The 27-time World Series champions, who have held the top spot on the list in each of the 20 years Forbes has been tracking Major League Baseball valuations, are worth almost $1 billion more than the next most valuable team.
The Padres rank fourth in franchise valuation in the National League West, with the Dodgers worth $2.75 billion - second in MLB behind the Yankees ($3.7 billion) - followed by the Giants ($2.65 billion) and the Diamondbacks ($1.15 billion). As a whole, the league's revenue increased 7.5% to $9.03 billion in 2016. Forbes estimates the two entities, which each team has an equal share in, to be worth $12 billion and $3.5 billion, respectively.
Forbes values the Phils at $1.65 billion, a 34% jump from 2016.
According to the annual valuation rankings from Forbes, the average value of an Major League Baseball franchise jumped 19% in the past year thanks to local TV deals, rising profits and MLB's expanded focus on branching out with new technologies. The newest contract between the Cincinnati Reds and FOX Sports Ohio is worth twice as much as the previous contract.
Teams are also turning a profit everywhere you look these days, although a handful of teams are still operating in the red.
According to Forbes, the Detroit Tigers, Dodgers, Miami Marlins, Baltimore Orioles, and Kansas City Royals operated at a loss last season.
The Yankees' estimated value was up 9 percent over past year, and the Mets were up 21 percent. Forbes says values increased because of new local television deals, as well as a "surge in profitability".