Finding stocks that can truly provide double-up potential in any market is a difficult task. Indeed, in a good year, a double-digit total return should be enough for most investors to cheer.
That said, I think a few TSX stocks provide the kind of upside investors are looking for in this regard. Here are two top names trading at less than $100 per share I think could have massive upside over the next year to five years.
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Lightspeed Commerce
I have to admit, Lightspeed Commerce (TSX:LSPD) is a speculative pick I’m starting this list off with. That said, the company has made up some ground in recent weeks, despite declining by around 20% over the past year.
This is a company I’d identify as a top turnaround story for those patient investors seeking companies with material upside potential. Indeed, looking at the valuation LSPD traded at during the pandemic era, this is a stock that could certainly boom if we see the digital commerce trends we’ve seen in the past continue, and a boost in brick-and-mortar sales from strong consumer spending.
Of course, there are headwinds on these fronts that investors need to consider. That said, from a valuation standpoint, Lightspeed hasn’t been this cheap in some time, trading around 12 times next year’s enterprise value/sales. That’s reasonable given the company’s fundamentals, which have been strong of late.
In its recent third-quarter report, Lightspeed noted year-over-year revenue growth of 11% to $312.3 million. This was fueled by steady climbs in average revenue per user and accelerating adoption in North American retail and European hospitality. Gross margins expanded too, hitting 43% overall with software at a stellar 82%. That was thanks to AI-driven efficiencies and optimized cloud costs, clear signs that the company is scaling up intelligently.
Subscription revenue grew 6%, but transaction-based margins rose to 31%, positioning Lightspeed perfectly for the omnichannel boom as small businesses digitize faster than ever. Analysts continue to see significant upside in this stock, and while I think it’s a risky bet (all things considered), this is one of the top Canadian growth stocks that remains on my radar right now.
Bird Construction
Lastly, I want to touch on a company I haven’t discussed much in the past, but that does look like an excellent stock which could have material upside from here: Bird Construction (TSX:BDT).
This construction giant has an absolutely impressive backlog and is trading at a level I think provides very attractive upside for those thinking long term. At a forward price-earnings ratio around 10 times, this is a stock that looks like a steal, given its proven earnings power and sector tailwinds.
Fundamentals also appear to be rock-solid. In the first quarter of 2025, revenue hit $717.6 million (up 4.3% year-over-year), with adjusted EBITDA soaring 41% to $34.1 million (4.8% margin) and gross profit margins improving to 9.4%. The crown jewel? A record $4.3 billion backlog, including $1.3 billion added in Q1 alone, loaded with high-margin work in power, infrastructure, and defence. Such projects include the likes of the East Harbour Transit Hub and Ontario Power Generation projects.
With a strong balance sheet ($137.8 million in cash, $336.7 million in credit availability, and a debt-to-equity ratio of 52.4%), I think there’s plenty of firepower for accretive deals in priority sectors. With 60% organic growth in recent quarters and predictable revenue visibility, Bird’s resilient model could rerate sharply as execution delivers. This is your infrastructure play right now.
