There aren’t many well-known secrets in the Canadian stock market, even with international investors looking for value. That’s because most notable blue-chip names in Canada are dual-listed on the U.S. market, with the best dividend and growth stocks seeing plenty of international attention for this reason.
That said, I think a few companies that are not dual-listed could be overlooked by those seeking meaningful value. Here are three companies I think could have big upside in 2026 that investors aren’t paying close enough attention to right now.
Whitecap Resources
A mid-cap energy producer focused on growing its production in Western Canada, Whitecap Resources (TSX:WCP) is a stock that’s flown under the radar for a long time.
That said, the company’s share price shown above dictates that Whitecap probably shouldn’t be overlooked. Indeed, given where oil prices are trading right now, one might think that this is a stock that would have seen a downturn. After all, mid-cap players in this sector tend to be more indebted and can often have more production growth potential, but also downside in times of market weakness.
That hasn’t been the case, simply because Whitecap has been able to increase its production at an incredible clip. With revenues on pace to potentially double next year (if production growth continues), this is a top stock I think can outperform regardless of how the narrative shifts over time.
The Metals Company
For those who follow my picks, I’d hope that Vancouver-based The Metals Company (NASDAQ:TMC) isn’t an overlooked stock anymore.
I don’t have the level of hubris to suggest that this stock received any more attention from my table pounding than any of the other companies I often discuss.
That said, this company’s innovative technology and recent patents to explore the ocean floor for nodules of very valuable battery minerals is one I think could have explosive upside over the long term. Trading below a $6 billion valuation, with an addressable market that could be worth trillions, this is a stock that’s way too cheap relative to its growth potential, in my view.
Alimentation Couche-Tard
Last, but certainly not least, we have Alimentation Couche-Tard (TSX:ATD).
I think Couche-Tard could be the best-kept secret among companies worth $70 billion. Indeed, this is a name I hadn’t heard of before really diving into the Canadian market years ago.
The thing is, this is also a company with a very boring business model. But in my view, some of the best opportunities can come from investing in companies with boring (and scalable) business models, as Couche-Tard has shown over the years. Growing via acquiring small to mid-sized chains of convenience stores and gas stations, the company has struck out with some larger deals of late.
That said, I think the company’s deal flow could ramp up in 2026, particularly if financing costs come down. This is a growth stock trading like a value stock here, with a compressed multiple and a stock price that’s down. This looks like a solid buy to me for those seeking meaningful overlooked value today.
