A good Tax-Free Savings Account (TFSA) growth stock needs a few things for investors to even consider it. For instance, it should have a real runway, not just a nice story. I’d look for companies with expanding markets, rising revenue, improving profitability, and enough momentum to keep compounding over time. In a TFSA, that mix matters even more, as any long-term upside can grow free from tax. That makes this a smart place to hold businesses that still look like they have another leg higher this year. So let’s consider a few on the TSX today.
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DCBO
Docebo (TSX:DCBO) looks like one of the cleaner growth names on the TSX right now. It sells artificial intelligence (AI)-powered learning software to enterprises, helping companies train employees, customers, and partners at scale. Over the last year, it kept leaning harder into AI and also stepped up capital returns, announcing a substantial issuer bid in January 2026. Then in April 2026, it raised its full-year outlook after releasing preliminary first-quarter results, which is usually the kind of update growth investors like to see.
The numbers back it up. For 2025, Docebo stock reported revenue of US$242.7 million, up from US$216.9 million, while net income rose to US$26.9 million, or US$0.93 per share. It recently held a market cap near $656 million, and a trailing price-to-earnings (P/E) around 14.5, which is not demanding for a profitable software company still growing double digits. With a forward P/E around 11.5, Docebo stock still looks like a solid TFSA pick for investors who want growth without pure speculation.
HAI
Haivision (TSX:HAI) is a more under-the-radar growth idea, but that’s part of the appeal. It provides mission-critical video streaming and networking technology for broadcasters, enterprises, government, and defence customers. Over the last year, it dealt with a bumpy middle stretch, but results improved sharply by year-end 2025 and stayed strong into early 2026. It also launched Falkon X4 in April 2026, a new ultra-low-latency mobile video transmitter, which shows it is still pushing product innovation instead of just defending old turf.
That rebound is why HAI fits a TFSA growth list. For fiscal 2025, revenue rose 7.8% to $138.4 million, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 20.4% to $15.6 million. In the first quarter of fiscal 2026, revenue jumped another 25.1% to $35.2 million, while adjusted EBITDA reached $3.8 million. Today the stock trades with a market cap near $179 million and a forward P/E around 36. So it’s not cheap, but if revenue keeps accelerating, the premium can make sense.
VNP
5N Plus (TSX:VNP) brings a different kind of growth. It makes specialty semiconductors and performance materials used in terrestrial renewable energy, space solar power, imaging, sensing, health, and other advanced applications. Over the last year, the story kept getting stronger. In January 2026, it won US$18.1 million from the U.S. government to expand germanium capacity, and in February it announced another 25% increase in space solar cell production capacity for 2026 after earlier expansions in 2024 and 2025.
Its financials were just as impressive. In 2025, 5N Plus reported revenue of US$288.3 million, up 16%, and adjusted EBITDA of US$50.2 million, up 35%, while adjusted earnings per share (EPS) rose to US$0.38 from US$0.21. The stock recently showed a market cap near $3 billion with a trailing P/E around 43. That valuation is richer than the other two, so there is less room for disappointment, but the growth profile still looks strong enough to earn a place in a TFSA.
Bottom line
If I were building a TFSA around growth this year, these three would all deserve a look. Docebo stock offers profitable software growth, Haivision brings a smaller-cap turnaround with real momentum, and 5N Plus adds an advanced materials story tied to some powerful long-term trends. They’re different businesses, but each gives a TFSA something it should want: room to grow.
