A slowing economy doesn’t always call for hiding under the bed. If growth cools but stays positive, investors can still do well with companies that sell everyday essentials, lock in recurring cash flow, or own assets people keep using no matter what the Bank of Canada does next.
That is the sweet spot here. Investors can look for businesses with enough resilience to keep earnings moving, but enough growth to avoid becoming dead money. In that kind of market, paying a fair price for quality can make a lot more sense than grabbing the cheapest stock on the screen.
QSR
Restaurant Brands International (TSX:QSR) owns Tim Hortons, Burger King, Popeyes, and Firehouse Subs, so it has a mix of value meals, coffee runs, and global growth. In its fourth quarter of 2025, revenue climbed to US$2.47 billion from US$2.30 billion, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to US$772 million from US$688 million, and adjusted diluted earnings per share (EPS) jumped to US$0.96 from US$0.81.
System-wide sales rose 5.8%, while comparable sales grew 3.1%. Shares also trade at about 28.5 times earnings, which is not cheap, but the company just reaffirmed its growth algorithm and plans to return US$1.6 billion to shareholders in 2026. That is the kind of expensive that can still earn its keep.
T
TELUS (TSX:T) is a different kind of slowdown stock. Wireless, internet, and business connectivity do not vanish when the economy gets shaky, and TELUS stock adds a health business that gives it another lane for growth.
Its fourth quarter of 2025 showed 377,000 mobile and fixed customer additions, record free cash flow of $2.2 billion for the full year, and a 2026 target of about $2.45 billion in free cash flow. Fourth-quarter revenue came in at $5.3 billion, just below the prior year’s $5.4 billion.
The stock still carries a yield above 9%, and it trades around 25 times earnings, so you are clearly buying the income stream and stability case here. The risk is simple: competition stays fierce, and that payout leaves little room for disappointment. But positive movement is underway.
MRU
Metro (TSX:MRU) shows that Canadians still need groceries and prescriptions, as it offers both. In its fiscal first quarter of 2026, sales rose 3.3% to $5.29 billion. Food same-store sales increased 1.6%, pharmacy same-store sales climbed 3.9%, and adjusted diluted EPS rose 5.5% to $1.16.
Reported net earnings dipped because of timing and operational issues, including a temporary shutdown at its frozen food distribution centre in Toronto, but the core business still held up well. It trades around 21 times earnings, which is a premium for a grocer, yet investors often pay up for businesses that can still post clean results when households turn cautious.
BIP
Brookfield Infrastructure Partners (TSX:BIP.UN) rounds out the list with a global portfolio of utilities, transport, midstream, and data assets. That mix matters in a softer economy as many of its cash flows are contracted or regulated.
For 2025, it generated US$2.6 billion in funds from operations (FFO), or US$3.32 per unit, up 6% from 2024. The board also lifted the quarterly distribution 6% to US$0.455 per unit, marking its 17th straight annual increase. What makes it more interesting right now is that management expects FFO to move higher in 2026 and is expanding its growth pipeline to include artificial intelligence (AI) infrastructure. All while offering a yield near 5%.
Bottom line
If the economy cools without cracking, this is the kind of group that can still give investors something to smile about. QSR offers global brand power and value-focused demand. TELUS stock brings recurring revenue and a giant yield, though with more balance-sheet pressure. Metro adds plain old dependability, which is underrated when markets get nervous. Brookfield Infrastructure gives you durable assets and a little growth kicker from data and AI.
None is a screaming bargain. That is fine. In a middling economy, reliable businesses with solid cash flow often beat cheap stocks that only look good on paper.
