Long-term winners usually share a few traits. They operate in markets with room to grow, have business models that are hard to disrupt, and keep finding ways to get bigger. All without blowing up the balance sheet. Investors also want companies that can turn growth into real earnings and cash flow, not just a nice story on a conference call. In this market, that matters more than ever. So let’s look at a few to consider on the TSX today.
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BYD
Boyd Group Services (TSX:BYD) runs collision repair and auto glass businesses across North America, mostly through well-known banners like Gerber Collision & Glass. Cars keep getting driven, accidents still happen, and modern vehicles keep getting more expensive and more complicated to repair. Over the last year, Boyd made its biggest move in a while by completing the Joe Hudson’s Collision Center acquisition, which added 258 locations and expanded its footprint by 25%. That kind of scale can matter a lot in a fragmented industry.
The latest earnings show why the long-term case still works. In 2025, Boyd reported revenue of $3.1 billion, up 2.4%, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12.4% to $376.3 million. Adjusted net earnings increased to $44.4 million from $30.9 million, and adjusted earnings per share rose to $1.98 from $1.44. The stock’s trailing price-to-earnings (P/E) recently sat around 145, which looks very high, though the forward P/E near 30 paints a less dramatic picture. So yes, this one isn’t cheap, but investors are paying for a business that still has a long runway for consolidation.
Looking ahead, Boyd has a believable path to stronger returns. Management’s Project 360 aims to generate $100 million in recurring annual cost savings and support a 15% annual compound annual growth rate (CAGR) in adjusted EBITDA over the next five years. That’s ambitious, but it also gives investors a clear plan instead of vague optimism. The main risk is execution. Big acquisitions and cost programs don’t always go smoothly. Still, if Boyd integrates Joe Hudson’s well and keeps improving margins, it looks built to keep compounding over time.
MDA
MDA Space (TSX:MDA) operates in space robotics, satellite systems, and geo-intelligence, which already sounds like a stock built for patient investors with a bit of imagination. Over the last year, MDA stock expanded its Globalstar contract to about $1.1 billion, won a new Canadian satellite replenishment assignment, and landed a contract from Canada’s Defence Investment Agency for a ground-based space surveillance project. That creates one important thing: backlog.
Its earnings have also been excellent. In 2025, MDA stock reported record revenue of $1.6 billion, up 51%, record adjusted EBITDA of $323.9 million, up 49.2%, and net income of $108.5 million, up 36.6%. Diluted earnings per share (EPS) rose 33.3% to $0.84. In the fourth quarter alone, revenue reached $499 million and adjusted EBITDA hit $96 million. MDA stock ended the year with a backlog of about $4 billion, which gives it a lot of revenue visibility. It recently traded at a trailing P/E around 50 with a forward P/E around 29. So, also not cheap, but not wild for a company growing this quickly in a high-barrier industry.
The future outlook is where MDA stock gets especially interesting. Management guided for 2026 revenue of $1.7 billion to $1.9 billion and adjusted EBITDA of $320 million to $370 million. It has also said tariffs don’t look like a major threat because most of its backlog sits outside the United States and only about a quarter of suppliers are U.S.-based. Add in the recent Amazon-Globalstar deal, which boosted attention around MDA’s satellite work, and the company looks like it still has plenty of room to grow. The risk is that space stocks can swing hard when sentiment cools. However, the contract base here gives MDA stock more substance than many investors expect.
Bottom line
If you want two TSX stocks that look built for strong long-term returns, Boyd and MDA stock both make a lot of sense. One is more grounded, one is more exciting. But both have enough substance to look worth owning for the long haul.
