The Canadian stock market has started 2026 with heightened volatility, as worries about tech valuations and fluctuating commodity prices keep investors on edge. In such an uncertain market environment, growth stocks with visible cash flows, disciplined execution, and long-term demand tailwinds are increasingly looking more attractive. As a result, businesses that have recently demonstrated earnings momentum while continuing to invest in future growth are standing out from the crowd this year.
In this article, I’ll talk about two Canadian stocks that fit this profile. Interestingly, these TSX-listed companies are entering the next phase of growth with strong financial bases and catalysts that could drive meaningful upside well beyond 2026.
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Kinross Gold stock
Kinross Gold (TSX:K) operates a diversified portfolio of gold mines across the United States, Brazil, Mauritania, Chile, and Canada, giving it exposure to some of the world’s most productive and stable mining areas. Over the last year, the company has benefited hugely from solid gold prices while maintaining disciplined cost control and operational execution. That combination has also translated into exceptional financial performance.
At the time of writing, Kinross stock traded around $42.75 per share, giving it a market cap of about $51.6 billion. In the third quarter of 2025, the company generated a record US$686.7 million in attributable free cash flow. Meanwhile, its adjusted net earnings surged 77% YoY (year-over-year), backed by strong margins and a realized gold price of roughly US$3,460 per ounce.
One of the main factors that strengthens Kinross’s growth outlook in 2026 is how that cash flow is being deployed. The company finished the September quarter with a net cash position of US$485 million, increased its dividend by 17%, and expanded its 2025 share buyback target to US$600 million. At the same time, Kinross continues to advance high-quality growth projects such as Great Bear in Ontario and Phase X at Round Mountain. These assets are expected to extend their mine life, support stable production through at least 2027, and provide long-term optionality without stressing the balance sheet.
MDA Space stock
While Kinross benefits from favourable commodity prices, MDA Space (TSX:MDA) is riding a very different but equally powerful trend linked to the accelerating global demand for space infrastructure. As a trusted mission partner, MDA provides satellite systems, robotics, and geointelligence solutions to government and commercial customers, often under long-term contracts that provide strong revenue visibility.
MDA stock recently traded near $35 per share, giving it a market cap of about $4.4 billion. The company’s growth momentum was clear in the third quarter of 2025, when its revenue climbed 45% YoY to about $410 million. Similarly, its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 49% YoY to $82.8 million, while margins remained stable at 20.2%, highlighting the scalability of its operations.
One main clear sign of MDA’s future growth potential is its solid backlog. At the end of the most recent reported quarter, the company had a backlog of $4.4 billion, providing multi-year revenue visibility extending well beyond 2026. This backlog is being driven primarily by the rapid expansion of its Satellite Systems segment, supported by major programs such as Telesat Lightspeed, Globalstar’s next-generation low Earth orbit constellation, and its continued ramp-up of Canadarm3 under its robotics & space operations business.
With low leverage, improving profitability, and sustained demand for space-based communications and infrastructure, MDA Space seems well-positioned to compound earnings as global space spending continues to rise.
