Canadian Growth Stocks: Ranked on Growth Per Share
Last updated: September 18, 2026.
Affiliate Disclosure: Bestcanadianstocks.ca may earn a commission when you open an account or make a purchase through links on this page. This comes at no additional cost to you and helps us continue providing free financial content to Canadian investors.
WSP Global grew its revenue faster than Dollarama over the last five fiscal years. It grew revenue at 15.5% a year against Dollarama’s 13.8%, out of a larger base, in a business with a record order book behind it. On every “best Canadian growth stocks” list that ranks on the revenue line, WSP finishes ahead.
Per share, it finished behind. WSP delivered 12.2% a year to each share it had outstanding. Dollarama delivered 16.5%. The difference is not a matter of opinion or of which quarter you start from. WSP’s diluted weighted-average share count rose 12.1% across the window while Dollarama’s fell 9.1%, and the arithmetic does the rest.
That gap is what this page ranks on.
Revenue growth is what the business did. It is not what reached the person holding the stock. A company that grows revenue 20% a year while issuing 6% more shares has handed each share about 13% a year. A company that grows revenue 14% a year while retiring 9% of its shares has handed each share about 16.5%. Both facts sit in every annual filing, in adjacent lines, and almost nobody puts them together.
So we did. For thirteen Canadian companies we pulled revenue for the five most recent completed fiscal years from each company’s own annual filing, pulled the diluted weighted-average share count from the face of the same income statement, and computed three numbers: the revenue compound annual growth rate, the total change in the share count, and the revenue-per-share compound annual growth rate. The ten companies that grew revenue per share fastest are ranked below. Three more, whose top lines barely grew at all, appear in a separate section on what buybacks can and cannot do, because a buyback lifts per-share growth and cannot manufacture growth that was never there.
Every fundamental figure on this page comes from the company that reported it. Not from a data aggregator, not from a screener, not from a summary of a summary. Each company section names and links the filing its numbers came from, so you can check any of them.
Data as of: fundamentals are from each company’s own annual filings for the fiscal years named in its section. Prices, market capitalisations, valuation multiples and analyst targets are as of the close on Thursday, September 17, 2026, from Yahoo Finance.
What the Measurement Shows
- WSP Global grew revenue faster than Dollarama and delivered less per share. 15.5% against 13.8% on the top line; 12.2% against 16.5% per share. That single comparison is the entire argument for reading these companies this way.
- Constellation Software is the only company here with a zero gap. Its weighted-average share count was 21.2 million in fiscal 2021 and 21.2 million in fiscal 2025, with revenue up from $5,106 million USD to $11,623 million USD in between. Every point of that growth belonged to the shares that already existed.
- Celestica’s revenue growth ranks fifth of the ten. Its per-share growth ranks third. The share count fell 8.3% over the window, which converted 21.8% revenue growth into 24.4% per share.
- Cameco is the cleanest case of growth bought with equity. Revenue compounded at 24.0%, third fastest on the list. Per share it compounded at 21.2%, fifth. The share count stepped up in fiscal 2023, the year it funded its share of the Westinghouse acquisition.
- The fastest-growing company we examined is not ranked at all. WELL Health compounded revenue at 46.7% a year, faster than anything on this list, and we could not verify its filed diluted share count from a first-hand source. We would rather leave it unranked than publish a number we cannot stand behind. That section is below.
- Dilution is not automatically bad and buybacks are not automatically good. Shopify issued stock in four of five years and still delivered the highest per-share growth on the page. Empire retired 13.4% of its shares and still only reached 5.2% per share, because revenue grew 1.4%.
The Ten, in Order
Ranked on revenue per share, compounded over five fiscal years, each company on its own fiscal calendar. Jump to any of them.
- Shopify (TSX: SHOP), 25.1% a year per share
- Aritzia (TSX: ATZ), 24.5%
- Celestica (TSX: CLS), 24.4%
- Constellation Software (TSX: CSU), 22.8%
- Cameco (TSX: CCO), 21.2%
- Kinaxis (TSX: KXS), 19.9%
- Dollarama (TSX: DOL), 16.5%
- Descartes Systems (TSX: DSG), 14.0%
- OpenText (TSX: OTEX), 13.1%
- WSP Global (TSX: WSP), 12.2%
A ranking is not a recommendation, and the measure behind this one looks backwards at five completed fiscal years. What it tells you is which of these businesses has converted growth into growth for a shareholder, and at what rate of leakage. It tells you nothing about the price you would pay today. That part is yours.
How To Buy Growth Stocks in Canada
All ten companies below are listed on the Toronto Stock Exchange and trade in Canadian dollars. Six of them report their financial results in US dollars, which matters when you read a filing and does not matter at all when you place an order: you are buying a TSX-listed share with Canadian dollars either way, and no currency conversion is involved.
Which account to hold them in
Growth is where the gains are, and a capital gain is the thing a TFSA shelters most completely, so a TFSA is the strongest home for a stock you expect to compound. Nothing is taxed inside it and nothing is taxed on the way out. The counterweight is specific to volatile holdings and worth understanding before you use the room: a loss inside a TFSA is not deductible and the contribution room it consumed does not come back.
An RRSP shelters the same gain but defers rather than exempts it, because everything eventually comes out as ordinary income. It is the better account for money you are deliberately putting away until you stop working, and a worse one for money you might need.
An FHSA can hold any of these shares and, for most people saving toward a first home on a short timetable, should not. Several names on this page have traded more than 40% below their own 52-week highs inside the last year. Money with a date attached to it does not belong in that.
A non-registered account is the default once registered room runs out. Nothing is taxed until you sell, only part of a realised capital gain is included in income, and the cost is the paperwork: you have to track what you paid. There is a fuller treatment of the account question further down this page, because for growth stocks specifically the answer is less obvious than it looks.
What you need to open an account
A Social Insurance Number, government photo identification, your employment and income details, and about fifteen minutes. Our walkthrough on how to open a brokerage account in Canada covers what the application asks and why it asks it, and how to buy your first stock covers the order screen that comes next.
What it costs
Three costs, in descending order of how much attention they deserve. First, commission, which varies by broker and which you should read off your own broker’s schedule rather than off anybody’s summary of it. Second, the bid-ask spread, which is invisible on the confirmation and which widens on the smaller and thinner names. Third, currency conversion, which for the ten companies here is zero, because you are buying Canadian-listed shares in Canadian dollars. If you later add a US-listed growth name beside these, that third cost stops being zero and starts mattering a great deal.
Open a Questrade account if you want a self-directed account that can hold every name on this page in a TFSA, an RRSP, an FHSA or a taxable account, with the dual-currency setup that matters the moment you buy something listed in New York. Questrade against Wealthsimple is the comparison most Canadians are actually running, the best investing apps in Canada ranks the whole field on fees and features, and the best broker for beginners narrows it down if this is your first account.
The four steps
- Open and fund the account. An electronic funds transfer from your bank clears in one to three business days at most brokers, so the money needs to be in place before the day you want to buy.
- Decide how much of the position you are willing to see cut in half. That is the real sizing question for this category. Shopify traded between $129.01 and $253.10 in the last twelve months. Celestica traded between $315.41 and $655.50. These are not defects in those companies, they are the ordinary behaviour of high-multiple growth shares, and they are survivable only at a position size you chose deliberately.
- Use a limit order. Several of these move multiple per cent on a single earnings line. A market order placed into a fast tape fills at whatever the tape is paying. How to read a stock quote covers the bid, the ask and why the difference between them costs you more here than on a utility.
