Are the Highest-Paying Dividend Stocks on the TSX Actually Worth Buying?

High yields look tempting, but are these TSX dividend stocks actually worth it?

Key Points
  • Mullen Group (TSX:MTL) combines steady growth with a solid dividend, supported by acquisitions and a diversified business.
  • Plaza Retail REIT (TSX:PLZ.UN) offers a high yield backed by strong occupancy and growing rental income.
  • Both stocks show that high dividends can be sustainable when supported by strong fundamentals.

As geopolitical uncertainties continue to take a toll on investor sentiment in 2026, it could be a wise decision to add quality Canadian dividend stocks to your portfolio. The good news is that the Toronto Stock Exchange is home to some of the most attractive dividend payers, offering a mix of stability and growth potential.

Let’s dive into two top TSX-listed companies known for their generous dividends and see if these high-yielders are worth your investment.

infrastructure like highways enables economic growth

Source: Getty Images

Mullen stock

Mullen Group (TSX: MTL) is a logistics provider with a diversified portfolio of services, including less-than-truckload, logistics and warehousing, specialized and industrial services, and U.S. and international logistics. The company operates through multiple segments that cover different areas of the transportation industry. Currently trading at $17.33 per share, Mullen Group has a market cap of $1.7 billion. Over the last year, its stock has appreciated by 35%, reflecting strong investor confidence. The company offers a monthly dividend with a yield of 4.9%.

Mullen Group’s recent performance has been supported by strategic acquisitions and operational efficiencies. In its latest earnings report, the company posted revenue growth of 7% YoY (year-over-year) to $533.8 million, driven mainly by contributions from newly acquired businesses like Cole International Inc. and Pacific Northwest Moving (Yukon) Limited. However, its OIBDA (operating income before depreciation and amortization) declined by 13.6% to $73.4 million due to lower margins in the Less-Than-Truckload and Specialized & Industrial Services segments. Even so, its diversified business model continues to help it navigate economic cycles while maintaining a solid financial position.

Meanwhile, Mullen Group remains focused on long-term growth by expanding its service offerings and improving operational efficiency. Its disciplined management approach and ongoing acquisitions could support future earnings growth.

Plaza Retail REIT

Plaza Retail REIT (TSX: PLZ.UN) is an open-ended real estate investment trust (REIT) focused on retail properties across Ontario, Quebec, and Atlantic Canada. The company holds interests in around 211 properties, covering approximately 8.9 million square feet. It currently trades at $4.25 per unit with a market cap of $469.4 million. Over the last 12 months, its stock has gained 12.4%, showing resilience despite broader market volatility. It offers a monthly dividend with a yield of 6.6%.

In its latest earnings report, Plaza posted an 8.8% YoY increase in FFO (funds from operations) to $44 million, or $0.395 per unit, for the year ended December 2025. This growth came from both the same-asset performance and newly acquired properties. Despite some tenant-related challenges, committed occupancy remained strong at 97.6%, while leasing spreads stood at 13.4%. Its development and intensification projects also added about $3 million in incremental NOI (net operating income) during the year.

Going forward, Plaza Retail REIT plans to continue optimizing its portfolio through acquisitions and development projects. Its strong fundamentals and focus on essential retail tenants support its long-term outlook. With a high yield and reliable payouts, it remains an attractive option for income-focused investors.

Foolish takeaway

Clearly, high-yield dividend stocks could play an important role in building long-term wealth. Mullen Group and Plaza Retail REIT offer attractive yields backed by solid business fundamentals. While both companies face their own challenges, their growth strategies and disciplined execution make them worth considering for long-term Foolish Investors seeking steady income and potential upside.

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends the Mullen Group. The Motley Fool has a disclosure policy.

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