The best thing about long-term Foolish investing is that it gives you the gift of time. Time to let good businesses in your portfolio grow, improve, and reward patient investors. And sometimes, the market temporarily prices some of those reliable businesses so low that it almost feels like a steal.
Today, two TSX-listed stocks are trading well below $20 per share, but their operations, cash flow, and future plans tell a much stronger story than their price suggests. So, if you’re looking to add high-potential names to your portfolio without paying a premium, here are two top TSX stocks under $20 that look too good to ignore right now.
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SECURE Waste Infrastructure stock
SECURE Waste Infrastructure (TSX: SES) is the first TSX-listed business I find undervalued right now because of its stable infrastructure and strong long-term growth plans. This Calgary-based waste management and energy infrastructure firm is currently trading at $18.02 per share with a market cap of about $3.93 billion. At this market price, it also pays a quarterly dividend with an annualized yield of around 2.2%.
SES stock has surged more than 1150% over five years, reflecting the strength of its core infrastructure network. This momentum is also backed by solid volume growth, stable pricing, and continued investments across its network.
In the second quarter of 2025, SECURE posted adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $110 million and net profit of $31 million, which was flat in absolute terms but jumped 17% on a per-share basis due to a 15% reduction in its outstanding shares. That’s because SECURE had repurchased about 7% of its shares by the end of July. Despite short-term headwinds like seasonal softness and U.S. steel tariffs hitting its metals recycling segment, the company still managed to hold the line on profitability.
To boost its long-term outlook, SECURE is investing in produced water processing facilities in the Alberta Montney region, backed by 10-year contracts. In addition, it is upgrading infrastructure, expanding rail capacity, and reopening idle industrial facilities to capture more volumes. With over 80 facilities in Western Canada and North Dakota, strong long-term contracts, and a solid balance sheet, SES stock looks like a rare under-$20 opportunity worth considering on the TSX today.
Air Canada stock
My next pick, Air Canada (TSX: AC), may surprise you, but there’s a lot more going on here than the headlines suggest. Air Canada, the country’s largest passenger airline, is currently trading at $18.91 per share with a market cap of around $5.6 billion. AC stock has risen 16% over the last year, although recent headlines about labour disputes have added volatility. Nevertheless, in the second quarter of 2025, Air Canada delivered $909 million in adjusted EBITDA with a strong 16.1% margin and $895 million in operating cash flow. That was despite softer demand in some areas and rising fuel costs.
While the company has suspended its 2025 guidance due to a temporary flight attendant strike, its long-term strategy looks promising. For example, it’s focusing on expanding high-margin premium services and investing in fleet upgrades that could support long-term efficiency.
With a low debt-to-EBITDA ratio, stable liquidity, and stable operating cash flow, Air Canada deserves higher investor confidence than its current stock price suggests. If the labour challenges don’t show up again, this stock under $20 could sharply bounce back.