- Write down why you bought it. The measure on this page is a five-year record. What you need, holding it, is a statement of what would have to stop being true for you to sell, written before the price starts arguing with you.
How We Computed This
Three numbers per company, all of them from the company’s own filings.
Revenue CAGR. The compound annual growth rate of reported revenue across the five most recent completed fiscal years, each company on its own fiscal calendar. Where a company’s fiscal year ends in February, June or January rather than December, we used its fiscal years as it labels them and named the window in its section. One company, Alimentation Couche-Tard, is measured across four fiscal years rather than five, and that is flagged wherever its figure appears.
Share count change. The diluted weighted-average number of shares in the first year of the window against the same figure in the last year, expressed as the total change across the window rather than as an annual rate.
Revenue per share CAGR. The first adjusted by the second. This is the number the ranking is built on.
Why the diluted weighted average, and not shares outstanding
Because it is the denominator the company’s own earnings per share is struck on, and because it counts stock that has been promised to employees but not yet issued. A point-in-time count of shares outstanding flatters any company with a large unvested equity plan, which is to say it flatters almost every growth company in Canada. The weighted average is also the figure that sits on the face of the income statement in every annual filing, directly beneath earnings per share, which makes it the easiest number on this page for you to check yourself.
Dilution is not an accounting abstraction. A share is a claim on a fraction of a business, and issuing more of them makes each existing fraction smaller. If that idea is new, what a stock actually is is the place to start, because the whole of this page is an argument about the denominator in that sentence.
What this measure does not do
Four things, and they are not small.
It says nothing about valuation. A company can compound revenue per share at 25% a year and still be a poor purchase at the price on the screen. The valuation table further down exists precisely so that this page is not read as a shopping list.
It says nothing about whether the growth continues. Five completed fiscal years is a record, not a forecast, and several of these businesses have changed shape inside the window.
It treats an acquisition funded with stock harshly, even when the acquisition was a good one. WSP and Cameco both bought assets with equity. Whether those purchases created value depends entirely on whether the assets earn more than the stock given up, and that is a question this measure does not attempt to answer. What it does is put a number on the cost.
And it is one lens. Our Canadian AI stock rankings cover five of the same companies (Celestica, Shopify, Constellation, OpenText and Descartes) on a completely different axis, measuring how much of the artificial-intelligence build-out actually reaches each income statement. The two pages are complementary rather than duplicative: a company can rank well on one and poorly on the other, and several do. Compounding is the thread running through all of it, and how compounding actually works is the mechanism this entire page is measuring.
The signature chart
The ranked table
| # | Company | Ticker | Fiscal years | Revenue CAGR | Share count change | Revenue per share CAGR | Gap |
|---|---|---|---|---|---|---|---|
| 1 | Shopify | TSX: SHOP | FY2021-FY2025 | 25.8% | +2.5% | 25.1% | -0.8pp |
| 2 | Aritzia | TSX: ATZ | FY2022-FY2026 | 25.5% | +3.2% | 24.5% | -1.0pp |
| 3 | Celestica | TSX: CLS | FY2021-FY2025 | 21.8% | -8.3% | 24.4% | +2.7pp |
| 4 | Constellation Software | TSX: CSU | FY2021-FY2025 | 22.8% | 0.0% | 22.8% | 0.0pp |
| 5 | Cameco | TSX: CCO | FY2021-FY2025 | 24.0% | +9.5% | 21.2% | -2.8pp |
| 6 | Kinaxis | TSX: KXS | FY2021-FY2025 | 21.6% | +5.9% | 19.9% | -1.7pp |
| 7 | Dollarama | TSX: DOL | FY2022-FY2026 | 13.8% | -9.1% | 16.5% | +2.7pp |
| 8 | Descartes Systems | TSX: DSG | FY2022-FY2026 | 14.5% | +1.6% | 14.0% | -0.5pp |
| 9 | OpenText | TSX: OTEX | FY2022-FY2026 | 10.7% | -8.3% | 13.1% | +2.4pp |
| 10 | WSP Global | TSX: WSP | FY2021-FY2025 | 15.5% | +12.1% | 12.2% | -3.2pp |
“Share count change” is the total change in the diluted weighted-average share count across the window, not an annual rate. “Gap” is revenue per share CAGR minus revenue CAGR, in percentage points, rounded to one decimal. A negative gap means issuance ate growth. A positive gap means buybacks added to it.
Read the gap column on its own for a moment. Four of these ten companies delivered less per share than their revenue line suggests, and three delivered more. The spread between the best and worst gap is six percentage points a year, which over five years is the difference between a good holding and an ordinary one, and none of it is visible on a revenue chart.
1. Shopify (TSX: SHOP)
The fastest per-share compounder on the list, and it got there while issuing stock in four of five years.
Shopify reports in US dollars. Revenue over the five fiscal years to fiscal 2025 went $4,611.9 million USD, $5,600.0 million, $7,060.0 million, $8,880.0 million and $11,556.0 million, a compound annual rate of 25.8% and the fastest top line on the ranked table. Those figures are Shopify’s own, tagged in its SEC filings and published through the SEC’s XBRL company facts service.
The per-share arithmetic. The diluted weighted-average share count went from 1,273.647 million in fiscal 2021 to 1,304.953 million in fiscal 2025, an increase of 2.5%. Revenue per share therefore compounded at 25.1%, and the gap between the business result and the shareholder result is 0.8 percentage points a year.
One note on that fiscal 2021 figure, because it looks wrong beside the company’s own older filings. Shopify carried out a 10-for-1 share split in 2022. The 1,273.647 million above is Shopify’s own split-adjusted restatement of a year that was originally filed as 127,364,735 shares with earnings per share of $22.90, restated to 1,273,647,350 shares and $2.29. The series is consistently adjusted across all five years, so the comparison holds.
Why there is no fiscal 2021 earnings figure here. Shopify reported fiscal 2021 under IFRS on a Form 40-F, and the years that follow are under US GAAP. The two are not comparable on the earnings line, so we do not print a fiscal 2021 EPS at all rather than print one that invites a false comparison. Revenue is comparable across both bases, which is why the revenue series is used and the earnings series starts later.
From fiscal 2022 onward, reported diluted EPS in US dollars ran -$2.73, $0.10, $1.55 and $0.94, on net income of -$3,460 million, $132 million, $2,019 million and $1,231 million. That is not a smooth line, and it is the single most important thing to understand about the valuation multiple attached to this stock: the earnings denominator moves around violently while the revenue line compounds steadily.
The most recent quarter. In the three months ended June 30, 2026, reported on August 5, 2026, Shopify’s revenue was $3,583 million USD against $2,680 million a year earlier, growth of 34%. The company notes 33% in constant currency, which is a non-GAAP measure. Gross profit was $1,708 million against $1,302 million, operating income $488 million against $291 million, and free cash flow, also a non-GAAP measure, $654 million against $422 million, an 18% margin against 16%. Harley Finkelstein, the company’s president, described it this way: “This was a monster quarter: more than 30% growth in GMV AND revenue AND gross profit AND free cash flow”.
For the third quarter of 2026 the company guided to revenue growth at a “low-thirties percentage rate” year over year, gross profit growth in the “mid-to-high twenties”, operating expenses of 33% to 34% of revenue, stock-based compensation of USD 150 million, and a free cash flow margin in the “high-teens to low-twenties”.
