Canada’s infrastructure story is not just about shovels and concrete anymore. Investors should watch companies that actually get paid when governments, utilities, transit agencies, and private developers start spending in a bigger way. The sweet spot is a company that can grow with the boom but does not need perfect conditions to stay profitable.
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ARE
Aecon (TSX:ARE) is one of Canada’s better-known infrastructure and construction names, with exposure to transit, nuclear, utilities, civil work, and concessions. Over the last year, Aecon stock picked up fresh momentum from major projects and acquisitions. Aecon stock highlighted commercial close on the Scarborough Subway Extension, financial close on the Yonge North Subway Extension tunnel project, work tied to Pickering Nuclear, and an alliance construction contract for the Darlington New Nuclear Project. It also expanded in utilities and U.S. services through recent acquisitions.
Aecon stock posted record 2025 revenue of $5.44 billion, up 28% from 2024, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped to $234.6 million from $82.6 million. It also swung to profit attributable to shareholders of $15.2 million, or $0.23 per diluted share, from a loss in 2024.
The trailing price-to-earnings (P/E) ratio looks stretched at about 205, but that number reflects how thin reported earnings still are after legacy project issues. The more important figure may be backlog, which reached a record $10.7 billion. Management also said 2026 revenue should exceed 2025 levels, so this still looks like a stock for investors betting on project flow, not just near-term earnings optics.
BDT
Bird Construction (TSX:BDT) operates across infrastructure, industrial, and buildings, and it has steadily widened its reach through acquisitions and self-perform capabilities. Over the last year, that included the Fraser River Pile & Dredge deal, which added marine construction and land foundation work. Bird also reached financial close on six Alberta schools under a design-build-finance-maintain contract, which is the kind of long-cycle work investors like to see when talking about an infrastructure boom.
Revenue was basically flat in 2025 at $3.40 billion, adjusted EBITDA rose to $222.1 million from $212.8 million, and adjusted earnings per share (EPS) slipped to $1.94 from $2.04. Reported net income fell harder after a $62.2 million impairment tied to a single customer, which is the obvious risk here. Even so, backlog climbed to $5.1 billion and pending backlog reached $6.0 billion, for a combined $11 billion.
The stock trades at roughly 54 times trailing earnings and about 17 times forward earnings, so it is not cheap on the headline number. Still, if infrastructure awards keep converting into signed work, Bird has the scale and visibility to keep compounding.
BDGI
Badger Infrastructure Solutions (TSX:BDGI) is North America’s largest provider of non-destructive excavation services, which means it works around buried power, communication, gas, water, and sewer lines. That makes it a quieter pick-and-shovel way to benefit from infrastructure work without needing to win mega-project headlines. Over the last year, demand improved enough that management talked about strong end-market growth, fleet utilization, branch expansion, and two new service lines planned for its U.S. footprint.
The earnings were strong. Badger grew 2025 revenue 12% to $831.7 million, lifted adjusted EBITDA 13% to $198.2 million, and increased adjusted earnings per share 21% to $2.04. It also approved a 4% dividend increase and said it plans to build 270 to 310 units in 2026, which would mean fleet growth of 7% to 10% net of retirements.
At about 27 times trailing earnings and roughly 20 times forward earnings, it is not a bargain basement stock. But for a business with solid pricing, strong demand, and exposure to the underground side of infrastructure spending, it still looks like a smart one to watch.
Bottom line
If Canada’s infrastructure boom keeps building, these three stocks offer different ways to play it. Aecon stock brings big project exposure, Bird adds backlog and diversified construction work, and Badger gives investors a steadier specialty-services angle. Put together, they look like a pretty good reminder that the best infrastructure stocks are often the ones already standing where the money is headed.
