Teams across Major League Baseball are rounding into form, even with the quirkiness of April baseball still to be played out for another week or so. Some teams are battling early season woes and injuries, while others are banking some early season wins. Teams are rolling out rosters they've constructed over the offseason in hopes of getting them one step closer to a title.
The Philadelphia Phillies fall right in with that line of thinking when it comes to constructing a contending roster. Even with the early frustrations and inconsistencies on both sides of the ball, they are expected to be a top team in the NL and compete for the World Series.
Sometimes it takes an additional financial commitment to put a team over the top and into the "elite" category. Similar to what the Phillies did this past offseason, not every team can spend lots of money every offseason, especially as they climb higher in the luxury tax bracket. It, however, would have been nice if the Phillies spent a little more to contend, considering MLB teams' latest valuations.
Phillies’ latest valuation will have fans wishing they’d challenge Steve Cohen and the Mets
MLB franchises are always a valued asset when it comes to ownership value. What can however break down the parity of the sport is the difference in value each team has in revenue generated in a given year. The Phillies rank among the top MLB teams in value, according to CNBC’s Official MLB Team Valuations for 2025, and may have still had some wiggle room after all.
All 30 MLB clubs were ranked by their latest valuation from 2024, showing revenue sharing, debts and overall value. In a surprising twist, the Phillies ranked sixth in franchise value at $3.2 billion, while the endless pockets of Steve Cohen's New York Mets team are behind them in seventh at $3.15 billion in value. The revenue generated in 2024 saw a rather large difference between the division rivals. The Phillies generated $528 million, while the Mets generated $446 million.
The question that will get raised with the Phillies' revenue is why didn't the Phillies compete more with the Mets in spending? This is especially true after the Phillies were swept out of Citi Field, their personal house of horrors, by the Mets this week.
Some of the additional $82 million generated could have been allocated to other spots on the Phillies' roster. They can't spend every dime they had, but additional investment into the team could have prevented some of the egregious baseball we've witnessed in April so far. Any number of players would have given the Phillies a jolt, especially the lack of an everyday outfielder apart from Nick Castellanos. The Mets, on the other hand, went out and blew caution to the wind when they signed outfielder Juan Soto to a record-setting $765 million deal.
The Phillies look stuck with the way they're playing and visibly look a man or two down on the roster. They didn't have to set record highs in contracts or luxury tax, but being outspent by their division rival leaves them vulnerable if their one-year deals don't work out. They have top prospects working their way towards the majors, but their arrivals aren't imminent, per Corey Seidman of NBC Sports Philadelphia.
It is worth noting that only three teams had a negative EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2024, meaning their operating expenses exceeded their revenue generated for the year. The Mets' -$272 million, was by far the worst earnings in MLB last season. The next closest was the dumpster fire Chicago White Sox at -$15 million. The Phillies came in at $42 million.
According to Spotrac.com, the Phillies currently sit as the fourth-highest payroll in baseball for 2025 at $303.8 million. The Mets made it a point to spend money this offseason and now sit at No. 2 at $328.2 million. Maybe the Phillies didn't have to shell out three quarters of a billion dollars, but the extra revenue getting reinvested would have settled the minds of Phillies fans knowing their baseball team has even more reinforcements and not feel hung out to dry so early into 2025.