The honest tension. That stock-based compensation line is a guided item, quarter after quarter, and it is the mechanism behind the rising share count. The dilution here is real, it is ongoing, and management tells you in advance roughly how much of it to expect. It barely mattered over the last five years because the top line grew so fast that a 2.5% increase in the denominator was rounding. The correct reading is not that Shopify does not dilute. It is that Shopify diluted and outgrew it, which is a materially different claim and one that depends on the growth rate staying where it is.
What the market is paying. Shopify closed at $180.01 on September 17, 2026, with a trailing price-to-earnings ratio of 87.8 and a forward multiple of 52.6, inside a 52-week range of $129.01 to $253.10. The mean analyst target in our pull is $233.18, and it rests on three analyst opinions. Three is a small number of views to call a consensus, and we would not weight it heavily.
The risk, stated plainly. The trailing multiple is 87 times earnings that fell in the most recent fiscal year even as revenue grew. The guided compensation line means the share count is likely to keep rising. And the per-share result on this page is a function of a growth rate in the mid-twenties: at half that rate, a 2.5% five-year dilution stops being rounding and starts being a third of the difference between a good year and a flat one.
2. Aritzia (TSX: ATZ)
The strongest recent operating year on this page, and a five-year record with a genuine asterisk in the middle of it.
Aritzia reports in Canadian dollars. Net revenue across fiscal 2022 to fiscal 2026 ran $1,494.6 million, $2,195.6 million, $2,332.4 million, $2,738.1 million and $3,702.1 million, a compound annual rate of 25.5%. The diluted weighted-average share count went from 115.784 million to 119.499 million, up 3.2%, leaving revenue per share compounding at 24.5% and a gap of 1.0 percentage point. The figures here are from Aritzia’s own fourth-quarter and fiscal 2026 management discussion and analysis.
The asterisk, which you need before you read the chart. Aritzia’s fiscal year ends on the Sunday closest to the end of February and is labelled by the calendar year it ends in. The five period ends in this window are February 27, 2022, February 26, 2023, March 3, 2024, March 2, 2025 and March 1, 2026. That third date is a week later than the pattern, because fiscal 2024 was a 53-week year with a 14-week fourth quarter. The company states this on page 1 of the fiscal 2024 MD&A and repeats it in the fiscal 2025 and fiscal 2026 documents. The effect is mechanical: fiscal 2024 revenue is inflated by an extra trading week, which in turn deflates fiscal 2025’s apparent growth off that larger base. Only fiscal 2026 against fiscal 2025 is a clean 52-week against 52-week comparison in this window, and any growth rate quoted across the 53-week boundary, including the 25.5% above, carries that week inside it.
The fiscal 2024 trough is the story, and it is not visible on the revenue chart at all. Revenue grew that year. Net income fell 58%, from $187.6 million to $78.8 million. What happened sits on the margin line: gross margin compressed 310 basis points to 38.5%, and comparable sales fell 1.0%, the only negative comp in the five years.
What recovery looked like. Reported diluted EPS across the window ran $1.36, $1.63, $0.69, $1.78 and $3.20, on net income of $156.9 million, $187.6 million, $78.8 million, $207.8 million and $381.8 million. Adjusted EPS, a non-GAAP measure the company also publishes, ran $1.53, $1.86, $0.92, $1.98 and $3.25. The store base grew through the trough without interruption: 106 boutiques at the end of fiscal 2022, then 114, 119, 130 and 144.
The share count, which is where this page’s measure bites. Aritzia’s diluted weighted-average count actually fell through fiscal 2024, to 114.194 million, and then rose to 119.499 million by fiscal 2026. It rose despite a $144.9 million buyback in fiscal 2026, because dilution from restricted and performance share units outran the repurchase. The consequence is visible in the fiscal 2026 numbers: net income grew 83.8% while EPS grew 79.8%. Four percentage points of a very good year went to the denominator.
The most recent quarter. In the 13 weeks ended May 31, 2026, the first quarter of fiscal 2027, net income was $117.263 million against $42.391 million a year earlier, an increase of 176.6%.
What the market is paying. Aritzia closed at $118.80 on September 17, 2026, capitalised at $13.6 billion, on a trailing multiple of 31.0 and a forward multiple of 19.7, inside a 52-week range of $79.40 to $174.52. The mean target across 14 analysts is $189.14, nearly 60% above the close. The widest gaps on this page between price and consensus sit here and on WSP Global, and a gap that size should be read as a statement about expectations rather than as information.
The risk, stated plainly. Fiscal 2024 is the risk, and it already happened once inside this window. A discretionary apparel retailer can grow revenue and lose more than half its earnings in the same year through the margin line alone, and the warning signal that year was a 1.0% decline in comparable sales, not anything in the revenue total. The second risk is structural rather than cyclical: equity compensation has been issuing shares faster than the company has been buying them back, and at a $144.9 million repurchase rate it did not close the gap.
3. Celestica (TSX: CLS)
Three things compounding at once: sales, margin, and a share count going the other way.
Celestica reports in US dollars. Revenue across fiscal 2021 to fiscal 2025 ran $5,634.7 million USD, $7,250.0 million, $7,961.0 million, $9,646.0 million and $12,390.9 million, a compound annual rate of 21.8%. That ranks fifth of the ten companies here on the top line. Per share it ranks third, because the diluted weighted-average share count fell every year, from 126.7 million to 116.2 million, a decline of 8.3%. Revenue per share compounded at 24.4%, and the gap is a positive 2.7 percentage points. The figures come from Celestica’s own Form 10-K for fiscal 2025.
The margin line is doing as much work as the share count. Gross margin went from 8.64% to 12.06% across the window and operating margin from 2.98% to 8.40%. On a business of this size, those are enormous moves. Adjusted EPS, the non-GAAP measure the company reports on a consistent basis across the whole window, went from $1.30 to $6.05, compounding at 46.9% a year, more than double the revenue rate. Reported diluted EPS went from $0.82 to $7.16, but that series crosses an accounting boundary in the middle, so a single compound rate across it would flatter the operating change. Taking only the four US GAAP years, fiscal 2022’s $1.46 to fiscal 2025’s $7.16, reported EPS compounded at 69.9% a year. Free cash flow, also non-GAAP, went from $114.8 million to $458.3 million.
Read the two rates together. Revenue compounded at 21.8%. Revenue per share compounded at 24.4%. Adjusted earnings per share compounded at 46.9%. The distance between the first and the second is the buyback. The distance between the second and the third is the margin expansion. It is unusual to get both at once, and it is the reason a company whose revenue growth is middling on this list has one of the best per-share records on it.
What the market is paying. Celestica closed at $461.88 on September 17, 2026, capitalised at $58.2 billion, on a trailing multiple of 34.5 and a forward multiple of 16.9. The 52-week range is $315.41 to $655.50, and the mean target across five analysts is $680.31. Our coverage of Celestica’s jump on September 11 covers the growth reshuffle behind the most recent leg of that range.
The risk, stated plainly. Celestica’s revenue is concentrated in a small number of hyperscale data-centre customers whose capital budgets are set annually. One large customer deferring a build is a double-digit revenue event. Everything good in the paragraphs above, the margin expansion included, runs through order volumes that a handful of buyers decide on once a year. That concentration is the whole risk and it is not diversifiable by owning the stock in smaller size, only survivable.
4. Constellation Software (TSX: CSU)
The only company on this page with a zero gap, and the claim is the company’s own, not our inference.
Constellation reports in US dollars. Revenue across fiscal 2021 to fiscal 2025 ran $5,106 million USD, $6,622 million, $8,407 million, $10,066 million and $11,623 million, a compound annual rate of 22.8%. The weighted-average share count, basic and diluted, was 21.2 million in every single one of those five years. Revenue per share therefore compounded at 22.8% as well, and the gap is zero. No other company on either table here comes close to that.
