The New York Yankees have topped the rankings every year since Forbes began publishing MLB team valuations in 1998, with the Los Angeles Dodgers ranking second. The San Francisco Giants, valued at $4.05 billion, rank No. 5 in the Forbes ranking. The team does not include any of the 10 highest-paid MLB players. This year's team is led by veterans Logan Webb, Robbie Ray, Willy Adames and Rafael Devers. Average franchise values across MLB have surged in recent years, reaching record levels due to strong ticket sales, sponsorships and new revenue streams. However, overall growth has lagged behind other major U.S. leagues like the NFL and NBA.