Here's How Much The Pirates Are Worth: Forbes

PITTSBURGH, PA — The Pirates are supposed to have a markedly better on-field record this year, but their team valuation is near the bottom of Major League Baseball's 30 franchises.

That's according to Forbes, which has released its annual ranking of how much each team is worth.

The New York Yankees, valued at roughly $8.5 billion, have topped the rankings every year since Forbes began publishing MLB team valuations in 1998, and 2026 is no different. The Los Angeles Dodgers again rank second, followed by the Boston Red Sox, Chicago Cubs and San Francisco Giants.

On average, franchises are worth about $2.9 billion, with individual clubs’ worth driven by revenue from media rights, sponsorships and premium seating, Forbes said.

The Pirates, valued at $$1.62 billion, rank 28th in the Forbes ranking. Only the Kansas City Royals are ranked less.

Here are the Bucs' financial numbers:

• One-year change: Up 20 percent
• Revenue: $330 million
• Operating income: $48 million
• Owners: The Nutting family

The defending World Series champion Los Angeles Dodgers’ Shohei Ohtani, is set to collect an estimated $127 million in 2026 before taxes and agents’ fees, a record for a baseball player.

By comparison, the Pirates' highest paid players will be pitcher Mitch Keller at $16.9 million; outfielder Ryan O'Hearn at $14.5 million and outfielder Bryan Reyonds at $14.25 million. That's according to BaseballReference.com.

According to Sports Illustrated, the Pirates' most well-known player, Cy Young Award-winning pitcher Paul Skenes will earn $ 1.08 this year. Skenes is entering his third season with the team and not yet eligible for arbitration, which likely would boost his salary astronomically.

Average franchise values across MLB have surged in recent years, reaching record levels as teams benefit from strong ticket sales, sponsorships and new revenue streams, even as questions persist about the future of local media rights deals, Forbes said.

The Yankees’ enduring dominance is driven by their global brand, consistent attendance and lucrative YES Network television deal, while the Dodgers continue to capitalize on sustained on-field success and aggressive spending.

The Dodgers begin the season as favorites to contend for another World Series title after adding star talent to an already deep roster, while big-market teams such as the Yankees remain perennial contenders.

Behind the top tier, several franchises are seeing notable growth. The Oakland Athletics — amid plans for a future move to Las Vegas — have posted one of the largest recent valuation increases, highlighting how stadium developments and relocation plans can boost team worth.

Still, MLB’s overall growth has lagged behind other major U.S. leagues such as the NFL and NBA, with lower valuation multiples and slower appreciation over the past five years, reflecting investor caution about baseball’s long-term revenue outlook.

Top 10 Most Valuable MLB Teams

1. New York Yankees: $8.5 billion
2. Los Angeles Dodgers: $7.8 billion
3. Boston Red Sox: $5.25 billion
4. Chicago Cubs: $5 billion
5. San Francisco Giants: $4.05 billion
6. New York Mets: $3.5 billion
7. Philadelphia Phillies: $3.4 billion
8. Atlanta Braves: $3.35 billion
9. Houston Astros: $3.2 billion
10. San Diego Padres: $3.1 billion

The Pirates open their season Thursday against the New York Mets. Skenes will be on the mound for the Bucs.