2 Canadian Stocks Supercharged to Surge in 2026

Two Canadian stocks look positioned for a 2026 “restart,” with real catalysts beyond January seasonality.

Key Points
  • Topicus is a quiet compounder with strong revenue growth, but its stock is down sharply over six months.
  • WSP has momentum with expanding margins, a $16.4 billion backlog, and solid cash generation.
  • Both have 2026 catalysts, but valuation and integration execution (especially for WSP) are the key risks.

Canadian stocks can look a little sleepy in late December, and then January shows up like it drank three coffees. That’s why “ready to surge” matters. It usually means a business has a clear growth engine, a catalyst investors can actually point to in 2026, and enough financial strength to keep moving even if the economy wobbles. It also means the valuation still leaves room for good news. If all the optimism already sits in the share price, the surge turns into a shrug. And right now, it looks ready to start up again with these two Canadian stocks.

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Source: Getty Images

TOI

Topicus.com (TSXV: TOI) sits in the quiet-compounder camp. It buys and runs vertical market software businesses, mostly across Europe, and it keeps the playbook simple. That’s to own niche products, keep customers sticky, and reinvest cash into more deals. The market loves this model when it feels confident, and it gets impatient when growth stocks fall out of fashion. Right now, Topicus looks like a classic “strong business, choppy chart” setup.

That chart has been a bit of a roller coaster. Over the last year, shares have risen about 3%, and yet are down quite significantly by 28% in the last six months. That kind of move usually reflects sentiment more than fundamentals, and it can create opportunity if the business keeps executing.

On the earnings side, Topicus put up the kind of growth that’s hard to ignore. In its third-quarter 2025 release, it reported revenue of €387.9 million, up 24% year over year, and it also reported operating cash flow of €48.4 million. The headline net result looked messy as it recorded a large net loss tied to an associate accounting line. This can confuse investors who only glance at earnings per share (EPS). The more useful takeaway is that the engine still runs, and management still has plenty of levers to pull through acquisitions and disciplined reinvestment.

WSP

WSP Global (TSX: WSP) feels like the other side of the 2026 surge story: less “hidden gem,” more “machine with momentum.” It sells engineering and professional services across infrastructure, environment, buildings, and energy. It tends to benefit when governments and companies spend on big, unavoidable projects. And it has built scale through acquisitions, which is excellent as large clients want one firm that can handle complex work across regions.

In the third quarter of 2025, WSP reported revenue of $4.53 billion and net revenues of $3.46 billion, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hit $700.4 million for a 20.2% margin. Adjusted earnings came in at $2.82 per share, free cash flow reached $314.9 million, and backlog stood at $16.4 billion. That mix of margin expansion, cash generation, and a chunky backlog usually signals a business that can keep compounding even if parts of the economy slow down.

The 2026 catalyst looks straightforward: deal-driven growth in areas where demand keeps rising. In mid-December 2025, WSP agreed to buy TRC Companies in a US$3.3 billion all-cash deal, with closing targeted for the first quarter of 2026. The rationale was tied to rising power demand from data centres and related load growth. On valuation, it doesn’t look “cheap” as it trades at 38 times earnings. The risk is execution risk, as integration, debt discipline, and any surprise could slow down client spending, especially if financing conditions tighten.

Bottom line

Put these two stocks together, and the “surge into 2026” idea gets real balance. Topicus offers the classic rebound setup of a strong business model, solid growth, and a share price that has already cooled off from its peak. WSP offers the momentum setup with strong results, a deep backlog, and a very clear 2026 catalyst through sector demand and acquisitions. Neither stock comes with a guarantee, but both have a believable path to outperform if 2026 rewards execution over hype.

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Topicus.com. The Motley Fool recommends WSP Global. The Motley Fool has a disclosure policy.

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