The NHL has seen its share of noteworthy trades and signings in this offseason. Some helped teams level up. Some knocked teams down a peg. A few could have a transformative effect on franchises for next season and beyond.

With the 2023-24 season drawing closer each day, there are some teams whose stock has clearly improved thanks to successful offseasons — and there are other teams whose stock arrow is pointed to the floor thanks to salary cap crunches and ill-advised transactions.

Here is the stock report for all 32 NHL teams. Find out who’s up and who’s down: