The S&P 500 and Nasdaq hit all-time highs last week, and the TSX closed Friday at 34,346 — within striking distance of its own February record. When markets are pushing into that kind of territory, it can feel tempting to chase whatever’s already run the furthest. That is usually the wrong move. A better approach is to look for companies that still have a clear earnings driver, solid execution, and a business model that can keep growing even if the broader market cools off. Investors on both sides of the border are clearly still willing to reward strong stories, even with geopolitical noise in the background.
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TFI International
TFI International (TSX:TFII) is a freight and logistics operator across Canada, the United States, and Mexico. That kind of business can work well when the TSX is strong, because the smart investors often gravitate toward companies tied to real economic activity rather than pure market momentum.
The latest business results weren’t perfect, but they were far from a disaster. TFI reported fourth-quarter 2025 revenue of US$1.91 billion, down from US$2.08 billion a year earlier, while adjusted diluted earnings per share fell to US$1.09 from US$1.19. For full-year 2025, revenue came in at US$7.88 billion and adjusted EPS was US$4.37, both lower than 2024. Still, free cash flow remained a bright spot at US$832 million for the year, and management raised the quarterly dividend 4% to US$0.47.
So why I am bringing up TFI now? Because management is still hunting for growth even in a choppy freight market. In January, the company said its truckload segment generated US$43 million in data-centre-related revenue in 2025, and it continues to look for acquisitions. That gives TFI a nice mix of old-school trucking cash flow and a small but useful link to infrastructure buildouts.
However, the risks are that freight demand remains soft or that management’s guidance indicates the short-term could be uneven.
For investors who want steady compounding instead of simply chasing market momentum, TFI is a smart bet — and with the TSX knocking on the door of a record, it is exactly the kind of stock that tends to get picked up quietly when confidence in the fundamentals returns.
Celestica
Celestica (TSX:CLS) is a Canadian tech manufacturer and supply chain specialist that helps build the hardware behind communications, cloud, servers, storage, and other advanced systems. It is one of the more practical ways to invest in the AI and data-centre boom without betting on a software dream. The fact that the S&P 500 and Nasdaq hit fresh all-time highs last week tells you that growth-oriented investors have not given up on the trade. If the TSX follows with a record close of its own, this is exactly the sort of company that could keep attracting buyers — because it still has strong earnings momentum behind the excitement.
And the earnings momentum is real. Celestica reported fourth-quarter 2025 revenue of US$3.65 billion, up 44% year over year, with adjusted EPS of US$1.89, up from US$1.11. For full-year 2025, revenue reached US$12.4 billion, up 28%, while adjusted EPS climbed 56%. Management then raised its 2026 outlook to US$17 billion in revenue and US$8.75 in adjusted EPS.
Recent news also keeps the story warm. Big Tech is expected to pour around US$650 billion into AI infrastructure in 2026, and Celestica just announced a collaboration with AMD on the Helios rack-scale AI platform, with hardware expected to reach customers in late 2026 — a revenue event worth watching as that date approaches.
The obvious risk in investing here is valuation. If AI spending cools or the market gets nervous about returns on all that capital, a stock like CLS can wobble fast. For growth-oriented investors willing to accept that ride, though, Celestica remains one of the stronger Canadian names to own if the TSX keeps climbing.
Bottom line
If you are a Canadian investor deciding where to put new money as the TSX approaches a record, you do not need to buy the loudest stock in the room. TFI International suits investors who want steady, cyclical compounding — real cash flow from a business tied to actual economic activity. Celestica suits investors chasing growth who can stomach valuation risk and a bumpier ride.