The fiscal 2025 MD&A states, in the company’s own words, that “There was no change in the number of shares outstanding”, and reports 21,191,530 common shares outstanding as at March 9, 2026. That document is Constellation’s own fiscal 2025 annual MD&A.
Now the part a flattering page would leave out. Reported diluted EPS across the window ran $14.65, $24.18, $26.67, $34.48 and $24.15. The last year is a fall, and it is a large one, while revenue rose. Net income attributable to common shareholders went from $731 million in fiscal 2024 to $512 million in fiscal 2025, back to roughly where it had been in fiscal 2022.
Free cash flow, a non-GAAP measure, went the other way in the same year: $883 million, $853 million, $1,160 million, $1,472 million and $1,683 million, so fiscal 2025 was the highest of the five. The cash line and the accounting line disagree about fiscal 2025, and the honest presentation is to put both in front of you rather than quote whichever one supports a view. What we can say from the filings is what the two lines did. What caused the divergence is not something this page’s data resolves, and we are not going to invent a reason for it.
Dividends. Constellation paid USD 4.00 per share in each of the five years, declared as USD 1.00 quarterly and unchanged throughout. Anyone describing the annual dividend as $1.00 USD is quoting the quarterly rate by mistake.
The most recent quarter. In the second quarter of 2026 Constellation reported revenue of $3,335 million USD and diluted EPS of $12.93.
What the market is paying. The shares closed at $2,829.90 on September 17, 2026, capitalised at $60.0 billion, on a trailing multiple of 44.9 and a forward multiple of 15.3. The 52-week range is $2,196.00 to $4,500.00, which puts the September close closer to the low of that range than the high, and the mean target across 12 analysts is $3,984.77. The distance between the trailing and forward multiples is unusually wide and is worth understanding before you read either one on its own.
The risk, stated plainly. The fiscal 2025 earnings fall is not explained by the revenue line, and a shareholder is entitled to want it explained before treating the zero-dilution record as settled. Beyond that, the structural point cuts both ways: a company that funds acquisitions without issuing equity is funding them with cash flow and debt, and the zero gap on this page is a measure of what did not happen to the share count, not a measure of the returns on what was bought.
5. Cameco (TSX: CCO)
The cleanest example on this page of growth bought with equity.
Cameco reports in Canadian dollars. Revenue across fiscal 2021 to fiscal 2025 ran $1,475 million, $1,868 million, $2,588 million, $3,136 million and $3,482 million, a compound annual rate of 24.0%. That is the third fastest top line of the ten companies ranked here.
Per share it is fifth, because the diluted weighted-average share count rose 9.5%, from 397.631 million to 435.580 million, the largest issuance on the ranked table apart from WSP. Revenue per share compounded at 21.2%, and the gap is a negative 2.8 percentage points a year.
The step is one year, and it is identifiable. The count went from 407.135 million in fiscal 2022 to 435.355 million in fiscal 2023 and has been broadly flat since, at 435.956 million and 435.580 million. Fiscal 2023 is the year Cameco funded its share of the Westinghouse acquisition. Almost the entire five-year dilution on this page sits inside that single step. The figures are from Cameco’s own annual filings with the SEC on Form 40-F.
Be fair to what happened here. Buying an asset with stock is not automatically value destruction. The test is whether the asset earns more than the stock given up, and that is a question about Westinghouse, not a question this measure answers. What this page does is put a price on the equity: 2.8 percentage points of compound growth a year, for five years, is the toll the transaction took on the per-share line. Whether it was worth paying is a separate judgement, and a reader should make it with the toll in front of them rather than without it.
On earnings, we are going to leave a gap rather than fill it. Cameco’s reported net income across the window ran -$103 million, $89 million, $361 million, $172 million and $590 million, which is about as lumpy as an income statement gets: a loss, then a near-breakeven, then a step up, then a halving, then a tripling. We do not have a first-hand filed diluted EPS series for Cameco on disk, so we do not print one. A per-share earnings series matters here more than it does almost anywhere else on this page, precisely because the share count moved, and we would rather say we could not verify it than reproduce a vendor’s version.
What the market is paying. Cameco closed at $129.82 on September 17, 2026, capitalised at $56.5 billion, on a trailing multiple of 160.3 and a forward multiple of 49.6. The 52-week range is $109.89 to $182.72, and the mean target across 15 analysts is $179.73. A trailing multiple of 160 on a company with $3,482 million of revenue is a statement about how small the trailing earnings base is relative to the market value, and the net income series above is the reason why.
The risk, stated plainly. The earnings line has been negative once and has halved once inside five years, so this is not a business whose profit compounds in a straight line. The share count is 9.5% larger than it was, permanently, and the value of what that equity bought will not be settled for years. If the uranium and nuclear side of the market is the part of this that interests you rather than this particular company, our Canadian mining stock rankings cover the wider producer group.
6. Kinaxis (TSX: KXS)
Recurring revenue that compounds smoothly, accounting earnings that lurch, and a share count that peaked in the middle.
Kinaxis reports in US dollars. Revenue across fiscal 2021 to fiscal 2025 ran $250.7 million USD, $366.9 million, $427.0 million, $483.1 million and $548.0 million, a compound annual rate of 21.6%. The diluted weighted-average share count went from 27.248 million to 28.846 million, up 5.9%, so revenue per share compounded at 19.9% and the gap is a negative 1.7 percentage points. The figures come from Kinaxis’s own audited consolidated financial statements for 2025.
The share count did not rise in a straight line. It peaked at 29.150 million in fiscal 2023 and then fell, to 28.940 million and 28.846 million. That fall is real rather than an artefact of the weighted average: share capital went from $307.3 million at December 31, 2023 to $285.4 million at December 31, 2024, which is consistent with repurchases. The dilution on this page is therefore mostly a fiscal 2022 and fiscal 2023 event, and the more recent trend runs the other way.
The line worth watching is not revenue. Annual recurring revenue at December 31, which is the company’s own key performance indicator and not an IFRS measure, went $221 million, $274 million, $322 million, $360 million and $433 million. It nearly doubled across the window and it did so smoothly, one step at a time.
Now the number that looks like a mistake and is not. Kinaxis prints its fiscal 2024 diluted EPS as a dash rather than as a figure, because it rounds to zero. Profit that year was $56 thousand on 28.940 million diluted shares, roughly $0.002 per share. It is not a typo and it is not a loss. Reported net income across the window ran -$1.165 million, $20.080 million, $10.060 million, $0.056 million and $70.699 million.
There is a second presentational point in the same series. In fiscal 2021 the diluted share count equals the basic count, because the year was a loss and the dilutive instruments were therefore anti-dilutive. That is the filing’s own presentation, and it is the correct treatment, but it means the first year of the window is not constructed exactly like the four that follow.
Adjusted EBITDA, a non-GAAP measure, tells a third version of the same five years: $39.9 million, $79.4 million, $74.9 million, $106.1 million and $138.4 million. Adjusted EPS, also non-GAAP, ran $0.56, $1.59, $1.60, $2.36 and $3.80.
Dividends. Kinaxis pays none. The fiscal 2024 and fiscal 2025 audited statements carry an “Expected dividend yield 0%” assumption in the share-based payment note, which is the closest thing to an official confirmation you will find in a filing.
