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Despite not winning a Formula 1 title since 2008, Ferrari is the most valuable of the circuit’s 10 teams at $3.13 billion, according to a survey by Sportico.

The sports business publication used team revenues, publicly available financial statements and interviews with people across various business aspects of racing to determine team values. It then cross referenced its findings with other experts in the industry.

Second on the Sportico valuation list was Mercedes at $2.7 billion, followed by Red Bull ($2.42 billion), McLaren ($1.56 billion) and Aston Martin ($1.14 billion). Rounding out the top 10 were Alpine ($1.08 billion), AlphaTauri ($905 million), Alfa Romeo ($815 million), Williams ($795 million) and Haas ($710 million).

The collection of 10 teams is worth $15.3 billion.

Ferrari made an F1-best $504 million in revenue for 2022, while turning a $50 million profit. Mercedes turned the biggest profit last season at $114 million. Three teams incurred a deficit last season, led by Aston Martin (minus-$55 million), followed by Williams (minus-$12 million) and McLaren (minus-$8 million).

Revenue consisted of prize money and sponsorships.

According to the report, team values have risen of late, in part due to the sport’s increased popularity in the United States, driven by the Netflix docuseries “Formula 1: Drive to Survive.”

Alpine just raised $218 million for a 24-percent stake in the team, with actors Ryan Reynolds, Rob McElhenney and Michael B. Jordan among the investment group.

There are currently two F1 races in the United States at Austin, Texas, and Miami. A third race will debut next season at Las Vegas. No other country has more than two F1 races.

–Field Level Media