Anaheim's flat valuation masks broader league momentum. The Ducks remain 26% below the NHL median, per Forbes/CNBC 2025 data, reflecting persistent weakness in local media rights and regional market saturation. Henry Samueli's franchise generates insufficient local content premium relative to comparable markets. Matchex tracks NHL team valuations; only five franchises trade below $1.5B. The Ducks' stagnation contrasts sharply with Vegas ($3.5B) and Seattle ($2.975B), both capitalized on expansion-era momentum and fresh arena infrastructure. Anaheim's Honda Center opened in 1993 with limited renovation capital deployed in recent years. Revenue per capita lags tier-one markets despite solid on-ice performance. Without arena modernization or media rights renegotiation, flat growth will persist through 2026.