Shopify (TSX:SHOP) just reminded investors why Canadian tech still deserves a close look. The stock made a big move over the last year, including a sharp surge after its August 2025 results, and it stayed in focus again after February 2026 earnings, when strong growth collided with a profit-margin wobble and a lower free cash flow margin outlook. Yet while Shopify stock still looks like a market leader, its latest swing also pushes investors to ask a smart next question: which Canadian tech stocks could be next in line if money keeps rotating into the sector?
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SHOP
Shopify stock is still the standard setter. It gives merchants the tools to run online stores, process payments, manage inventory, sell in person, and increasingly use artificial intelligence (AI) to sharpen how they operate. In 2025, it posted US$11.6 billion in revenue, up 30% year over year, while fourth-quarter revenue climbed 31% to US$3.7 billion. Gross merchandise volume hit US$378.4 billion for the year, and free cash flow reached just over US$2 billion.
Recent news only adds to the case. Shopify stock launched a US$2 billion buyback, projected first-quarter 2026 revenue growth in the low 30% range, and kept leaning into AI tools such as Sidekick and broader commerce integrations. The catch is valuation. Shares trade at roughly 128 times trailing earnings and more than 13 times sales, which leaves little room for disappointment. So yes, Shopify stock still looks like a strong long-term tech stock, but after such a run, some investors may want the next idea instead of chasing the obvious one.
OTEX
That brings us to OpenText (TSX:OTEX). The Waterloo-based software company helps large organizations manage information, security, cloud workflows, and enterprise data. In a market that still loves AI headlines, OpenText stock offers something a bit different: old-school cash flow, a global customer base, and a valuation that doesn’t ask investors to suspend reality.
In fiscal 2026 second-quarter results, OpenText stock reported US$1.3 billion in revenue, US$478 million in cloud revenue, and US$295 million in enterprise cloud bookings. The latest earnings were strong. Fiscal 2026 sales rose 13.1% to $7.3 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 13.5% to $2.4 billion, and diluted earnings per share increased 13.7% to $4.73. With the stock trading at about 13 times trailing earnings and just over one times sales, OpenText stock looks like a tech name where investors don’t need perfection to win. The risk is simple: revenue growth still looks modest, so execution has to stay sharp.
LSPD
Lightspeed Commerce (TSX:LSPD) is the more speculative pick, but it’s also the one with more obvious turnaround torque. The Montreal company sells point-of-sale, payments, and commerce software to retail and hospitality businesses. It spent the last year proving it could grow more cleanly, improve margins, and keep customers spending more on its platform. That doesn’t make it a sure thing, but it does make it more interesting than it looked a year ago.
The latest earnings backed up that progress. In fiscal 2026 third-quarter results, Lightspeed stock posted US$312.3 million in revenue, up 11% year over year, with gross profit up 15% and gross margin improving to 43%. Transaction revenue rose 15%, Lightspeed Capital revenue jumped 34%, and management raised fiscal 2026 guidance. The valuation is also much lighter than Shopify stock’s, at roughly 1 times sales and about 13.7 times forward earnings. That said, this one still carries risk. It’s smaller, it serves businesses that can pull back when the economy softens, and investors still want proof that profitable growth can stick.
Bottom line
So if Shopify stock just moved and feels a little too obvious, OpenText stock and Lightspeed stock look like the next two Canadian tech stocks worth watching. OpenText gives investors value and cash flow. Lightspeed gives them a turnaround with room to surprise. Shopify may still be the crown jewel, but the next leg of gains in Canadian tech might come from the names that haven’t already stolen the whole spotlight.
