NEW YORK -- The Detroit Red Wings are the most valuable NHL franchise at $266 million, and the Toronto Maple Leafs the most profitable, according to Forbes magazine.

The value of Detroit, which won the Stanley Cup, increased 18 percent in the past year, the magazine said in its Dec. 23 issue. The New York Rangers, who missed the playoffs, dropped 5 percent to second at $263 million.

Philadelphia was next at $262 million, followed by Dallas ($254 million) and Colorado ($250 million).

The bottom five among the 30 teams were Edmonton ($86 million), Buffalo ($92 million), Calgary ($94 million), Ottawa ($95 million) and Vancouver ($110 million).

Toronto had the largest operating profit, $24.2 million on revenue of $112 million. Minnesota was second with a $12.1 million operating profit on revenue of $61 million.

Washington had the biggest operating loss, $25.4 million on revenue of $61 million. St. Louis was next with an $18 million operating loss on revenue of $70 million.