Investing in blue-chip TSX dividend stocks such as Enbridge (TSX:ENB) has allowed Canadians to generate outsized gains over time. In the last 15 years, ENB stock has returned 137% to shareholders. If we account for dividend reinvestments, cumulative returns are closer to 385%.
Enbridge has delivered market-beating returns to long-term shareholders and still offers a tasty dividend yield of 5.8% in October 2025. However, here are two other TSX dividend stocks I like more than Enbridge today.
Is this TSX dividend stock undervalued?
Valued at a market cap of $2.58 billion, goeasy (TSX:GSY) is part of the consumer lending segment. It ended the second quarter (Q2) with $904 million in total loan originations and $5.1 billion in total receivables.
The Canadian subprime lender posted revenue of $408 million, up 11% from the prior year, driven by strong growth across automotive lending, unsecured loans, home equity products, and point-of-sale financing. New CEO Dan Rees, leading his first full earnings call, emphasized that operational improvements are already taking effect while maintaining strategic continuity.
The company’s total yield improved 50 basis points from the prior quarter to 31.8%, benefiting from better product mix, stronger pricing, and increased ancillary sales. Net charge-offs declined to 8.8%, down 50 basis points year over year, reflecting contributions from secured lending growth and underwriting enhancements.
Nearly 48% of the portfolio is now secured, up 3.5 percentage points from last year. The efficiency ratio improved to 25.6%, down 130 basis points, as higher volumes through merchant partners drove operational leverage.
goeasy pays shareholders an annual dividend of $5.56 per share in 2025, which translates to a forward yield of 3.7%. This payout is forecast to increase to $7.21 per share, enhancing the yield at cost by 25%. Moreover, if the TSX stock is priced at 10 times forward earnings, it could gain 60% over the next 18 months.
Is this TSX blue-chip stock a good buy?
Valued at almost $100 billion by market cap, Canadian Pacific Kansas City (TSX:CP) is among the largest railroad companies globally. While its dividend yield is less than 1%, these payouts have more than doubled over the last nine years. Analysts forecast the TSX stock to raise its annual dividend from $0.76 per share in 2024 to $1.09 per share in 2029.
In Q2 of 2025, Canadian Pacific Kansas City reported volume growth of 7% year over year while revenue rose by 3% to $3.7 billion. The railway operator improved its operating ratio by 110 basis points to 60.7% while earnings climbed 7% to $1.12 per share.
CEO Keith Creel affirmed the company sees a clear path to meeting full-year guidance despite ongoing trade policy uncertainties and industry consolidation pressures.
CP’s unique three-nation network connecting the United States, Canada, and Mexico continues driving differentiated growth. Key developments include a 40% increase in premium domestic intermodal service and expanded traffic flows between Canada and Mexico via the CPKC land bridge.
The newly launched Southeast Mexico Express service, in partnership with CSX, creates additional competitive advantages through the Meridian Speedway gateway.
Despite its massive size, the growth story for Canadian Pacific Kansas City is far from over. Analysts forecast revenue to rise from $14.55 billion in 2024 to $19.4 billion in 2029. In this period, adjusted earnings are estimated to grow from $4.25 per share to $7.45 per share.
