Finding stocks that can double within three years requires looking beyond blue-chip stability toward companies at inflection points in their growth stories. You need to identify businesses with strong fundamentals that are part of expanding addressable markets.
In this article, I have shortlisted three such TSX stocks trading under $100 that could surge 100% over the next three years. Let’s dive deeper.
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Is this TSX stock a good buy?
Lightspeed Commerce (TSX:LSPD) delivered strong fiscal first-quarter (Q1) results that validate its strategic refocusing on North American retail and European hospitality markets. In the June quarter, Lightspeed reported revenue of US$305 million, an increase of 15% year over year.
Adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) rose by 55% to US$16 million, demonstrating the company’s ability to grow profitably after years of executing an overly broad strategy.
Lightspeed has placed 130 of its 150 planned outbound sales representatives, with most still ramping up to full productivity. This investment is already paying off with outbound bookings more than doubling year over year. The company added roughly 1,700 net new customer locations in its core markets, pushing growth engine location expansion to 5% compared to just 3% last quarter.
Payment penetration reached 41%, up from 36% a year ago, while software revenue per customer climbed 10%. The efficiency market still offers opportunities, with only 35% payment penetration due to legacy non-compete agreements that will gradually roll off.
Analysts tracking LSPD stock forecast revenue to increase from US$909 million in fiscal 2024 to US$1.60 billion in fiscal 2028. In this period, adjusted earnings are forecast to expand from US$0.16 per share to US$1.14 per share.
If the TSX tech stock is priced at 20 times forward earnings, it could gain 100% within the next three years.
Is this small-cap stock undervalued?
Valued at a market cap of $393 million, Healwell AI (TSX:AIDX) is a telehealth company that develops and commercializes clinical decision support systems.
In Q2 of 2025, Healwell increased revenue by 645% year over year to $40.5 million and reported its first-ever positive adjusted EBITDA of $1.9 million.
The Orion Healthcare acquisition contributed to results, driving 1,064% growth in the healthcare software segment. Healwell now operates across 70 healthcare systems in 11 countries with access to over 150 million patient lives globally. The company is rapidly integrating AI capabilities, such as clinical search and patient summarization, into Orion’s established platform.
Management announced plans to divest clinical research and patient services businesses to become a pure-play AI software company. Healwell maintains guidance for full-year EBITDA profitability and 100% AI segment revenue growth while pursuing additional tuck-in acquisitions to expand capabilities and geographic reach.
Analysts tracking the TSX stock forecast revenue to increase free cash flow from $39 million in 2024 to $376 million in 2029. In this period, free cash flow is forecast to $59 million, compared to an outflow of $26 million in 2024.
If the TSX tech stock is priced at 20 times forward FCF, it could gain 200% within the next four years.
Is this TSX stock undervalued?
The final TSX stock on my list is Propel Holdings (TSX:PRL), which operates in the consumer lending space. Propel Holdings delivered another record quarter with revenue jumping 34% to US$143 million while maintaining disciplined underwriting standards.
The specialty finance lender achieved its strongest credit performance for the second quarter since going public, posting adjusted net income of US$19.2 million.
Total originations funded reached a record US$194 million, up 35% year over year, driven by robust demand from both new and existing customers across all three operating markets.
The company benefits from tightening credit conditions at traditional banks. According to Federal Reserve data, 23% of credit applications were rejected in June, the highest level since 2014. This pushes higher-quality borrowers toward Propel’s platform.
Analysts tracking the TSX stock forecast adjusted earnings to grow from US$1.64 per share in 2024 to US$3.82 per share in 2027. If PRL stock is priced at 10 times earnings, it could double over the next 18 months.
