The Edmonton Oilers are officially the NHL’s fifth most valuable franchise, according to a report from CNBC published on Tuesday.

According to CNBC, the franchise is now valued at $3.1 billion USD, with an annual revenue of $431 million. It’s a 17% increase in its valuation since last year, the 12th highest increase in the league, and enough for the Oilers to pass the Boston Bruins and land among the league’s top five most valuable teams. Ahead of Edmonton are the Toronto Maple Leafs ($4.30 billion), the New York Rangers ($3.80 billion), the Montreal Canadiens ($3.40 billion), and the Los Angeles Kings ($3.15 billion).

The Oilers $431 million revenue last year leads the league by nearly $50 million, which CNBC’s Michael Ozanian attributes some key factors:

Business has been good for the Edmonton Oilers over the past few seasons, and they’re not slowing down. So far this year, the Oilers boast the league’s ninth largest average crowd size with 18,265 fans per game. Rogers Place has a hockey capacity of 18,347, meaning they’re nearly filling the arena nightly. All that despite a slow start to the season, with the Oilers posting a 10-9-5 record through 24 games played. Of course, slow starts are nothing new for the team, and there’s continued faith that this group can turn things around.

Also of note from CNBC’s list, the back-to-back Stanley Cup Champion Florida Panthers are listed as the 23rd most valuable franchise in the NHL at $1.65 billion. The Panthers saw a 30% increase in value since last year, bringing in $235 million in revenue on their way to their second consecutive Cup. The league’s five lowest-value franchises are the San Jose Sharks ($1.55 billion), the Winnipeg Jets ($1.46 billion), the Ottawa Senators ($1.44 billion), the Buffalo Sabres ($1.42 billion), and the Columbus Blue Jackets in last ($1.4 billion).