Many investors try to go against the market trend, thinking they’ll spot the next big reversal before anyone else. But let’s be honest – when a stock is up 60%, 70%, or even more in a year, and that move is backed by growth in real numbers, there’s usually more to the story.
Strong fundamentals that improve every quarter are often the real engine behind lasting momentum. That’s exactly what’s happening with a few top stocks on the TSX right now. Even after outperforming the broader market by a wide margin in the last year, they’re still showing signs of more upside ahead.
In this article, I’ll highlight two such TSX stocks that have been heating up and still look like solid buys if you want to ride the wave a little longer.
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Quebecor stock
Quebecor (TSX: QBR.B) has been one of the strongest momentum stocks on the Toronto Stock Exchange in recent months. With popular brands like Videotron, Fizz, and Freedom Mobile under its belt, along with a presence in media and publishing, Quebecor has a diversified grip on the Canadian consumer market.
After rallying by more than 72% over the last 10 months, shares of this Montreal-based telecom and media firm are now trading at $52.31 apiece with a market cap of just under $12 billion. At this market price, it also offers a quarterly dividend that translates into a 2.7% annualized yield.
One of the key factors fueling this momentum in Quebecor stock is some serious improvement in its financials. In its most recent quarter ended September 2025, Quebecor posted a solid 26% YoY (year-over-year) increase in its adjusted net profit to $241.6 million with the help of better operational performance and tight cost management. During the quarter, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin also expanded to 44.7% from 42.8% a year ago – a sign that it’s not only growing, but becoming more efficient.
The company’s telecom division continues to perform well, especially with the recent integration of Freedom Mobile, boosting its subscriber growth and expanding its footprint outside Quebec. Going forward, Quebecor plans to remain focused on expanding its wireless services while keeping costs in check, which could help it keep delivering solid gains to its shareholders.
Discovery Silver stock
Discovery Silver (TSX: DSV) could be another attractive stock that has gained strong upward momentum ever since it completed the Porcupine acquisition in April 2025.
After rallying by around 152% over the last six months, DSV stock currently trades at $6.40 per share with a market cap of over $5.1 billion. It doesn’t pay a dividend yet, but for a company that just transitioned from explorer to producer, that’s not surprising.
In the third quarter, Discovery produced 63,154 ounces of gold, with gold sales totalling 66,200 ounces. The company delivered revenue of US$237 million, and posted adjusted net profit of US$61.1 million with the help of higher gold output and a stronger realized gold price of $3,489 per ounce. As a result, its free cash flow for the quarter came in at a solid US$86.8 million.
On the development side, Discovery hasn’t taken its eye off its Cordero silver project in Mexico, which remains one of the world’s largest undeveloped silver deposits. The project is progressing steadily. The company recently completed technical reviews for its environmental permit and expects full permitting by early 2026. These factors give Discovery stock the potential to keep soaring in the coming years.
