheim Ducks

Current value: $400 million

2014 value: $365 million

17. Minnesota Wild

Current value: $380 million

2014 value: $370 million

18. Ottawa Senators

Current value: $370 million

2014 value: $400 million

19. Colorado Avalanche

Current value: $360 million

Current Value: $360 million

20. Winnipeg Jets

Current value: $350 million

2014 value: $358 million

21. New Jersey Devils

Current value: $330 million

2014 value: $330 million

22. New York Islanders

Current value: $325 million

2014 value: $300 million

23. Buffalo Sabres

Current value: $300 million

2014 value: $288 million

24. St. Louis Blues

Current value: $270 million

2014 value: $235 million

25. Tampa Bay Lightning

Current value: $260 million

2014 value: $230 million

26. Nashville Predators

Current value: $255 million

2014 value: $250 million

27. Columbus Blue Jackets

Current value: $226 million

2014 value: $200 million

28. Carolina Hurricanes

Current value: $225 million

2014 value: $220 million

29. Arizona Coyotes

Current value: $220 million

2014 value: $225 million

30. Florida Panthers

Current value: $186 million

2014 value: $190 million