If you walk back to just a decade ago, the litter of empty seats, 4,674 of 7,000 to be exact, during a Dallas Wings preseason game wouldn’t take you by suprise. Trumped by the NBAs mainstream popularity, broadcasters’ unwillingness to air more than 14 games a season and the overall sentiment of women’s sports being “unmarketable”, the situation was as troublesome as it was tragic. But cut to now and that seems like ancient history. In fact, catapulted into national attention, thanks to the Caitlin Clark effect and more, the WNBA achieved what it never thought it would: A win over the NBA.
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Sportico recently published the value-to-revenue multiplier for all the major leagues on their social media. It places the W at the top of the charts with a 13.6 multiple for its average team value of $427M and revenue of $31.5M. It’s higher than the NBA, which ranks the sport at 13.5, with an average team value of $5.1B and revenue of $408M. And notably, it is even higher than leagues like the NFL (10.3) and NWSL (9.8)
“The @WNBA now has the HIGHEST value-to-revenue multiplier of ANY major sports league,” the caption read. “At 13.6, the W surpasses the
@NBA for the first time in the history of the league. Business is booming 💣.”
👀 The @WNBA now has the HIGHEST value-to-revenue multiplier of ANY major sports league. At 13.6, the W surpasses the @NBA for the first time in the history of the league. Business is booming 💣
The high value-to-revenue multiplier is a result of the high surge in the team’s valuation this year. According to reports, the league has seen a 59% surge in average valuation from last year and a 300% increase from 2024. Major drivers in this regard include the Golden State Valkyries, which saw a surge of $350M since last season’s valuation. They are currently valued at $850 million.
The next most valuable francise happen to be the New York Liberty at a whopping $600 million. Then, we have the cherished Indiana Fever at $560 million followed by Seattle Storm at $425 million. Phoenix Mercury is not behind with $420 million. This rise across the league hasn’t happened by chance: strong ticket sales, growing merchandise demand, and major sponsorship deals have all played a big role in driving these valuations up.
But of course, for a section of the community, this isn’t necessarily something to celebrate. When you compare it to the NBA, the disparity becomes impossible to overlook.
NBA teams may have massive valuations, but they also generate significantly higher revenue. With more teams, bigger broadcasting deals, and a longer season, the league brings in far more money: resulting in a lower value-to-revenue multiplier compared to the W.
You could also point out that the NBA owns around 42% of the WNBA, which has played a huge role in keeping the league stable. Despite operating at a loss for years, that backing has ensured the WNBA continues to function and grow.
But let’s not take anything away from what the WNBA has gone through the years to reach where they are right now.
Just a few years ago, none of the W teams had their own training facilities. Players didn’t have league-wide chartered flights, there were no special provisions for pregnant athletes, and housing wasn’t provided either. And perhaps most importantly, there was no revenue-sharing model in place.
Now they have all of that in place, and a big part of that recent growth has come from the Caitlin Clark effect we’ve been seeing since 2024.
The 2024 WNBA season saw a huge surge in interest, with 54 million unique viewers tuning in and in-person attendance hitting a 22-year high, nearly double what it was in 2023. Clark’s regular-season games averaged around 1.2 million viewers, which was 199% higher than games without her. And it didn’t stop there.
Overall TV ratings jumped by 300%, with Indiana Fever games alone making up 45% of the league’s total broadcast value, as reported by Dana Hunsinger Benbow of IndyStar.
In 2025, the Indiana Fever still managed to increase merchandise sales by 60%, even with Caitlin Clark sidelined for nearly 70% of the season. The team got a boost from hosting the 2025 All-Star Game and a collaboration with Stranger Things, as per Sportico. But perhaps the most surprising part is this: Fans were spending about $8 per game on merchandise. That’s a figure that would rank near the top even in the NBA, showing just how strong their pull has become.
