The Mets can’t even win the National League East based on the latest team valuations tally by Forbes magazine.

The Philadelphia Phillies, valued at $723 million, slid past the sixth-place Mets and their $719 million valuation, which amounts to a 4 percent reduction from last year as revenues fell more than $40 million, according to the magazine’s annual Major League Baseball team valuations.

Yet the investors who last week bought Mets minority shares valued the team at roughly $950 million.

The Yankees, led by captain Derek Jeter, top the list once again with a sky-box high $1.85 billion, or a 9 percent rise from last year. The Los Angeles Dodgers soared to second place with a $1.4 billion market value; their valuation surged 75 percent after agreeing to a new TV contract.

Overall, the average MLB team’s valuation jumped 16 percent to a record $605 million. On the revenue side, the league’s 30 teams climbed to an average of $212 million, a 3.4 percent gain from 2011.

Only two teams went down in value: The Mets, whose co-owners Fred Wilpon and Saul Katz may have dodged a bullet this week over its liabilities connected with the Bernie Madoff Ponzi scheme, and the Tampa Bay Rays.

The Rays slipped 2 percent in value, to $323 million, as attendance and television ratings crashed.