Trade-war nerves are back, and Canadian investors have reason to pay attention. Canada still sends most of its exports south of the border, so fresh tariff threats can hit sentiment fast, especially in autos, industrials, and anything tied to cross-border supply chains. The latest backdrop has included wider trade deficits, tariff uncertainty tied to key sectors, and a Bank of Canada that is now balancing weak growth against fresh inflation risks from global shocks. That mix can make the market choppy, which is why sturdy, well-run Canadian businesses start to look even more attractive. So let’s look at a few to consider on the TSX today.
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LNF
Leon’s Furniture (TSX:LNF) sells furniture, appliances, and mattresses across Canada through brands that many households already know. In a trade-war world, a domestic retailer with scale, a coast-to-coast footprint, and strong cash generation can offer a bit of comfort. Over the last year, it also showed management is still confident, declaring a $0.50 special dividend on top of its regular payout after reporting full-year results.
The numbers were solid. For 2025, revenue rose 3% to $2.6 billion, same-store sales climbed 3%, the gross margin improved to 45%, and net income reached $157 million. Fourth-quarter revenue came in at $671.4 million, with net income of $51 million. The Canadian stock also looks reasonable, with a market cap around $1.8 billion and a trailing price-to-earnings (P/E) near 11. That is not screaming growth, but it does look inexpensive for a profitable Canadian business with $603 million in unrestricted liquidity and room to keep taking share if weaker rivals struggle.
CCL
CCL Industries (TSX:CCL.B) is a global packaging and label giant, selling into everyday consumer products, healthcare, and specialty markets. When trade tensions rise, businesses with diversified customers, broad geographic reach, and products that still move in almost any economy can hold up well. Over the last year, CCL kept pushing that advantage, most recently signing a deal to acquire Sleever International, which would strengthen its shrink-sleeve position. It also spent 2025 buying back shares and lifting dividends, which says plenty about confidence.
Its earnings back that up. CCL reported fourth-quarter 2025 sales of $1.9 billion, up 3.5%, while adjusted earnings per share (EPS) edged up to $1.03. For the full year, sales increased 5.8%, adjusted EPS rose 7.4%, and free cash flow from operations jumped 47% to $891.3 million. The Canadian stock is not dirt cheap, with a market cap around $14.7 billion and a trailing P/E near 18.5, but that still looks fair for a company with global scale, cash flow strength, and the ability to keep compounding through bolt-on deals.
SJ
Stella-Jones (TSX:SJ) brings a more direct infrastructure angle. It makes pressure-treated wood products used in utility poles, railway ties, and other essential systems. That makes it relevant when governments and companies focus more on domestic resilience and less on fragile supply chains. Over the last year, Stella-Jones expanded that story by acquiring Locweld, a maker of transmission towers and steel poles, and by laying out 2026 to 2028 financial objectives tied to future growth. In short, it is building a bigger infrastructure toolbox.
The business still looks strong. For 2025, sales reached $3.49 billion, up from $3.47 billion, while net income rose to $337 million, or $6.09 per share. In the fourth quarter, earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $122 million and the EBITDA margin improved to 16.8%. Utility products, which made up 52% of 2025 sales, climbed to $1.8 billion, helped by stronger volume. The Canadian stock carries a market cap around $5.1 billion and a trailing P/E around 15.4, which feels reasonable for an infrastructure supplier with sticky demand and a clear growth runway.
Bottom line
No stock is immune if trade tensions get ugly. Leon’s still depends on consumer spending. CCL is global, so it can feel foreign-exchange and industrial swings. Stella-Jones is tied to project demand and input costs. Still, all three Canadian stocks have something investors should like in uncertain times: real earnings, sensible valuations, and businesses that do not need a perfect economy to keep moving forward. That is usually a pretty good place to start.
