Investing in growth stocks trading at reasonable valuations is a solid strategy for generating outsized returns over time. In this article, I have identified two such top Canadian stocks you can buy in November 2025. Let’s dive deeper.
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Is this Canadian stock a good buy?
Valued at a market cap of $7.8 billion, First Majestic Silver (TSX: AG) is a precious metals mining company focused on acquiring, exploring, developing, and producing silver and gold deposits in Mexico. Founded in 1979, it operates three primary mines: San Dimas, Santa Elena, and La Encantada, spanning over 178,000 hectares across Durango, Sonora, and Coahuila states.
In the third quarter (Q3) of 2025, the silver miner reported record production of 3.9 million ounces. It also reported an operating cash flow of $98 million and EBITDA (earnings before interest, tax, depreciation, and amortization) of $128 million in Q3. In the first nine months of 2025, First Majestic produced 11.3 million ounces, allowing it to report record revenue year to date.
Production costs decreased during the quarter despite industry-wide cost inflation, a notable achievement as peers struggle with rising expenses. First Majestic maintains its position as the purest silver company among major producers with 55% silver, 35% gold, and 10% lead and zinc output.
The Los Gatos mine acquisition, which closed in January, continues to integrate First Majestic systems, with plans to increase throughput to 4,000 tons per day.
Santa Elena operations benefited from two major discoveries over the past year at Navidad and Santo Niño, which are expected to extend the mine life significantly. The San Dimas operations also returned to budget after previous challenges with improving costs and rising production.
First Majestic remains on track to meet full-year guidance targeting over 30 million silver equivalent ounces while advancing expansion plans at multiple operations.
Analysts tracking the TSX stock forecast revenue to increase from $797 million in 2024 to $2.3 billion in 2027. Moreover, adjusted earnings are forecast to expand to $1.02 per share in 2027, compared to a loss per share of $0.20 last year. Given consensus price targets, the TSX mining stock trades at a 42% discount in November 2025.
Is this TSX stock undervalued?
Valued at $3.35 billion by market cap, ATS Corp. (TSX: ATS), designs, builds, and services automated manufacturing and assembly systems. The company offers pre-automation planning, engineering design, software development, and post-automation support, including maintenance and retrofits. ATS serves diverse sectors, including life sciences, transportation, consumer products, food and beverage, and electronics.
In fiscal Q2 of 2026 (ended in September), ATS grew sales by 19% to $729 million, driven by organic growth. The automation solutions provider posted adjusted earnings from operations of $79 million, a 40% increase from the prior year. It also maintained guidance for high single-digit- full-year revenue growth as order bookings reached $734 million, an increase of 6% from Q1.
It ended fiscal Q2 with an order backlog of $2.1 billion, providing strong revenue visibility as it heads into the second half of the fiscal year. The Life Sciences segment reported a backlog of $1.1 billion supported by demand across auto-injectors, radiopharmaceuticals, diagnostic wearables, and automated pharmacies. The company works with multiple GLP-1 customers, providing diversification across platforms and drug delivery formats.
The Energy segment posted a record backlog of $277 million, up 154% year over year, driven primarily by nuclear refurbishment projects. ATS is also positioning itself for new nuclear reactor builds, including small modular reactors, as demand grows for clean and reliable energy from data centres and other sources.
Analysts tracking the TSX stock forecast adjusted earnings to grow from $1.47 per share in fiscal 2025 to $2.48 per share in fiscal 2028. If ATS stock is priced at 20 times forward earnings, it could gain over 40% within the next 20 months.
