Forbes ranks the team 30th, or last, among major league teams for the second straight season.
The magazine said the Rays were worth $650 million. Last year, it said the team was worth $625 million. The Rays were last in attendance for the fourth straight season at 15,403 per game. Revenue in 2015 was $193 million, with $8 million in 2015 operating income, Forbes said.
Low profits are chief among the reasons the Rays and owner Stu Sternberg have pushed for a new stadium.
The Miami Marlins, at $675 million, are one spot above the Rays. The Yankees, once again, are the most valuable franchise at $3.4 billion.