These three Canadian stocks could triple within five years

Canadian investors are always looking for those rare gems that can deliver explosive returns in a troubled market. With macroeconomic headwinds like AI adoption and the growing EV boom accelerating, now is the time to look at stocks with solid fundamentals that are primed for outsized growth.

Here are three great growth stocks that every investor should at least be looking at right now.

Kinaxis

With its patented RapidResponse platform Kinaxis (TSX:KXS) has become a major player in the development of world-class supply chain management software, powering many of the top Fortune 500 companies in the market.

Despite its solid customer base and strong revenues (and profits), Kinaxis has been hit by market concerns about software obsolescence, thanks to the rise of artificial intelligence (AI). That said, I think there’s a lot to be said about the company’s long-term prospects.

Looking at Kinaxis’ fundamentals, the company delivered solid revenue and profit figures last quarter. These results were made possible by accelerating cloud subscriptions and AI integrations such as Maestro Agent Studio. At the same time, an impeccable debt-to-equity ratio of almost zero and a net cash flow of $380 million underline its financial strength.

As companies battle to build resilient supply chains amid disruption, Kinaxis’ high-yield reinvestments and buyback program signal triple-digit growth over five years, especially as Software as a Service and annualized revenue momentum increases.

Now, for my favorite Canadian-based small-cap stocks The Metal Company (NASDAQ:TMC).

TMC stock has been more volatile than in the past, rising and falling in a number of headlines. That said, I believe the company’s focus on revolutionizing the extraction of critical minerals through deep-sea polymetallic nodules in the Clarion-Clipperton Zone could ultimately yield enormous benefits for long-term investors.

This area contains more nickel, cobalt and manganese than all land deposits combined according to USGS data. So while the company has negative earnings per share pre-earnings of -0.71, its market cap of $2.7 billion pales in comparison to a potential project value of $24 billion. This is a stock backed by solid earnings through 2025 and the reality that demand for EV batteries won’t stop rising anytime soon.

I think as the company approaches its late-2027 commercial production target, investors bullishly positioned in TMC stock should outperform.

Shopify

Finally, we have Canada’s largest and most prominent tech company on this list – Shopify (TSX: STORE).

The e-commerce giant shattered Q4 2025 expectations, generating $3.7 billion in revenue (up a whopping 31% year-over-year). That growth far exceeded estimates. However, the company’s net income exceeded expectations by nearly 25%, to $0.57 per share.

If Shopify can show continued improvement in the company’s efforts to become more efficient and profitable over time, this is a stock with impressive upside. Not to mention the company’s AI-powered agentic commerce, which has increased AI-generated orders by 15 times.

The bottom line is that I view Shopify as a composite company (a buying opportunity on draws) in the long term. This recent inclusion is no different and does not change my long-term position on this name.