And it’s not just about Caitlin Clark. Since the inception of the W, these athletes have had to fight for their rights, and the latest CBA is just another step forward in that journey. It’s definitely a major silver lining in the history of the W and clearly reflects that the league is only trending towards a positive direction.
WNBA teams are still largely driven by ticket sales and sponsorships, which make up nearly 70% of total revenue. But that’s starting to change. The NBA’s new 11-year, $77 billion media deal includes around $2 billion per year for the WNBA, which is a a 500% jump from the previous agreement.
With that kind of money coming in, you can expect team valuations to keep rising, along with a higher value-to-revenue multiplier.
But the hoops community isn’t buying it all, as they look at the detailed nuances to add weight to the fact that it does establish a clear point in a WNBA-NBA comparison.
Fans Point to the WNBA’s Losses to Counter NBA Comparisons
“lol 😂 read this chart how you want but isn’t the flex you think it is!!!” wrote a fan.
“High multiple on tiny revenue is not the flex this chart thinks it is,” stated another.
To better understand the average value-to-revenue multiple, it’s important to recognize that the value-to-revenue multiplier isn’t just based on the revenue any league currently generates. In that aspect, the NBA, of course, overtakes the WNBA. But this metric reflects how the owners see the ceiling of these WNBA teams in the future.
In the case of W, that’s exactly what’s taking place. With the developments that it has shown in recent years, the valuation has grown significantly despite the revenue being handful, resulting in a higher value-to-revenue multiplier. This value shouldn’t be unnoticed at all, though, because it is what bankers use as well to determine a sports team’s value, and a higher value in this metric also signifies that more and more investors are looking to get into the league, as per Sportico.
Imago
Apr 13, 2026; New York, NY, USA; WNBA Commissioner Cathy Engelbert speaks at the start of the 2026 WNBA Draft at The Shed at Hudson Yards. Mandatory Credit: Brad Penner-Imagn Images
“That’s cute. How much money does the league lose every year again?” questioned another.
“huh? it loses money and is supported by a free NBA hand out…so something aint mathing,” chimed in another.
Now, from a profit perspective, there’s no doubt that the NBA is in a different league, and the W comes nowhere close. For instance, in the last season alone, the NBA earned over $14B in revenue, which isn’t even practical in the WNBA, given its revenue streams and opportunities. Furthermore, the WNBA, being a relatively new league, will, of course, take some time to reach a similar footing.
Secondly, it’s well known that the WNBA has consistently faced losses over the years. A few years back, Adam Silver claimed that the W had lost around $10M every year since its formation, with reports suggesting the figure rose to around $40M in 2024. It’s true that the league is consistently making strides in this regard, signing a $2.2B broadcasting deal, but in historical context, it hasn’t been a perennially profit-making one. And has been immensely aided by the NBA through financial subsidiaries and other frameworks, which the comments clearly pointed out.
“That means it’s over-valued,” summed up another.
It would be a bit harsh to say, but that isn’t the clear picture. For instance, the WNBA is immensely thriving in its own space. Stadiums are being filled more consistently, and the broadcasting landscape and revenue are also slowly changing with the new $2.2B deal. For instance, in the 2026 season alone, we will be seeing all of Indiana Fever’s games on national television. As a result, the valuation of the teams has consistently increased, as seen in Sportico’s latest assessment.
The owners are also quite content with the valuation of their teams since their initial investment in the foray. “I’m not sure I ever thought we’d be at the magnitude that we’re at today,” Seattle Storm part-owner Lisa Brummel said. “But it doesn’t change anything about the way we think about our business. We still love being in the business we’re in, and we run it the way we run it because we believe there is incredible upside
As a result of this profitability, the league is attracting more and more businessmen to get involved. For instance, Texas businessman Tilman Fertitta bought the Connecticut Sun for $350M (about $50M above its current value) to get involved in the league. Thus, all of this proves that the league isn’t just overvalued but is now getting the proper value in comparison to its potential.
