You don’t need a large amount of capital to begin your investment journey. Even small but consistent investments can help build substantial wealth over the long term. With that in mind, let’s take a look at three top Canadian stocks trading under $20 that offer strong growth potential.
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Lightspeed Commerce
Lightspeed Commerce (TSX:LSPD) is one of my top under-$20 picks, supported by improving financial performance, a favourable outlook, and an attractive valuation. In the recently reported second quarter of fiscal 2026, the company’s revenue increased by 15% to $319 million, driven by growth in its customer base and higher average revenue per user. While net losses widened slightly from $29.7 million to $32.7 million, adjusted net income improved to $22.2 million, representing an 11.6% year-over-year increase. Lightspeed also generated $18 million in adjusted free cash flow during the quarter. It also ended the quarter with $462.5 million in cash and cash equivalents, leaving it well-positioned to fund its growth initiatives.
Looking ahead, the growing shift towards omnichannel sales strategies is expanding Lightspeed’s addressable market. The company is also investing in product innovation and expanding its geographic footprint to support long-term growth. In parallel, Lightspeed has implemented cost-optimization initiatives, including AI-enabled streamlining of support and service operations, to improve operating efficiency.
Despite these improving fundamentals and growth prospects, Lightspeed currently trades at attractive next-12-month (NTM) price-to-sales and price-to-earnings multiples of 1.2 and 19.4, respectively, making the stock an appealing buy at current levels.
B2 Gold
Rising tensions between Europe and the United States, fuelled by renewed rhetoric from Donald Trump regarding the acquisition of Greenland, have pushed investors toward gold, a traditional safe-haven asset, driving prices to record highs. Elevated gold prices create a favourable environment for gold producers such as B2Gold (TSX:BTO), which operates mines across Canada, Mali, Namibia, and the Philippines.
B2Gold delivered an impressive third-quarter performance, with revenue and adjusted net income surging by 74.7% and 517%, respectively. Stronger production volumes, higher realized gold prices, and improved operating efficiencies drove this robust financial performance. The company’s balance sheet also remains solid, with cash and cash equivalents totalling $367 million at the end of the quarter, leaving it well-positioned to fund ongoing and future growth initiatives.
Looking ahead, B2Gold continues to focus on optimizing and expanding its existing operations while actively pursuing new greenfield opportunities to enhance its production profile. Mining activities at its Fekola operations, which commenced during the third quarter, exceeded management’s expectations and are expected to ramp up further this year. With gold prices likely to remain elevated over the near- to medium-term, B2Gold appears well positioned to deliver continued financial strength, supporting further share price appreciation. Moreover, the stock trades at an attractive valuation, with next-12-month price-to-sales and price-to-earnings multiples of 1.7 times and 5.8 times, respectively, making it a compelling buying opportunity.
Whitecap Resources
My final pick is Whitecap Resources (TSX:WCP), a monthly dividend-paying energy stock offering an attractive forward dividend yield of 6.3% as of the January 19 closing price. The company has strengthened its production capabilities following its recent merger with Veren, which has also delivered meaningful cost synergies while further improving Whitecap’s balance sheet and overall financial position. At the end of the third quarter, Whitecap reported $1.6 billion in available liquidity, and its net debt-to-annualized funds flow ratio remained at a healthy level of around 1.0.
Looking ahead, the company plans to invest $2–$2.1 billion this year, focusing on operational execution, disciplined capital allocation, moderate production growth, and continued realization of merger synergies. Management expects average production in 2026 to range between 370,000 and 375,000 barrels of oil equivalent per day (boe/d), with the midpoint representing a 22.1% increase from 2025 guidance. Supported by its solid financial position, attractive growth outlook, and a reasonable next-12-month price-to-earnings multiple of 14.3, WCP offers an excellent buying opportunity.
