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PITTSBURGH (KDKA) — The Pittsburgh Steelers are the 15th most valuable team in the NFL, according to Forbes’ annual study.

The business magazine published its 21st annual NFL team valuations list Thursday.

Forbes calculates each NFL team’s value based on multiples of revenue of historical transactions, offers to buy and invest in teams currently on the table, each team’s current stadium, and revenue and operating income for the 2017 season. Forbes also took revenue from non-NFL events that can be pocketed by the team owner or an entity the owner controls into consideration.

According to the study, the Steelers are worth $2.585 billion with a revenue of $415 million and an operating income of $85 million. Forbes says the average NFL team is worth $2.57 billion.

PITTSBURGH, PA – SEPTEMBER 16: Ben Roethlisberger #7 of the Pittsburgh Steelers talks to teammates in the huddle in the second half during the game against the Kansas City Chiefs at Heinz Field on September 16, 2018 in Pittsburgh, Pennsylvania. (Photo by Justin K. Aller/Getty Images)

The Dallas Cowboys, worth $5 billion, were named the most valuable team while the Buffalo Bills, worth $1.6 billion, were named the least valuable team.

To view the full list, visit

Last year, Forbes said the Steelers were the 28th most valuable overall sports team.