Sensible Canadian buyers will not be simply chasing no matter has already ran. Proper now, they’re watching firms with a transparent catalyst, a enterprise that’s nonetheless increasing, and numbers robust sufficient to justify the thrill. That often means companies tied to defence, infrastructure, digital platforms, or hard-to-copy property. In a market that also feels choosy, buyers need progress, however in addition they need proof. So let’s take a look at just a few to contemplate on the TSX at this time.
Supply: Getty Pictures
KRE
Kraken Robotics (TSXV:PNG) is getting consideration because it sits proper on the intersection of defence spending, offshore vitality, and underwater know-how. The corporate makes subsea batteries, sonar programs, and marine robotics, and during the last 12 months it has saved stacking contracts whereas increasing its capabilities by the 3D at Depth acquisition. Extra lately, it introduced a a lot larger deliberate acquisition of Covelya, which might broaden its attain in maritime surveillance and defence even additional.
The numbers are robust sufficient to elucidate the excitement. Kraken’s 2025 income rose to $102.2 million from $91 million, whereas adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) reached $25 million from $20.8 million. Administration now expects 2026 income of $165 million to $175 million and adjusted EBITDA of $40 million to $50 million, even earlier than any contribution from Covelya. The catch is valuation. The inventory lately carried a market cap close to $2.6 billion and a trailing price-to-earnings (P/E) above 850, so buyers are clearly paying up for future progress. That makes Kraken thrilling, but in addition susceptible if execution slips.
MDA
MDA Area (TSX:MDA) is one other identify sensible buyers preserve circling as a result of the story has grown nicely past nostalgia round Canadarm. It now operates throughout satellite tv for pc programs, robotics, and geointelligence, and it spent the final 12 months deepening that platform. MDA inventory signed a $1.1 billion Globalstar contract in early 2025 and accomplished its SatixFy acquisition in July, which strengthened its satellite tv for pc communications providing simply as digital constellation demand saved rising.
Its earnings backed up the optimism. In 2025, MDA inventory posted report income of $1.6 billion, up 51%, with adjusted EBITDA of $323.9 million, up 49%, and a year-end backlog of $4 billion. Fourth-quarter income alone reached $499 million. That provides it robust visibility into 2026 and past. MDA inventory just isn’t low cost both, although. It holds a market cap round $6.5 billion, a trailing P/E of 56. So this isn’t a discount purchase. It’s a progress inventory with actual momentum, however buyers nonetheless want the subsequent few quarters to remain sharp.
ALS
Altius Minerals (TSX:ALS) is a unique form of watchlist inventory. It doesn’t have the flash of area or robotics, nevertheless it provides buyers publicity to royalties tied to copper, potash, iron ore, lithium, and renewable electrical energy. That blend seems to be particularly fascinating proper now as a result of the corporate accomplished its Lithium Royalty association in March, giving it extra leverage to a metallic that might matter much more if lithium markets tighten once more.
The monetary image seems to be stable and enhancing. Altius reported 2025 attributable royalty income of $69.9 million and adjusted earnings of $22.5 million, then adopted that with anticipated Q1 2026 attributable income of about $26.4 million, up from $15 million a 12 months earlier. Lithium alone contributed $5.4 million within the quarter after the acquisition closed. The inventory additionally lately traded round 8 instances earnings with a 0.8% yield, so buyers are getting some revenue whereas ready for the royalty combine to evolve. The chance is that commodity costs can swing, however that diversification can also be what makes Altius price watching.
Backside line
Kraken, MDA, and Altius all give buyers one thing slightly completely different, and that’s precisely why they stand out. Kraken brings high-octane defence and marine tech progress. MDA inventory gives scale and backlog in a booming area market. Altius provides a quieter royalty mannequin with rising lithium publicity. Sensible Canadian buyers are watching all three as every has an actual motive to matter now, not only a good story.