What the market is paying. Kinaxis closed at $179.79 on September 17, 2026, capitalised at $4.9 billion, which makes it the smallest company on the ranked table by a wide margin. The trailing multiple is 42.2, the forward multiple 24.2, the 52-week range $117.22 to $186.98, and the mean target across 10 analysts is $211.14.
The risk, stated plainly. A company whose reported earnings can be $0.056 million one year and $70.699 million the next is a company whose valuation multiple is close to meaningless in any single year, and that cuts against a reader who anchors on the trailing figure. The share count rose 5.9% across the window even with repurchases in the last two years, so equity compensation is a live cost here. And at $4.9 billion of market value this is the one name on the list where position sizing has to account for the share price moving on the strength of a single large customer contract.
7. Dollarama (TSX: DOL)
The slowest-growing business on the top half of this table, and the second-best conversion of that growth into per-share growth.
Dollarama reports in Canadian dollars. Revenue across fiscal 2022 to fiscal 2026 ran $4,330.8 million, $5,052.7 million, $5,867.3 million, $6,413.1 million and $7,255.8 million, a compound annual rate of 13.8%. That ranks ninth of the ten on the top line, ahead of only OpenText.
Per share it ranks seventh, and the reason is a chart most growth pages never draw.
The arithmetic. The share count fell 9.1% across the window. Revenue per share therefore compounded at 16.5%, a positive gap of 2.7 percentage points, tied with Celestica for the largest positive gap on the ranked table.
Margin did the rest. Reported diluted EPS went $2.18, $2.76, $3.56, $4.16 and $4.73, compounding at 21.4% a year, well ahead of both the revenue rate and the revenue-per-share rate. Operating margin went from 22.7% to 26.7% and gross margin from 43.9% to 45.0%. Net income went from $663.2 million to $1,309.4 million. The store base grew from 1,421 Canadian locations to 1,691. Dividends per share went from $0.2012 to $0.4232. Those figures are from Dollarama’s own fourth-quarter and fiscal 2026 results release.
Three sources of per-share growth, then, running at once: a modestly growing top line, a rising operating margin, and a share count falling every year. None of them is spectacular on its own. Compounded together for five years they produced earnings per share that more than doubled, from $2.18 to $4.73. Net income itself did not quite double, from $663.2 million to $1,309.4 million, and the difference between those two statements is the share count.
The most recent quarter. In the 13 weeks ended August 2, 2026, reported on September 16, 2026, sales rose 17.6% to $2,026.6 million, diluted EPS was $1.29 against $1.16 a year earlier, and the company raised its Canadian segment guidance for the year. It also repurchased 1.6 million of its own shares in the quarter for $300.4 million, which works out to 86% of the quarter’s net earnings returned through the buyback alone: the denominator this page ranks on was still shrinking as of the latest report, with the diluted weighted-average count at 271.5 million against 276.7 million for fiscal 2026. Our coverage of the results has the detail, and the figures here are from the company’s own second-quarter fiscal 2027 results release.
What the market is paying. Dollarama closed at $172.75 on September 17, 2026, capitalised at $46.4 billion, on a trailing multiple of 34.8 and a forward multiple of 29.5. The 52-week range is $163.25 to $209.96, which still leaves the close in the bottom quarter of its own twelve-month range even after the results-day move, and the mean target across 17 analysts is $207.94. That is the deepest analyst coverage of any company on the ranked table.
The risk, stated plainly. Strip out the buyback and this is a 13.8% grower, which is a perfectly good retail business and not a growth stock in the sense most people mean. The per-share result on this page depends on the repurchase programme continuing at a similar pace, and a buyback is a discretionary use of cash that competes with store openings and with the dividend. The price sitting in the bottom quarter of its 52-week range while the multiple remains in the mid-thirties is also worth noticing: the market spent the summer repricing this one, and the second-quarter beat and guidance raise on September 16 recovered only part of it.
8. Descartes Systems (TSX: DSG)
Five years, five increases, and almost no leakage in either direction.
Descartes reports in US dollars. Revenue across fiscal 2022 to fiscal 2026 ran $424.7 million USD, $486.0 million, $572.9 million, $651.0 million and $729.0 million, a compound annual rate of 14.5%. There is no down year anywhere in the series, which covers a pandemic, a freight recession and a tariff war. The figures are from Descartes’ own fourth-quarter fiscal 2026 shareholder report.
The per-share arithmetic, which barely moves anything. The diluted weighted-average share count went from 86.200 million to 87.579 million, an increase of 1.6% across five years and the second-smallest issuance on the ranked table behind Constellation’s zero. Revenue per share compounded at 14.0%, a gap of just 0.5 percentage points. Apart from Constellation, whose gap is exactly zero, this is the company where the headline growth number and the shareholder’s number come closest to being the same thing.
What sits underneath it. Reported diluted EPS went $1.00, $1.18, $1.34, $1.64 and $1.87, on net income of $86.3 million, $102.2 million, $115.9 million, $143.3 million and $163.8 million. Gross margin sat between 76% and 77% in every year of the window, which is a remarkably flat line for a business that grew revenue by roughly 72% over the same stretch. Adjusted EBITDA, a non-GAAP measure, was $247.5 million in fiscal 2024, $284.7 million in fiscal 2025 and $329.5 million in fiscal 2026. We do not have first-hand adjusted EBITDA for fiscal 2022 and fiscal 2023 on disk, so those two years are absent rather than estimated.
The most recent quarter. For the quarter ended July 31, 2026, released after the close on September 10, 2026, Descartes reported net income of $50.0 million and diluted EPS of $0.57.
What the market is paying. Descartes closed at $111.37 on September 17, 2026, capitalised at $9.5 billion, on a trailing multiple of 37.4 and a forward multiple of 24.2, inside a 52-week range of $85.26 to $144.04. Analyst target and coverage figures were not returned by our source for this name, so there is no consensus quoted here.
The risk, stated plainly. A 14.5% grower at a trailing multiple in the mid-thirties is priced for the consistency to continue, and the consistency is the entire case. The five-year record contains no shock, which is a strength as a business and a weakness as evidence: nothing in this window tells you how the company behaves when something breaks. Note also that the per-share gap, small as it is, is still negative. Descartes has never been a repurchaser on this page’s window, so there is no buyback cushioning the number if revenue growth slows.
9. OpenText (TSX: OTEX)
The slowest grower on this list, and it is here precisely because of what the per-share measure does to it.
OpenText reports in US dollars and its fiscal year ends June 30. Revenue across fiscal 2022 to fiscal 2026 ran $3,493.8 million USD, $4,485.0 million, $5,769.6 million, $5,168.4 million and $5,246.4 million, a compound annual rate of 10.7%. That is the lowest revenue growth rate on the ranked table, three percentage points below the next slowest.
Read that series carefully before you read the chart. The fiscal 2024 peak and the fiscal 2025 fall are the Micro Focus acquisition and the subsequent sale of the mainframe business. They are not an operating collapse, and a reader who looks at the shape of the line without that context will draw exactly the wrong conclusion from it. The figures are from Open Text’s own annual filings with the SEC on Form 10-K.
The per-share arithmetic. The diluted weighted-average share count fell 8.3%, from 271.909 million to 249.373 million, and most of that happened in the last two years of the window: 272.588 million in fiscal 2024, then 263.650 million, then 249.373 million. Revenue per share therefore compounded at 13.1%, a positive gap of 2.4 percentage points. A 10.7% business became a 13.1% one for a shareholder, and on this page’s ranking that moves it ahead of a company growing revenue half again as fast.
Net income across the same five years ran $397.1 million, $150.4 million, $465.1 million, $435.9 million and $643.0 million. Dividends per share rose in every year, from $0.8836 to $1.1000.
