Despite not winning a Formula 1 title since 2008, Ferrari is the most valuable of the circuit's 10 teams at $3.13bn (roughly R59bn), 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 $2.7bn (R50.91bn), followed by Red Bull (R45.63bn), McLaren (R29.42bn) and Aston Martin (R21.49bn).
Rounding out the top 10 were Alpine (R20.36bn), AlphaTauri (R17.06bn), Alfa Romeo (R15.36bn), Williams (R14.98bn) and Haas (R14.98bn).
The collection of 10 teams is worth $15.3bn (R288.36bn).
Ferrari made an F1-best $504m (R9.49bn) in revenue for 2022, while turning a $50m (R941.9m) profit.
Mercedes turned the biggest profit last season at $114m (R2.18bn).
Three teams incurred a deficit last season, led by Aston Martin (-R1.04b), followed by Williams (-R225.9m) and McLaren (-R150.6m).
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 US, driven by the Netflix docuseries Formula 1: Drive to Survive.
Alpine just raised $218m (R4.10bn) for a 24% 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 US: at Austin, Texas, and Miami, Florida. A third race will debut next season at Las Vegas. No other country has more than two F1 races.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.