Growth investing has surged in popularity as a strategy for forward-looking investors aiming for long-term wealth creation. Companies with high growth potential are usually at the forefront of innovation and global trends, if not technological advances. For this investment strategy, price appreciation takes precedence over dividend payments. A dividend payment is a secondary benefit.
Based on current market performance, not all of the 30 top TSX growth stocks in 2025 sustained their momentum this year. However, Hammond Power Solutions (TSX: HPS.A) and Cameco Corporation (TSX: CCO) could keep climbing through 2026 and beyond. The former is a critical player in the clean energy transition, while the latter is a leader in nuclear power generation.
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Centre of electrification
Hammond Power Solutions is at the centre of electrification, supplying dry-type transformers, power quality products, and related magnetics. HPS ranked 1st in the 2024 TSX30 List, the flagship program for Canada’s top-performing stocks. The industrial stock ranked 2nd in 2025.
As of this writing, the share price is $215.66, up 35.4% year-to-date, with a 52-week high of $225. The total three-year return is plus-500.5%. Had you invested $7,000 on April 10, 2023, your money would be worth $42,027.28 today. Current investors also partake in the modest 0.51% dividend yield.
Global energy demand is surging due to the accelerating AI data centre buildout. Data centeres will account for almost 20% of the projected growth, matching Canada’s annual power demand. In February this year, Hammond signed a definitive agreement to acquire AEG Power Solutions. Acquiring the manufacturer of mission-critical industrial power electronics will boost its footprint in Europe, including in high-growth markets.
Hammond Chairman Bill Hammond said the deal strengthens the company’s foundation while positioning it for the next phase of long-term growth. In 2025, annual sales reached a record $898.3 million. While net earnings declined 35.8% year-over-year to $15.2 million, and cash generated by operations rose 43% to $32 million compared to 2024.
Notably, the backlog at year-end 2025 increased by 122%, indicating improved revenue visibility. According to Richard Vollering, Hammond’s Chief Financial Officer, the shipments of large projects began in 2026. The primary growth drivers are data centre expansion, infrastructure investment, and industrial electrification.
Nuclear energy for carbon-free electricity
Cameco is the leading provider of uranium fuel for nuclear power generation, powering carbon-free electricity. Uranium mining is the core business of this $70 billion company. The Saskatoon-based miner has controlling ownership of the world’s largest high-grade reserves and low-cost operations.
Performance-wise, the stock is up nearly 38% year-to-date. The current share price is $160.73, with a corresponding yield of 0.15%. CCO ranked 23rd in the 2025 TSX30 program. The total five-year return is plus- 654%.
Tim Gitzel, CEO of Cameco, said 2025 marked another year of accelerating global momentum across the nuclear industry. For the full year, revenue increased 11% year-over-year to $3.5 billion, while net earnings jumped 243% to $590 million compared to 2024.
“Looking forward, we believe we will continue to see a durable trend of growth across the nuclear fuel cycle supported by electrification, energy security and decarbonization priorities,” Gitzel added.
Well-positioned for growth
Hammond Power Solutions and Cameco are both well-positioned for growth. You have a no-brainer choice of either global electrification or growing demand for nuclear energy in your 2026 growth portfolio.