What the market is paying. OpenText closed at $32.93 on September 17, 2026, capitalised at $8.0 billion, on a trailing multiple of 9.2 and a forward multiple of 5.5. Those are the lowest multiples on this page by a distance, against a 52-week range of $27.63 to $56.00. The mean analyst target in our pull is $31.70, and it represents exactly one analyst. A one-analyst consensus is not a consensus, and we quote it only so that you know what is behind a number you may see elsewhere without that qualification.
The risk, stated plainly. A 10.7% revenue growth rate over five years, containing an acquisition and a divestiture, is a thin foundation for calling anything a growth stock. The per-share advantage here is manufactured by the buyback, and a buyback is reversible in a way that organic growth is not. The share price is nearer the bottom of its 52-week range than the top while reported earnings sit at a five-year high, which is a gap the market is expressing a view about, and the single-analyst coverage means there is very little published disagreement to test that view against.
10. WSP Global (TSX: WSP)
The company that makes this page’s argument better than any other, because it outgrew three of the nine names ranked above it and delivered the least of any of them.
WSP reports in Canadian dollars. Gross revenue, which is the IFRS line on the face of its statements, ran $10,279.1 million, $11,932.9 million, $14,437.2 million, $16,166.8 million and $18,285.0 million across fiscal 2021 to fiscal 2025, a compound annual rate of 15.5%. That ranks seventh of the ten on the top line, ahead of Descartes, Dollarama and OpenText.
Per share it ranks tenth. Last.
The arithmetic. Revenue per share compounded at 12.2%, a negative gap of 3.2 percentage points a year, the largest leak on the ranked table. WSP committed $5.2 billion to acquisitions completed and announced in 2025 alone, and the share count is the visible cost of that programme. The figures here come from WSP’s own audited consolidated financial statements for 2025.
The gross versus net distinction, because conflating them is the classic error with engineering firms. WSP also reports a net revenue figure, which is gross revenue less subconsultants and direct costs, and which the company itself labels a “total of segments measure” rather than an IFRS line. That series ran $7,869.6 million, $8,957.2 million, $10,897.0 million, $12,172.2 million and $13,959.1 million. The identity reconciles exactly: fiscal 2025 gross revenue of $18,285.0 million less subconsultants and direct costs of $4,325.9 million gives the $13,959.1 million net figure. Our ranking uses gross revenue, because that is the comparable measure across all ten companies on this page, and because it is the line on the face of the statements. Anyone quoting a WSP growth rate should say which of the two they mean.
The dividend is the argument in miniature, and it is worth sitting with. WSP paid $1.50 per share in every one of the five years, as $0.375 quarterly. The rate never changed. Total dividends declared nevertheless rose in every year: $174.9 million, $181.8 million, $186.9 million, $189.2 million and $197.4 million. The company paid out more in fiscal 2025 than in fiscal 2021 and no individual shareholder received a cent more per share. The entire increase went to shares that did not exist at the start of the window. If you want a single concrete illustration of what share issuance does to a per-share line, it is that paragraph, and it is the reason our Canadian dividend stock rankings look at the per-share record rather than the total distribution.
What else the filings show. Reported diluted EPS went $4.05, $3.58, $4.40, $5.38 and $7.36. Adjusted EPS, a non-GAAP measure, went $5.09, $5.75, $6.90, $8.05 and $9.58, and one caveat matters: WSP’s adjusted EPS is struck on the basic share count, not the diluted one, per the company’s own footnote. Setting the two series side by side without saying so would compare different denominators. Net earnings attributable to shareholders went from $473.6 million to $964.3 million, adjusted EBITDA (non-GAAP) from $1,322.5 million to $2,561.2 million, backlog at December 31 from $10,425.6 million to $17,145.8 million, and headcount from approximately 55,300 to approximately 74,400.
Be fair to the strategy. A roll-up that issues stock to buy firms earning more than the stock cost is creating value, and the adjusted earnings line did nearly double across the window. This measure shows the cost of that strategy. It does not deliver a verdict on it. What it does establish is that a shareholder who bought the top line got 12.2% a year rather than 15.5%, and that the difference did not appear in any headline.
What the market is paying. WSP closed at $180.67 on September 17, 2026, capitalised at $24.4 billion, on a trailing multiple of 25.8 and a forward multiple of 13.7. The 52-week range is $156.64 to $291.00, so the September close sits far nearer the bottom of that range than the top, and the mean target across 14 analysts is $288.86.
The risk, stated plainly. The share count rose in every year of the window with no year of exception, and the acquisition programme that drove it was still running at a $5.2 billion annual commitment level in 2025. There is nothing in this record to suggest the issuance stops. A shareholder buying WSP is buying a business that grows and a denominator that grows with it, and should size the position on the per-share rate rather than the headline one.
What the Market Is Paying for This Growth
Everything above is a record. This is the price. All figures are as of the close on Thursday, September 17, 2026, from Yahoo Finance, which is a fine source for prices, multiples and analyst consensus and is never a source for a company financial. Every fundamental on this page came from a filing instead.
| Company | Price (CAD) | Market cap | Trailing P/E | Forward P/E | 52-week low | 52-week high | Mean target | Analysts |
|---|---|---|---|---|---|---|---|---|
| Shopify | $180.01 | $233.6B | 87.8 | 52.6 | $129.01 | $253.10 | $233.18 | 3 |
| Aritzia | $118.80 | $13.6B | 31.0 | 19.7 | $79.40 | $174.52 | $189.14 | 14 |
| Celestica | $461.88 | $58.2B | 34.5 | 16.9 | $315.41 | $655.50 | $680.31 | 5 |
| Constellation Software | $2,829.90 | $60.0B | 44.9 | 15.3 | $2,196.00 | $4,500.00 | $3,984.77 | 12 |
| Cameco | $129.82 | $56.5B | 160.3 | 49.6 | $109.89 | $182.72 | $179.73 | 15 |
| Kinaxis | $179.79 | $4.9B | 42.2 | 24.2 | $117.22 | $186.98 | $211.14 | 10 |
| Dollarama | $172.75 | $46.4B | 34.8 | 29.5 | $163.25 | $209.96 | $207.94 | 17 |
| Descartes | $111.37 | $9.5B | 37.4 | 24.2 | $85.26 | $144.04 | not available | not available |
| OpenText | $32.93 | $8.0B | 9.2 | 5.5 | $27.63 | $56.00 | $31.70 | 1 |
| WSP Global | $180.67 | $24.4B | 25.8 | 13.7 | $156.64 | $291.00 | $288.86 | 14 |
Four things to take from that table.
The multiples span a factor of seventeen. Cameco trades at 160.3 times trailing earnings and OpenText at 9.2. Those two companies are on the same page, ranked on the same measure, five places apart. Nothing about a per-share growth ranking tells you which of them is the better purchase, and a reader who treats the ranking as a price signal will get hurt by exactly that. A ranking and a valuation are two different statements, and this page only makes one of them.
Several of these are a long way below their own highs. Constellation closed at $2,829.90 against a 52-week high of $4,500.00. WSP closed at $180.67 against $291.00. Aritzia closed at $118.80 against $174.52. These are not distressed businesses by any figure in their filings, and the market has repriced them anyway. If the distinction between a routine pullback and something more serious is one you want defined properly, correction versus bear market sets out where the lines sit.
Analyst coverage is thin where you would least expect it. Shopify, at $233.6 billion of market value, carries three analyst opinions in this pull. OpenText carries one. Dollarama, at a fraction of Shopify’s size, carries seventeen. A mean target is an average of opinions, and the average of one opinion is that opinion.
