The TSX has looked almost too comfortable lately, but calm markets do not last forever. When things feel quiet, investors may want stocks with real cash flow, useful assets, and upside tied to bigger themes that can keep working whether the index drifts higher or suddenly gets choppy. That usually means looking for businesses with strong commodity exposure, improving operations, or a clear growth runway rather than simply chasing whatever ran last week. The good news is the TSX still has a few names that look ready either way.
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NTR
Nutrien (TSX: NTR) is one of the world’s biggest crop-input companies, with huge potash, nitrogen, and retail operations. That gives it exposure to farm economics, global food demand, and fertilizer pricing, all in one stock. Over the last year, that mix has started working better again. Nutrien stock reported 2025 net earnings of US$2.30 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$6.05 billion, helped by higher fertilizer prices, record upstream fertilizer sales volumes, and stronger retail earnings. What’s more, Nutrien stock expects higher potash demand in 2026.
Furthermore, Nutrien stock has been simplifying the business. It sold its Profertil stake and used asset sale proceeds to reduce debt while lifting shareholder returns. It repurchased nearly 9.8 million shares in 2025 at an average price of US$55.94 and raised its quarterly dividend to US$0.55 per share. The main risk is that fertilizer prices can turn quickly if crop economics weaken, but this still looks like a solid all-weather pick.
TECK
Teck Resources (TSX: TECK.B) is now more clearly a copper-focused miner, and copper remains one of the most important metals tied to electrification, infrastructure, and industrial demand. Over the last year, Teck kept pushing through the ramp-up at Quebrada Blanca while the market also focused on its planned merger with Anglo American. In its latest annual results, Teck reported fourth-quarter (Q4) adjusted EBITDA of $1.51 billion and full-year adjusted EBITDA of $4.33 billion. Full-year adjusted profit from continuing operations attributable to shareholders rose to $1.53 billion, or $3.10 per share. Plus, copper prices and output helped it beat expectations.
That gives investors a nice setup if calm markets give way to a stronger cyclical push. Teck reaffirmed its 2026 outlook for its operated sites, and management said QB kept making progress on ramp-up and tailings development. At a recent share price in the high-$60s to high-$70s, the stock trades at roughly the low-20s on 2025 adjusted earnings, which feels reasonable for a major copper name with rising leverage to a strategic metal. The risk is that execution at QB still matters a lot, and any copper pullback would sting. Still, this looks like a stock that can work whether the TSX stays sleepy or wakes up fast.
EQX
Equinox Gold (TSX: EQX) is a gold producer, but no longer a small, simple one. The company transformed itself over the last year through the Calibre merger, the Valentine ramp-up, and asset sales that reshaped the portfolio. In 2025, it generated US$1.82 billion in revenue, produced a record 922,827 ounces of gold, posted adjusted EBITDA of US$1.34 billion, and reduced debt by more than US$1.1 billion since mid-2025. It also reached commercial production at Valentine and recently updated its Canadian operations outlook, pointing to average production of about 540,000 ounces a year from Greenstone and Valentine over the next decade.
The stock now has much better scale, improving Canadian exposure, and even an inaugural dividend. The obvious risk is gold price volatility, plus the fact that big portfolio changes can create noise. Even so, if the TSX is staying calm right before another move, Equinox looks like the kind of stock that could be ready for it.
Bottom line
If the TSX feels a little too quiet right now, investors do not need to sit on their hands. Nutrien stock offers steady muscle, Teck offers copper-driven upside, and Equinox offers a more aggressive gold growth story. That is a pretty sensible trio for a market that looks calm on the surface but may not stay that way for long.
