The Lightning lost $13.1 million last season despite tying a franchise record with $88 million in operating income, according to Forbes magazine's annual report on NHL team values, released Wednesday.
The Lightning declined to comment on the report, which is based on available information and not team financial records.
The Maple Leafs, at $1 billion, was the most valuable team and also led with an $81.9 million profit.
The Lightning's value of $174 million, 23rd in the 30-team league, is the same as 2011, Forbes said. See the list at tampabay.com/blogs/lightning.
Also, the Lightning had two of the NHL's 15 highest-paid players, including endorsement money, Forbes said: Steven Stamkos at No. 5 ($8.3 million) and Vinny Lecavalier at No. 8 ($7.9 million). No. 1 was the Penguins' Sidney Crosby at $12.7 million.