The prices carry two weeks of drama inside them. They were struck on September 17, the day after the Federal Reserve’s hike to 4%, with the TSX rallying and technology leading it. The week before that, Canadian software had sold off hard: Shopify fell from $200.76 on September 4 to $175.13 on September 9 before recovering. We covered the Canadian software selloff of September 2026 as it happened, and both weeks are the immediate context for the software names in the table above. What moves a share price on a given week and what compounds a business over five years are different questions, and what actually moves a stock price is the longer answer to the first one.
Where To Buy These Stocks
Every company ranked above is listed on the Toronto Stock Exchange and trades in Canadian dollars, and every one of them can be held in a TFSA, an RRSP, an FHSA or a non-registered account. There is nothing exotic to arrange. The only decisions left are which account and which broker.
Open a Questrade account if you want a self-directed account that holds all ten of these, registered or taxable, with the dual-currency setup that matters as soon as you add a US-listed name beside them. Check the current commission schedule on the broker’s own page before you fund it, because schedules change and a page is a snapshot.
What Buybacks Can and Cannot Do
A buyback raises per-share growth. It cannot manufacture growth that is not there. Three Canadian companies make that point better than any argument could, and none of them belongs on a growth list.
| Company | Ticker | Fiscal years | Revenue CAGR | Share count change | Revenue per share CAGR |
|---|---|---|---|---|---|
| Thomson Reuters | TSX: TRI | FY2021-FY2025 | 4.2% | -9.1% | 6.7% |
| Empire | TSX: EMP.A | FY2022-FY2026 | 1.4% | -13.4% | 5.2% |
| Alimentation Couche-Tard | TSX: ATD | FY2023-FY2026 | 2.1% | -7.6% | 4.8% |
Empire retired more stock than any company on either table on this page. Its diluted weighted-average share count fell 13.4%, more than Dollarama’s 9.1% and more than Celestica’s 8.3%. It converted a 1.4% revenue growth rate into 5.2% per share, which is a genuine and worthwhile piece of capital allocation, and 5.2% is still 5.2%. You cannot buy back your way out of a top line that does not grow. The buyback multiplies whatever growth exists; it does not create any.
Thomson Reuters did the same thing from a slightly better starting point: 4.2% revenue growth, a 9.1% reduction in the share count, 6.7% per share. That is the highest per-share rate of the three, and it comes from the weakest buyback effect of the three: 2.5 percentage points of uplift against Empire’s 3.7. Thomson Reuters finishes ahead of the other two because its top line grew faster, not because it retired more stock. And 6.7% still lands below every company on the ranked table, including the one that grew revenue at 10.7%.
Couche-Tard is measured over four fiscal years rather than five, from fiscal 2023 to fiscal 2026, because that is what our extraction covers for this company. On that shorter window, revenue compounded at 2.1%, the share count fell 7.6%, and revenue per share compounded at 4.8%. The window is not comparable to the five-year figures elsewhere on this page and we are flagging it rather than quietly presenting it alongside them.
The general lesson is worth stating as plainly as the specific one. When you read that a company has bought back a large slice of its own stock, the right next question is what the top line is doing, because the buyback’s contribution to your return is roughly additive to the growth rate and not a substitute for it. Thomson Reuters closed at $139.21 on September 17, 2026 against a 52-week high of $230.00, and Couche-Tard closed at $79.87 against a high of $95.15. Retiring stock has not protected either share price over the last year.
The One We Could Not Measure
WELL Health (TSX: WELL) grew revenue from $302.3 million CAD in fiscal 2021 to $1,400.0 million in fiscal 2025. Year by year the series runs $302.3 million, $569.1 million, $776.1 million, $919.7 million and $1,400.0 million, a compound annual rate of 46.7%. That is the fastest top-line growth of any company we examined for this page, by a wide margin, and it is not ranked.
The reason is the measure itself. We could not verify WELL’s filed diluted weighted-average share count from a first-hand source. The company is not an SEC registrant, so there is no EDGAR filing to pull, and SEDAR+ blocks automated access from our tooling. Without a filed share count, the denominator in this page’s central calculation does not exist.
We could have estimated it. The company’s own releases give adjusted net income per share rounded to two decimals: $126.5 million of adjusted net income and $0.50 per share in fiscal 2025, $8.0 million and $0.03 per share in fiscal 2024. Dividing one by the other produces a share count, and in the fiscal 2024 case, where the per-share figure is $0.03, that share count would be accurate to roughly plus or minus 20%. A number with a 20% error bar, presented in a table beside figures taken straight off audited statements, is not a measurement. It is a guess wearing a measurement’s clothes, and it would have quietly corrupted every comparison on this page.
So the fastest-growing company we looked at is the one we cannot rank, and we would rather say that than print a figure we cannot stand behind. If you want to hold it, the diluted weighted-average share count is on the face of the income statement in WELL’s annual filings on SEDAR+, and you can compute the same three numbers this page uses in about ten minutes.
For context on the business as it stands: in the second quarter of 2026 WELL reported revenue of $400.4 million against $356.7 million a year earlier, Canadian patient services revenue of $151.6 million (up 32%), 275 clinics in Canada against 222 a year earlier, adjusted EBITDA of $48.1 million against $49.7 million, and a net loss of $7.8 million against net income of $17.0 million a year earlier. It raised full-year 2026 guidance to revenue of $1.58 billion to $1.65 billion and adjusted EBITDA of $185 million to $195 million.
Names That Are Not on This List, and Why
Removals are analysis, and a list that never says what it left out is not telling you much.
Brookfield Corporation (TSX: BN). Revenue went from $75,731 million CAD in fiscal 2021 to $75,100 million in fiscal 2025, a compound annual rate of -0.2%. Whatever Brookfield is, and it is a great many things, it is not a revenue-growth story, and its own management asks to be judged on distributable earnings rather than on the revenue line. It does not belong on a list ranked this way, and including it in order to have a familiar name near the top would tell you nothing.
Thomson Reuters, Empire and Alimentation Couche-Tard are in the buyback section above rather than in the ranking, because their top lines compounded at 4.2%, 1.4% and 2.1%. They are there to make a point about what a repurchase can and cannot do, not as growth candidates.
WELL Health, per the section above.
No bank, pipeline or utility appears anywhere on this page, and that is the measure working correctly. This ranking selects for businesses that grow faster than they issue stock. Canada’s regulated incumbents do neither in any quantity: they grow slowly by design and they issue steadily to fund rate base and dividends. That is not a criticism of owning them, it is a statement about what this particular axis is built to find. If durability under stress rather than growth is what you want from a holding, our Canadian blue-chip rankings rank on exactly that instead.
The speculative end of the market is a different exercise entirely. This page needs five completed fiscal years of filed revenue and a filed diluted weighted-average share count from every candidate. A company that has been public for two years, or whose revenue is a rounding error against its share issuance, cannot be measured this way at all, and issuance is usually the entire story at that end of the market. Our Canadian penny stock rankings apply a balance-sheet screen to that group, which is the more relevant test when there is no five-year record to compound.
US-listed growth names are outside the scope. Many Canadians hold their growth exposure in US companies, and this page ranks TSX-listed businesses. The complication specific to holding a US name from Canada is currency and the route you take to get there, which our page on buying Tesla stock in Canada works through in detail, including what a Canadian Depositary Receipt actually costs.
