Achieving the target in 21 years is realistic, provided the average annual return is 12%. However, given their historical performance, Shopify (TSX: STORE) and Hammond power solutions (TSX:HPS.A) could help achieve the goal much sooner or within a decade. Both growth stocks are TSX30 winners.
Shopify won in 2019 (2nd), 2020 (1st) and 2021 (2nd), while Hammond took first place in 2024 and then finished third in 2025. If you had invested ten years ago, SHOP and HPS.A would have rewarded you with total positive returns of 6,736% and 4,001.5% respectively.
The extreme profits are compelling reasons to invest $50,000 each in Shopify and Hammond Power Solutions. Unfortunately, repeat performance from 2026 to 2035 is not guaranteed as neither is low risk. Both have strong upside potential, but their risk assessments are medium to very high.
Roller-coaster
Shopify has yet to break away from its rollercoaster image. TSX’s tech superstar and second-largest company by market capitalization ranked high on the TSX30 list for three consecutive years. It lost favor with investors after the 2022 tech crash.
SHOP is back in focus in 2025 after reporting impressive revenue growth and continued profitability in the first and second quarters. The $304.2 billion all-in-one e-commerce platform even has the Royal Bank of Canada briefly in June of this year as the TSX’s most valuable company.
At the time of writing, the stock price is $233.38. One bright spot is the nine consecutive quarters of double-digit free cash flow margins (FCF). Jeff Hoffmeister, Shopify’s Chief Financial Officer, said, “We’re not just growing, we’re delivering consistent growth and profitability quarter after quarter. The third quarter was a standout quarter, with revenue growth and FCF margins both exceeding our robust performance in the second quarter.”
Powerful player
Hammond Power is significantly smaller than Shopify in terms of market capitalization. However, the small cap stocks have posted a huge gain of 739.2% in three years, a compound annual growth rate (CAGR) of plus 103.2%. If you invest today, the stock is trading at $160.88, with a modest dividend yield of 0.7%.
The $1.9 billion company is the leading manufacturer of dry transformers, including power quality products. Note that Hammond is involved in the electrification of almost everything. A permanent tailwind is the explosion of artificial intelligence (AI) and data centers.
According to CEO Adrian Thomas, data center activity accelerated in the third quarter of 2025 and Hammond received significant orders. As of September 30, 2025, the total order book is $384 billion, and 53% of orders are for data center projects. Data centers require specialized transformers and a huge amount of electricity to run AI chips.
In addition to the visibility of future earnings, Hammond has plenty of room for dividend growth due to rising profits. In the first three quarters of 2025, net profits rose 19% year over year to $57 million.
Don’t expect smooth sailing
Shopify and Hammond Power Solutions can help you on your journey to $1 million, although it won’t be smooth sailing. A clear advantage is that they are both active in the AI world. SHOP drives growth across the full spectrum of commerce, while HPS.A provides power infrastructure for data centers.
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