Top Canadian (TSX) Growth Stocks

Top Canadian (TSX) Growth Stocks

UPDATED Aug 06, 2022

What are the best Canadian (TSX) Growth Stocks?

According to our Simply Wall St analysis these are the best Canadian growth companies. We look for companies with high forecasted growth and healthy balance sheets that can deliver sustained growth over the long term.

Our criteria to find Top Growth Companies

Growth

  • Companies with sustained revenue growth that outperforms the market are attractive to investors. These companies are most likely to appreciate in share price over time.

What do we look for?

  • Is the company forecast to have high earnings growth.

Healthy Balance Sheet

  • A healthy balance sheet is essential to drive growth opportunities and sustain the business.
  • Repayments on debt take precedence over other initiatives to improve shareholder returns, so investors want to make sure the company is comfortably positioned to cover its debts.

What do we look for?

  • Does the company have a manageable level of debt.
  • Is the company able to cover its interest repayments.

29 companies meet this criteria in the Canadian market

Ero Copper Corp., a base metals mining company, engages in the exploration, development, and production of mining projects in Brazil.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: ERO's earnings are expected to grow significantly over the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 89.6% below our estimate of its fair value

  • Earnings are forecast to grow 34.16% per year

Risks

  • High level of non-cash earnings

  • Shareholders have been diluted in the past year

  • Profit margins (34.4%) are lower than last year (49.4%)

View all Risks and Rewards

Skeena Resources Limited explores and develops mineral properties in Canada.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: SKE is expected to become profitable in the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 94.4% below our estimate of its fair value

  • Earnings are forecast to grow 49.8% per year

Risks

  • Has less than 1 year of cash runway

  • Makes less than USD$1m in revenue (CA$0)

  • Shareholders have been diluted in the past year

View all Risks and Rewards

Nuvei Corporation provides payment technology solutions to merchants and partners in North America, Europe, the Middle East and Africa, Latin America, and the Asia Pacific.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: NVEI's earnings are expected to grow significantly over the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 76.8% below our estimate of its fair value

  • Earnings are forecast to grow 54.39% per year

  • Became profitable this year

Risks

  • Large one-off items impacting financial results

View all Risks and Rewards

Ascot Resources Ltd. operates as a mineral development and exploration company in the United States and Canada.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: AOT is expected to become profitable in the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 96.6% below our estimate of its fair value

  • Earnings are forecast to grow 76.68% per year

Risks

  • Has less than 1 year of cash runway

  • Makes less than USD$1m in revenue (CA$0)

  • Shareholders have been diluted in the past year

View all Risks and Rewards

Galiano Gold Inc. engages in the exploration, development, and production of gold properties.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: GAU is expected to become profitable in the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 95.8% below our estimate of its fair value

  • Earnings are forecast to grow 117.15% per year

Risks

  • Makes less than USD$1m in revenue ($0)

  • Does not have a meaningful market cap (CA$128M)

View all Risks and Rewards

Tidewater Renewables Ltd. engages in production of renewable fuel in North America.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: LCFS's earnings are expected to grow significantly over the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 77.1% below our estimate of its fair value

  • Earnings are forecast to grow 48.11% per year

Risks

No risks detected for LCFS from our risks checks.

View all Risks and Rewards

Salona Global Medical Device Corporation, through its subsidiaries, engages in the production and sale of medical devices and products in the United States.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: SGMD is expected to become profitable in the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Earnings are forecast to grow 164.5% per year

Risks

  • Does not have a meaningful market cap (CA$40M)

  • Shareholders have been diluted in the past year

View all Risks and Rewards

Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company.

Growth Criteria

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings: TRQ's earnings are expected to grow significantly over the next 3 years.

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE

See Full Stock Report

Rewards

  • Trading at 93.8% below our estimate of its fair value

  • Earnings are forecast to grow 37.88% per year

Risks

  • Profit margins (28.3%) are lower than last year (41.1%)

View all Risks and Rewards
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