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The Dallas Cowboys Are Once Again the Most Valuable NFL Brand

15 November 2023
  • The Dallas Cowboys maintain their position as the most valuable NFL brand with a brand value of USD2.3 billion
  • Surging franchise values lead to USD16.7 billion estimate for the Dallas Cowboys business
  • The Los Angeles Chargers surge into the top 10 following a 45% brand value increase
  • Kansas City’s Super Bowl victory leads to impressive brand strength gain

View the full Brand Finance NFL 2023 report here

With a brand value of USD2.3 billion, the Dallas Cowboys maintain their position as the most valuable NFL brand, significantly outpacing the second ranked Los Angeles Rams, whose brand value stands at USD1.2 billion. Notably, the Cowboys are also the most valuable sports brand in the world, ahead of English Premier League soccer team Manchester City FC (brand value USD1.6 billion).

The Dallas Cowboys' enterprise value has significantly surged this year. Transaction values are increasing at a rate well beyond what has been seen before, with the USD6.05 billion Washington Commanders value now the benchmark for any US sports franchise. The revenue and profit multiples derived from that assessment suggest that the Dallas Cowboys should not reasonably be able to be purchased for less than an unprecedented 11 figure sum, with Brand Finance’s estimate at USD16.7 billion. The salary cap, and assured revenue and profitability in the NFL franchise business model work to reduce risk and mean that the commercial power of the Dallas Cowboys supercharges the valuation.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 10,000 sports fans worldwide. Brand strength is what attracts fans, players, investors, and sponsors to engage with the club, delivering commercial value through higher revenues, prices, especially for sponsorship, higher growth, and sponsors, reducing risks to profitability related to weak on pitch performance.

This year, the Cowboys are also the strongest NFL brand, boasting a Brand Strength Index (BSI) score of 82.9 out of 100. The 91-acre all-Cowboys campus, aptly known as ‘The Star,’ encompasses team headquarters, practice facilities, and offices. Beyond symbolizing their success, The Star serves as a pivotal hub for fortifying corporate connections, housing the global headquarters of the iconic beverage brand Dr Pepper on-site. It also actively nurtures community engagement, ultimately contributing positively to the team’s brand strength.

“Despite the Dallas Cowboys not winning a Super Bowl for almost three decades, what sets the team apart from other NFL brands is their remarkable off-field positioning. Under the leadership of Jerry Jones since 1989, ‘America’s team’ have excelled in building a strong brand, attracting fans, and securing sponsorships. These factors are reflected in the brand and business valuations.”

Hugo Hensley, Head of Sports Services, Brand Finance commented

The Los Angeles Chargers surge into the top 10 following a 45% brand value increase

Following an impressive 45% brand value growth to USD921 million, the Los Angeles Chargers have jumped 17 spots to number 6. Since their relocation to Los Angeles from San Diego in 2017 and their shared residency at the state-of-the-art SoFi Stadium, the team's business has thrived, demonstrating substantial growth, even in the face of initial fan controversies surrounding the move.

Kansas City’s Super Bowl victory leads to impressive brand strength gain

Since clinching the victory over the Philadelphia Eagles (brand value USD850 million) in the 2023 Super Bowl final, the Kansas City Chiefs (brand value USD919 million) have recorded an impressive 4.8-point increase in their BSI score to secure the position as the second strongest NFL brand in the ranking.

“The Kansas City Chiefs, whose brand received a significant boost after their Super Bowl victory earlier this year, are now gaining attention not just for their on-field success but very recently due to the relationship between player Travis Kelce and global superstar Taylor Swift. This has not only resulted in a substantial increase in Kelce's social media followers but has also driven a notable uptick in merchandise sales and greater brand visibility. These developments may contribute to a continued strengthening of the brand in the coming year.”

Alfred DuPuy, Valuation & Strategy Director, Brand Finance North America, commented

View the full Brand Finance NFL 2023 report here


Note to Editors

Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The NFL’s most valuable and strongest brands are included in the Brand Finance NFL 2023 report.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

The full ranking, additional insights, charts, more information about the methodology, and definitions of key terms are available in the Brand Finance NFL 2023 report.

Media Contacts

Florina Cormack-Loyd
Communications Director - North America
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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