Borussia Dortmund's enterprise value surged $500 million in 12 months, per Forbes 2025 data, positioning the club as Bundesliga's second-tier asset. The spike reflects Champions League revenue acceleration—the club reached last year's final—plus expanded commercial licensing tied to Jadon Sancho's return and Jude Bellingham's exit premium. BVB's valuation multiple compressed relative to Bayern Munich ($600M+ higher), creating arbitrage for public equity investors in BVB 09. Bundesliga franchises trade at 1.2x-1.5x revenue; Dortmund now commands premium multiples justified by European competition and youth asset monetization strategy. The valuation reset may pressure profitability expectations heading into 2025-26 without additional European revenue.