The average NBA team is worth $4 billion, according to data compiled by Sportico. The Golden State Warriors rank first at $8.28 billion, while the New Orleans Pelicans rank last at $2.72 billion. Below are the values of the league’s 30 franchises, which are collectively worth $120 billion.

To derive the market value of the 30 NBA franchises, Sportico calculated each team’s revenue relying on publicly available information and financial records—as well as interviews with those knowledgeable of team finances, including seven sports bankers and attorneys who actively work on NBA transactions. In the interest of accuracy, we traded candor for anonymity. This information was vetted by multiple owners, along with team or parent company CEOs, presidents, chief financial officers, media relations personnel, industry experts and investors. Below are definitions of some major metrics:

Total Value: The sum of the market value of an NBA franchise combined with the value of team-related businesses and real estate holdings.

Team Value: NBA franchise valuation, derived from metrics by which basketball-team transactions occur, including aggregating local and national revenues and factoring in a team-specific multiplier. This represents the market value of the team itself, excluding related businesses held by its owners.

Team-Related Businesses and Real Estate Holdings: The value of a franchise or franchise owner’s equity in team-related businesses—that is, both those on the team’s balance sheet and held in distinct corporate entities—as well as government-assessed real estate related to venue, practice facilities and adjacent developments. Examples include: the Boston Celtics’ 20% interest in NBC Sports Boston, a regional sports network; and the Dallas Mavericks’ four subsidiaries, which own 11 parcels of land. Also included are WNBA franchises for the six teams that share common ownership with an NBA club. For franchises that do not own their arenas, the value of a team’s lease—often with advantageous terms negotiated with municipal or state authorities—is captured in the Team Value category.