For the second straight year the New York Rangers are the NHL’s most valuable franchise.

Forbes annual NHL team valuations puts the Rangers as the NHL’s most valued organization, currently listed at $1.25 billion, which is up from $1.2 billion last season. The Montreal Canadiens stayed at No. 2 ahead of the Toronto Maple Leafs in part because the Habs brought in the most operating income. Both the Canadiens and Maple Leafs missed the playoffs last year. The Maple Leafs held the top spot from 2006 until last season.

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Forbes said that the average NHL team worth went up to $517 million, three percent higher than last year.

For the second consecutive season the New York Rangers are the most valuable team, worth $1.25 billion. The Blueshirts led the league in revenue ($219 million) and were second in operating income ($74.5 million). The Montreal Canadiens usurped the Toronto Maple Leafs as the NHL’s second most valuable team. Montreal raked in the most operating income in the league ($76.9 million) during 2015-16 and are now worth $1.12 billion, $20 million more than Toronto.

Forbes noted that Canadian dollar continues to be an issue that plagues the NHL and all Canadian teams saw drops in their values.

Another challenge to profitability is specific to the seven Canadian teams: the collapse of the Canadian dollar relative to the U.S. dollar. The exchange rate of $1 Canadian equal to U.S. 0.75 for the 2015-16 season hurts the teams North of the Border because they collect a big chunk of their revenue in local currency and pay players in greenbacks.

The Pittsburgh Penguins saw just a 2 percent increase in value up to $570 million after their run to the Stanley Cup. Forbes points out that even though owners Mario Lemieux and Ron Burkle have been unable to sell the team for a much higher price, “The Penguins symbolize what is possible in the NHL–an elite, midsize market team that is highly profitable. Increased profitability is the theme for the NHL.”

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Despite the Canadian dollar issues Forbes says the NHL has a lot of positive business markers, such as their deal with MLB Advanced Media from two summers ago, and the $500 million expansion fee the league received for the Vegas Golden Knights.

Here is our blog of last year’s rankings.

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Josh Cooper is an editor for Puck Daddy on Yahoo Sports. Have a tip? Email him at puckdaddyblog@yahoo.com or follow him on Twitter! Follow @joshuacooper

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