The Phillies are valued at $609 million, the sixth-highest total in baseball, according to Forbes magazine.
The figure represents an increase of 13 percent over last year when the Phillies were valued at $496 million and ranked seventh.
The magazine cited strong attendance - the Phillies have sold out 123 consecutive games - and increased local television ratings.
According to Forbes, the average team is worth $523 million, the most ever and 7 percent more than last year.
Only the Mets, San Diego Padres and Cleveland Indians saw the value of the team decrease in the last year.
As expected, the Yankees are the most valuable team in baseball for the 14th consecutive year, up 6 percent to $1.7 billion. The gap between the Yankees and the No. 2 team continues to grow. Boston is second at $912 million.