This subpage breaks down Forbes's valuation estimate. They credit us with $146M in value for our share of communal money across MLB (merchandise and the national TV deals and such), $74M in value based on our position in the Pittsburgh market, $48M in value from our stadium deal, and only $23M from the value of the Pirates brand itself. It seems pretty clear that the last number is a reflection of the relentless losing and the general aura of hopelessness that engulfs the franchise. Advertisers aren't going to rush to associate themselves with a perennial punchline.
Forbes also guesstimates our operating income for this year at $18M on revenues of $139M. This is interesting not only because it's a good profit for a team that likes to cry poverty, but also because the operating income has increased dramatically since the Nuttings started to assume a more prominent role in the franchise's operation over the last few years. It's traditional for MLB clubs to condemn these estimates as hideous, inaccurate distortions, but you'll notice that they never actually open their books to provide evidence of this. Regardless, it's one more piece of evidence for fans to use when agitating for the team to pick and sign top-dollar talent in the draft this year.
There's a lot more interesting stuff in there, so make sure you set aside some time to play with it over the next day or two.