Most valuable esports organizations of 2022, according to Forbes

Forbes has released its annual rankings for the most valuable esports organizations in 2022, based on its own methodology.

The rankings: Forbes' ever-controversial list is back after a year hiatus.

1. TSM FTX - $540M valuation, estimated 2020 revenue of $56M
2. 100 Thieves - $460M valuation, estimated 2020 revenue of $38M
3. Team Liquid - $440M valuation*, estimated 2020 revenue of $38M
4. FaZe Clan - $400M* valuation, estimated 2020 revenue of $52.9M
5. Cloud9 - $380M valuation, estimated 2020 revenue of $35M
6. G2 Esports - $340M valuation, estimated 2020 revenue of $31M
7. Fnatic - $260M valuation, estimated 2020 revenue of $26M
8. Gen.G Esports - $250M valuation, estimated 2020 revenue of $17M
9. NRG Esports - $240M valuation, estimated 2020 revenue of $28M
10. T1 - $220M valuation, estimated 2020 revenue of $17M

*It was only on May 5 that Team Liquid itself stated it was valued at $415M.

The methodology: Forbes vaguely revealed how it devised its list.

• The publication spoke with over 40 executives, investors, bankers, analysts, and "industry professionals."
• Outside of FaZe Clan which revealed its revenue in its S-4 SEC filing, all revenues were estimated and are not to be taken as fact.
• Forbes states that valuations "were rooted" in actual performance with each revenue stream being multiplied on an individual basis and then adjusted to "reflect future projections."
• Notably, Enthusiast Gaming was omitted from the list due to the minuscule amount of contribution that esports provides to its overall business. The Canadian company, which lost $41.6M in 2021, is the parent company of Luminosity Gaming, Seattle Surge, and Vancouver Titans.