The Washington Commanders rank as the 13th-most valuable NFL team, according to a new ranking of all 32 teams by CNBC.

The rankings are based on revenue, profit and percent of debt as value. By those measures, it values the Commanders at $6.25 billion, with $602 million in annual revenue, $137 million in earnings before interest, taxes, depreciation and amortization, and debt as a percentage value of 17%.

This is CNBC’s first ranking of NFL teams. In 2023, Forbes annual rankings had the Commanders No. 8, with a value of $6.06 billion.

Like the Forbes list, which consistently ranks the Dallas Cowboys No. 1, the Cowboys top the CNBC list with a team value of $11 billion. The Los Angeles Rams rank No. 2, followed by the New England Patriots, New York Giants and Las Vegas Raiders.

The Baltimore Ravens rank No. 21, with a team value of $6.03 billion. The Cincinnati Bengals are the least valuable, at $5.25 billion.

CNBC’s full inaugural list of NFL team value rankings is online.