The Rangers are the second-most valuable franchise in the 30-team NHL and the Islanders rank 26th, according to Forbes' annual survey of the business of hockey.
The magazine's estimated value for the Rangers is $850 million, second only to the Toronto Maple Leafs. They are the only United States-based franchise in the top four, which has the Montreal Canadiens at No. 3 and the Vancouver Canucks at No. 4. The rising value of Canadian franchises helped boost the overall league average to $413 million per team, up 46 percent from a year ago.
The Rangers were said to have made $27.3 million in operating income for the 2012-13 season. The Islanders' estimated value was $195 million, with an operating loss of $1.2 million for last season.
Canadian teams took the top three spots in gate receipts for last season, with the Rangers fourth at $1.8 million.
Teams are expected to get a revenue boost starting next season with the league's Canadian TV rights up for renewal and the rate expected to rise significantly.
The Dolan family owns controlling interest in the Rangers, Madison Square Garden and Cablevision. Cablevision owns Newsday.