When the market is in rally mode, it’s tempting to jump from one hot stock to another. But sometimes the smartest move is to hold on to the ones already gaining ground. Over the last year, the TSX has shot up nearly 23%, and that strength has lifted some of Canada’s top growth stocks along with it. And some of these explosive stocks are showing signs of continued momentum backed by strong fundamentals and improving earnings visibility.
In this article, I’ll highlight two TSX-listed stocks that have already delivered impressive returns and still seem to have room to run.
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Celestica stock
When it comes to top TSX growth stocks to buy now, it’s hard to ignore the strength Celestica (TSX:CLS) has been showing lately. The Toronto-based electronics manufacturer has seen its stock rocket nearly 131% over the last year. And it’s not just the past year either. Shares are now trading around $180.61 with a market cap of $20.9 billion, reflecting a massive climb of over 1,360% in three years and nearly 2,000% in five.
In the first quarter of 2025, Celestica delivered a 20% YoY (year-over-year) increase in its revenue to US$2.65 billion and posted adjusted earnings of US$1.20 per share, well above Street analysts’ expectations. Strong demand from its Connectivity & Cloud Solutions segment, especially in hardware platforms, boosted its margins and earnings. As its operating leverage took hold, the company posted a record 7.1% adjusted operating margin.
This solid financial performance also encouraged its management to raise the firm’s full-year outlook. Now, Celestica expects US$10.85 billion in 2025 revenue and US$5 per share in adjusted earnings, which is higher than its previous forecast of US$4.75 per share. This upward revision clearly signalled strong visibility and confidence in its business.
Meanwhile, Celestica continues to invest in scale and innovation, while also repurchasing shares. With strong fundamentals and momentum still intact, it looks well-positioned to keep surprising in the quarters and years ahead.
MDA Space stock
While not as widely talked about yet, MDA Space (TSX:MDA) is quickly becoming a solid choice for long-term growth investors. This Toronto-based aerospace tech firm plays an important role in satellite systems, robotics for space missions, and earth observation solutions.
Over the last 12 months, MDA stock has soared about 154% to currently trade at $29.96 per share with a market cap of $3.7 billion.
In the first quarter of 2025, the space tech company posted a 68% YoY jump in revenue to $351 million with the help of a ramp-up in its satellite work for programs like Globalstar’s next-gen constellation. Similarly, its adjusted quarterly earnings climbed to $0.29 per share, nearly doubling from a year ago. The company also ended the quarter with a strong net cash position of $376 million and reaffirmed its full-year outlook, projecting 45% revenue growth.
With its $4.8 billion backlog and clear demand across its business areas, MDA has strong financial growth visibility. These factors could help this space stock keep climbing in the years to come.
