Don't let our Poutine Day offer get cold: 65% off Stock Advisor ends at midnight!
Becoming a millionaire by investing in the stock market might feel like a far-off dream, but it doesn’t have to be. If you’ve ever wondered how experienced investors managed to turn small investments into fortunes, the answer often lies in one word: growth. By picking the right growth stocks at the right time and holding them for the long term, you can put yourself on the same path to financial independence.
Although most growth stocks in Canada have seen a spectacular rally in the last few years, believe it or not, there are still some attractive growth stocks on the TSX that could help you reach your wealth goals over time. In this article, I’ll talk about two high-potential Canadian growth stocks that could help you build a million-dollar portfolio.
Celestica stock
Having popped by around 868% over the last 10 years, Celestica (TSX:CLS) is the first growth stock to consider if you’re aiming to build a million-dollar portfolio. After rallying by 208% in 2024 alone, CLS stock currently trades at $119.71 per share with a market cap of $13.9 billion. This Toronto headquartered company mainly focuses on helping big brands design and build tech products. It operates in several industries, like aerospace, healthcare, renewable energy, and telecom.
Celestica’s latest financial results for the quarter ended in September reflect its consistent growth trajectory and its focus on improving operational efficiencies. During the quarter, the company’s total revenue rose 22.3% YoY (year over year) to US$2.5 billion with the help of strong demand in its advanced technology and connectivity solutions segment. Its adjusted quarterly earnings surged by an impressive 60% from a year ago to US$1.04 per share, reflecting its ability to continue delivering profitable growth.
Overall, Celestica’s long-term growth outlook remains bright due to its strong foothold in high-growth sectors like renewable energy, advanced computing, and aerospace. In addition, its continued investments in automation and cutting-edge manufacturing technologies could help it post robust financial growth in the coming years and drive its share prices higher.
goeasy stock
Speaking of high-potential Canadian growth stocks, goeasy (TSX:GSY) is another top stock that could help you build a million-dollar portfolio. The company provides financial services, especially to those who might not qualify for traditional bank loans. It makes a profit by focusing on smaller loans with flexible payment plans, giving people more options when they need them.
After rallying by 647% in the last 10 years, GSY stock currently trades at $173.67 per share with a market cap of $2.9 billion. Interestingly, it also offers a 2.7% annualized dividend yield at this market price.
In its recently reported third-quarter results, goeasy showcased the underlying strength of its non-prime lending business by achieving record loan originations of $839 million, up 16% YoY. Similarly, its total loan portfolio also jumped by 28% YoY to $4.39 billion as the demand for its services remains strong.
As the company continues to focus on expanding its product offering and leveraging technology to improve customer experience, goeasy stock could continue to deliver some eye-popping returns to its loyal investors over time.
