Canadian Undervalued Stocks Based On Cash Flows

Neo Performance Materials

Market Cap: CA$702.6m

Engages in the manufacture and sale of rare earth, magnetic powders, magnets, and rare metal-based functional materials in China, Japan, Thailand, South Korea, North America, Europe, and internationally.

Birchcliff Energy

Market Cap: CA$2.0b

An intermediate oil and natural gas company, engages in the exploration, development, and production of natural gas, light oil, condensate, and other natural gas liquids in Western Canada.

First Majestic Silver

Market Cap: CA$8.2b

Engages in the acquisition, exploration, development, and production of mineral properties in North America.

Northland Power

Market Cap: CA$4.7b

Operates as a power producer in Canada, the Netherlands, Germany, Colombia, Spain, the United States, and internationally.

Lithium Royalty

Market Cap: CA$336.7m

Operates as a lithium-focused royalty company in Canada, the United States, Australia, Argentina, Brazil, and South America.

Topicus.com

Market Cap: CA$10.7b

Provides vertical market software and vertical market platforms in the Netherlands and internationally.

Haivision Systems

Market Cap: CA$136.5m

Provides mission-critical, real-time video networking, and visual collaboration solutions in Canada, the United States, and internationally.

Savaria

Market Cap: CA$1.5b

Provides accessibility solutions for the elderly and physically challenged people in Canada, the United States, Europe, and internationally.

5N Plus

Market Cap: CA$1.8b

Produces and sells specialty semiconductors and performance materials in the Americas, Europe, Asia, and internationally.

OceanaGold

Market Cap: CA$7.6b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

New Found Gold

Market Cap: CA$779.5m

A mineral exploration company, engages in the identification, evaluation, acquisition, and exploration of mineral properties in the Provinces of Newfoundland and Labrador, Canada.

Endeavour Mining

Market Cap: CA$14.2b

Operates as a multi-asset gold producer in West Africa.

Constellation Software

Market Cap: CA$67.8b

Acquires, builds, and manages vertical market software businesses to develop mission-critical software solutions for public and private sector markets.

H&R Real Estate Investment Trust

Market Cap: CA$2.8b

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $9.6 billion as at September 30, 2025.

Artemis Gold

Market Cap: CA$8.3b

Focuses on the identification, acquisition, and development of gold properties.

NanoXplore

Market Cap: CA$433.6m

A graphene company, manufactures and supplies graphene powder for use in transportation and industrial markets in Australia.

Aecon Group

Market Cap: CA$1.7b

Aecon Group Inc., together with its subsidiaries, provide construction and infrastructure development services to private and public sector clients in Canada, the United States, and internationally.

Tantalus Systems Holding

Market Cap: CA$210.4m

A technology company, provides smart grid solutions in Canada and the United States.

Colliers International Group

Market Cap: CA$9.8b

Provides commercial real estate to corporate and institutional clients in the United States, Canada, Europe, Australia, the United Kingdom, Poland, China, India, and internationally.

Aritzia

Market Cap: CA$11.7b

Designs, develops, and sells apparels and accessories for women in the United States and Canada.

Triple Flag Precious Metals

Market Cap: CA$9.1b

A precious metals streaming and royalty company, engages in acquiring and managing precious metals, streams, royalties, and other mineral interests in Australia, Canada, Colombia, Cote d’Ivoire, Honduras, Mexico, Mongolia, Peru, South Africa, and the United States.

VersaBank

Market Cap: CA$508.9m

Provides various banking products and services in Canada and the United States.