Turning $100,000 into $1 million may seem ambitious, but it is mathematically possible. Remember, the journey to a million isn’t a get-rich-quick scheme. You must give your chosen stocks time and the chance to make it a reality.
Achieving the goal in 21 years is realistic, provided the average annual return is 12%. However, given their historical performance, Shopify (TSX:SHOP) and Hammond Power Solutions (TSX:HPS.A) can help reach the objective much faster or in 10 years. Both growth stocks are TSX30 winners.
Shopify won in 2019 (2nd), 2020 (1st), and 2021 (2nd), while Hammond took the top spot in 2024 and then placed 3rd in 2025. Had you invested a decade ago, SHOP and HPS.A would have rewarded you with a total positive return of 6,736% and 4,001.5%, respectively.
The extreme gains are compelling reasons to invest $50,000 each in Shopify and Hammond Power Solutions. Unfortunately, a repeat performance from 2026 to 2035 isn’t guaranteed because neither is low risk. Both have strong upside potential, but their risk ratings are from medium to very high.
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Rollercoaster
Shopify has yet to disengage from its rollercoaster image. TSX’s tech superstar and second-largest company by market capitalization ranked high on the TSX30 List for three consecutive years. It lost favour with investors following the 2022 tech crash.
SHOP is back in centrestage in 2025 after reporting impressive revenue growth and sustained profitability in the first and second quarters. The $304.2 billion all-in-one e-commerce platform even unseated the Royal Bank of Canada briefly in June this year as the TSX’s most valuable company.
As of this writing, the share price is $233.38. A bright spot is the nine consecutive quarters of double-digit free cash flow (FCF) margins. Jeff Hoffmeister, Chief Financial Officer of Shopify, said, “We’re not just growing—we’re delivering consistent growth and profitability, quarter after quarter. Q3 was a standout quarter with revenue growth and FCF margins both surpassing our robust Q2 performance.”
Power player
Hammond Power is significantly smaller than Shopify in terms of market cap. However, the small-cap stock has delivered massive gains of 739.2% in three years, a plus-103.2% compound annual growth rate (CAGR). If you invest today, the share price $160.88, with a modest dividend yield of 0.7%.
The $1.9 billion company is the leading manufacturer of dry-type transformers, including power quality products. Note that Hammond is involved in the electrification of almost everything. A permanent tailwind is the explosion of artificial intelligence (AI) and data centres.
According to its CEO, Adrian Thomas, data centre activity accelerated in Q3 2025, and Hammond received substantial orders. As of September 30, 2025, the total backlog is $384 billion, and 53% of the orders are data centre projects. Data centres need specialized transformers and a massive amount of electricity to run AI chips.
In addition to future earnings visibility, Hammond has ample room for dividend growth because of surging profits. In the first three quarters of 2025, net earnings increased 19% year-over-year to $57 million.
Don’t expect smooth sailing
Shopify and Hammond Power Solutions can help you on your journey to $1 million, although it won’t be smooth sailing. A definite advantage is that they both operate in the AI world. SHOP powers growth across the full spectrum of commerce, while HPS.A provides power infrastructure for data centres.