And if picking is not the exercise you want to be doing at all, an index fund owns the good outcomes and the bad ones in whatever proportion the market produces them, with no per-share arithmetic required from you. Our Canadian ETF rankings are the better starting point in that case, and there is no dishonour in deciding that the ten companies above are interesting to read about and not something you want to choose between.
Which Account Should Hold Canadian Growth Stocks
The account decision is worth more than most people’s stock selection, and for growth specifically it has a clear logic.
TFSA
A capital gain realised inside a TFSA is never taxed, and it is never taxed on the way out either. Growth is where the gains are, so a TFSA is the strongest home for a holding you genuinely expect to compound. If Shopify’s per-share record of the last five years were repeated over the next five inside a TFSA, the entire result would be yours.
The counterweight is specific and it matters for this category. A loss inside a TFSA is not deductible against anything, and the contribution room it used is gone permanently. Growth shares are exactly the kind of holding that can take a large loss: several names in the valuation table above sit 30% or more below their own 52-week highs. That argues for using TFSA room on your highest-conviction holdings rather than your most speculative ones, which is roughly the opposite of how the room tends to get used.
Our TFSA stock rankings take the same question from the account side rather than the factor side, and the TFSA contribution room calculator will tell you what you actually have available before you commit it. If you are opening an account specifically for a TFSA, the best broker for a TFSA compares the accounts on the fees that apply to that structure.
RRSP
An RRSP shelters the same growth and defers rather than exempts the tax, because everything withdrawn is ordinary income in the year you take it. For a long-horizon growth holding that is still a powerful structure: decades of compounding happen with nothing leaking out to tax along the way. It suits money you have genuinely decided not to touch until you stop working, and it suits it better the higher your current marginal rate is relative to the one you expect later.
FHSA
An FHSA can hold every share on this page and, for most people, should not. The account exists for a first home, which means the money has a date attached to it. A holding that traded between $315.41 and $655.50 in a single year does not belong against a dated liability, however good the five-year per-share record is. The mismatch is about the horizon, not about the quality of the company.
Non-registered
The default once registered room runs out, and less punishing for growth than for income, because nothing is taxed until you sell and only part of a realised gain is included. The cost is bookkeeping: you have to know what you paid. The capital gains tax calculator will tell you what a sale costs before you place it rather than after, and the adjusted cost base calculator matters the moment you buy the same name more than once, which almost everybody eventually does.
Frequently Asked Questions
What is the best Canadian growth stock right now?
On this page’s measure, Shopify. It compounded revenue per share at 25.1% a year across fiscal 2021 to fiscal 2025, the highest figure of the thirteen companies measured, on revenue growth of 25.8% and a diluted weighted-average share count that rose 2.5%.
That is a statement about the last five fiscal years and not about the next five, and the price matters. Shopify closed at $180.01 on September 17, 2026 at 87.8 times trailing earnings, and the analyst target quoted in our table rests on three opinions. A per-share growth ranking answers the question “which of these converted growth into shareholder growth most efficiently”. It does not answer “what should I buy”, and this page does not attempt to.
What counts as a growth stock in Canada?
There is no official definition, which is part of why lists of them disagree so much. The working definition behind this page is a business whose revenue compounds well above the market’s rate and which generally reinvests rather than distributes. The ten ranked here span a wide band even so: Shopify grew revenue at 25.8% a year and OpenText at 10.7%, and both are on the list, because the ranking is on what reached each share rather than on the headline rate.
The practical requirement we imposed is stricter than the concept: five completed fiscal years of revenue and a filed diluted weighted-average share count, both from the company’s own annual filings. That requirement alone excluded the fastest-growing company we examined.
Does share dilution really matter if the company is growing fast?
It matters exactly as much as the arithmetic says, no more and no less. WSP Global grew revenue at 15.5% a year and delivered 12.2% per share, because its share count rose 12.1%. Dollarama grew revenue at 13.8% and delivered 16.5% per share, because its share count fell 9.1%. The slower-growing business was the better per-share compounder, and no revenue chart shows you that.
At the other end, Shopify’s share count rose 2.5% over five years and cost its holders 0.8 percentage points a year against a 25.8% growth rate. That is dilution too, and it barely registered, because the growth rate was so far ahead of it. The rule is not “dilution is bad”. The rule is that dilution is a subtraction from your growth rate, and you should know its size.
Should I hold Canadian growth stocks in a TFSA or an RRSP?
A TFSA is the stronger structure for a holding you expect to compound, because the gain is never taxed at any point, including on withdrawal. An RRSP defers the tax rather than eliminating it, since withdrawals are ordinary income, which makes it better suited to money you have firmly committed to a long horizon.
The consideration specific to growth stocks is the downside. A loss inside a TFSA permanently destroys the contribution room that funded it, and there is no deduction to soften it. Volatile holdings therefore make the TFSA’s advantage larger when they work and its cost larger when they do not, which is an argument for putting conviction rather than speculation in that account.
Why is Shopify’s price-to-earnings ratio so high?
Because the denominator is small and moves around. Shopify’s reported diluted EPS was $1.55 in fiscal 2024 and $0.94 in fiscal 2025, on net income of $2,019 million USD falling to $1,231 million, while revenue rose from $8,880 million to $11,556 million. A trailing multiple divides today’s price by that smaller trailing figure, which is how 87.0 times arises on a company whose revenue is compounding in the mid-twenties.
The forward multiple in our September 17 pull is 52.6, and the gap between the two numbers is the market’s expectation that the earnings line catches up with the revenue line. Whether it does is the question, and it is not one a multiple answers.
Are Canadian growth stocks a good buy after the September 2026 software selloff?
This page does not tell anyone what to buy, and the honest answer is that “Canadian growth stocks” are not one asset to be bought or avoided as a block.
What the data supports is narrower. Prices in the table above were struck on September 17, 2026, a week after Shopify fell from $200.76 on September 4 to $175.13 on September 9 in a broad Canadian software selloff. Several names sit well below their own 52-week highs: Constellation Software at $2,829.90 against $4,500.00, WSP Global at $180.67 against $291.00. None of those companies’ five-year filing records changed during that week. Whether a lower price is an opportunity depends on things this page does not measure, starting with whether the growth continues.
How do I check a company’s share count myself?
It is genuinely easy, and it is the most useful ten minutes of research available on a growth company. The diluted weighted-average share count sits on the face of the income statement in every annual filing, directly underneath earnings per share, because it is the denominator that earnings per share is struck on. Open the filing for the most recent fiscal year, note the figure, then open the filing from five years earlier and note it again. The change between the two is the number this page ranks on.
SEDAR+ carries every Canadian filing for free. For companies that are also SEC registrants, which includes most of the larger names here, EDGAR carries the same documents and is easier to search.
Do any Canadian growth stocks pay a dividend?
Several of the ones ranked here do, at levels that are incidental to the case for owning them. Constellation Software paid USD 4.00 a share in each of the last five fiscal years, declared as USD 1.00 quarterly and never changed. Dollarama’s dividend rose from $0.2012 to $0.4232 a share across its five-year window. OpenText’s rose in every year, from $0.8836 to $1.1000 a share. WSP Global paid $1.50 a share in every one of the five years without a single increase.
Kinaxis pays nothing at all, and says so in its audited statements through an “Expected dividend yield 0%” assumption in the share-based payment note. For the rest of the companies on this page we do not have a filed dividend series to quote and are not going to guess at one.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Company financials come from each company’s own filed statements, MD&A or results release, cited in the text. Share prices, market capitalisations, valuation multiples and analyst targets are market data as at the close of September 17, 2026.