The Toronto Maple Leafs are once again on top of the NHL.

For the first time since 2014, the team tops the annual Forbes list of most valuable NHL franchises, overtaking the New York Rangers for the top spot.

With a valuation of US$2.8 billion, Toronto is sitting at $150 million more than the Rangers, which held the top spot for each of the last nine years.

Despite neither team winning a Stanley Cup since 1967 (Toronto) or 1994 (New York), the two Original Six franchises in two of the continent's largest media markets remain 1-2 in the business department.

The full Leafs breakdown has the team seeing its revenue at US$281 million and operating income at US$127 million while raking in US$134 million from the team's gate receipts.

Back in June, MLSE Chairman and CEO Larry Tanenbaum sold a small portion of his stake in the organization that also owns the Toronto Raptors, Toronto FC, Toronto Argonauts, and Toronto Marlies, as well as a series of eSports teams.

Tanenbaum's sale still allowed him to hold controlling rights of the franchises and saw him sell off 5 per cent of his overall stake in MLSE through his holding company Kilmer Sports.

The Montreal Canadiens, meanwhile, sit at a value of US$2.3 billion, the third-most valuable team in the league.

The other five Canadian NHL franchises were valued in the following order: Edmonton Oilers at US$1.85 billion, Vancouver Canucks at US$1.32 billion, Calgary Flames at US$1.1 billion, Ottawa Senators at US$950 million, and Winnipeg Jets at US$780 million.