The 2025 TSX30 List recognized the substantial share price appreciation (dividend-adjusted) of the 30 top Canadian stocks this year. Propel Holdings (TSX:PRL) and 5N Plus (TSX:VNP), both first-timers on the list, placed sixth and seventh, respectively.
If I’m looking forward to 2026 and adding a TSX30 winner, I’d invest in 5N Plus for its continuing price appreciation. Unfortunately, Propel Holdings has underperformed following its inclusion in the flagship program for growth stocks.
Continuing upward momentum
5N Plus in the basic materials sector is a $1.77 billion specialty semiconductor producer. At $19.65 per share, the year-to-date gain is 169%, representing a +29.6% surge since the release of the TSX30 List on September 9, 2025.
The company caters to critical industries such as health, pharmaceuticals, imaging and sensing, terrestrial renewable energy, and space solar power. 5N Plus operates in North America, Europe, and Asia, supplying ultra‐high purity specialty semiconductor materials. The investment takeaways for VNP include potential multi-year growth due to secular megatrends in renewable energy and space power.
Gervais Jacques, CEO of 5N Plus, said the company’s competitive advantages are its global sourcing and manufacturing capabilities and focus on high-growth, high-value markets. The stellar results in the third quarter (Q3) 2025 are proof. Revenue increased 33% year over year to $104.9 million, while net earnings ballooned 184.4% to $18.2 million compared to Q3 2024.
“This quarter marks another financial milestone for 5N Plus, with our strongest quarterly revenue in a decade,” said Jacques. “The increase in revenue, earnings, and margins this quarter reflects the strong momentum and acceleration in demand we have experienced since the beginning of the year from the terrestrial renewable energy and space solar power sectors,” he added.
5N Plus maintains a positive outlook for the rest of 2025, driven by strong demand for specialty semiconductors from the terrestrial renewable energy and space solar power markets. Customers keep buying secure, advanced materials. The performance materials volume is typically slow late in the year.
Management is confident that 5N Plus will solidify its leadership position in key end markets until year-end and heading into 2026.
Temporary weakness
Propel Holdings was a shoo-in to rank high on the 2025 TSX30 List due to its +560% return in three years. However, the year-to-date loss is 30.4%. PRL trades at $24.95, a 22% decline since September 9. The 3.16% dividend compensates for the temporary weakness.
This $933.8 million financial technology has an AI-powered online platform. It offers installment loans and open-ended credit lines to borrowers who are untouched by traditional lenders like banks. The platform analyzes and assesses the creditworthiness of these underserved consumers.
In the first three quarters of 2025, net income rose 54% year over year to US$53.6 million, while provision for credit losses (PCL) climbed 33% to US$208.9 million from a year ago.
Also, in Q3 2025, the ending Combined Loan and Advance Balances (CLAB) increased 29% to $557.7 million versus Q3 2024. However, the lowered adjusted ending CLAB growth rate of 18% to 22% had an adverse effect on investors.
One strong buy
5N Plus is a strong buy because of its profitable growth and revenue visibility. The company’s long-term contracts are in high-growth industrial sectors. Propel has taken a prudent stance in anticipation of the economic uncertainty in 2026.
