There’s no question that Shopify (TSX:SHOP)(NYSE:SHOP) is one of the best Canadian growth stocks there is. The Canadian tech stock, which has gained more than 6,000% in just over six years since it went public, is one of the most successful stock debuts of all time.
Even today, Shopify remains one of the best growth stocks you can buy as a long-term investment. It’s a dominant company that’s proven it can grow rapidly. Plus, it operates in an industry with years of growth potential ahead of it.
And while Shopify still offers incredible growth potential at a market cap of more than $250 billion, that growth will inevitably have to slow down.
Unfortunately, the law of diminishing returns applies to the growth of companies. That doesn’t mean it can’t be one of the best growth stocks on the market. I just wouldn’t expect another 6,000% growth over the coming years.
With Shopify still offering potential, it’s a stock that’s definitely worth a buy today. However, if you’re looking for a smaller tech stock with even more growth potential, here are two to consider.
A high-quality spinoff with more growth potential than Shopify
One of the most intriguing tech stocks to consider today, and one that many investors will appreciate the chance to invest in, is Topicus.com (TSXV:TOI).
Topicus.com is an incredible opportunity to buy a high-potential tech stock that’s been spun off by one of the best Canadian growth stocks of all time, Constellation Software.
There are few stocks that can match the incredible performance Shopify has put up since going public. However, Constellation Software is one of those stocks. So, Topicus.com is a top stock for investors to consider buying today, as it’s run in the same way.
Constellation Software didn’t have to spin the stock out, so the fact that investors have the potential to invest today is a significant opportunity. And with the stock worth just $3.5 billion, it’s a lot cheaper than Shopify and offers a lot more growth potential.
Just like Constellation, Topicus.com is focused on building and acquiring vertical market software and platforms, only it’s doing so in Europe. This is a strategy that’s been proven to create rapid growth. And already, Topicus.com is serving several industries in Europe, including healthcare, education, and real estate.
So, if you’re looking for a high-potential tech stock that could even outgrow Shopify, Topicus.com is one of the best to consider.
A top healthcare tech stock
Another high-potential stock that could grow for decades to come is WELL Health Technologies (TSX:WELL).
WELL Health is a top tech stock that’s leading the disruption of an obsolete Canadian healthcare sector. Healthcare is one of the most important sectors there is.
So, with all the potential for improvements in the industry, there are years of opportunity and growth potential. Not to mention, WELL is even cheaper than Topicus.com, with a market cap today of just $1.5 billion. That’s more than 160 times less than Shopify’s market cap.
The company owns a portfolio of businesses from digital health apps to telehealth companies. In addition, WELL also owns a rapidly growing portfolio of physical clinics, which provides its portfolio with significant diversification.
One of the main reasons WELL has been so successful to date has been its ability to find value-accretive acquisitions that fit its portfolio. It just closed another major acquisition, which now makes it the largest owner-operator of medical outpatient clinics in Canada.
For years now, WELL has been firing on all cylinders and expanding its business rapidly. So, if you’re looking for a top tech stock with incredible prospects from growth, WELL is one of the few Canadian stocks with the ability to outpace Shopify.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Daniel Da Costa owns shares of WELL Health Technologies Corp. The Motley Fool owns shares of and recommends Constellation Software, Shopify, and Topicus.Com Inc. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.