The stocks that could surprise investors in 2026 may not be the quietest names on the TSX. They could be companies already showing strong momentum, but still sitting in markets where investors underestimate how big the next leg of growth could become. In my case, I’d look for businesses with real demand behind them, improving earnings, and clear catalysts. The risk, of course, comes when expectations run too hot. Yet when growth keeps showing up in the numbers, surprise can still work in shareholders’ favour.
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CLS
Celestica (TSX:CLS) fits that idea almost too neatly. The Toronto-based company builds advanced technology and supply-chain solutions for major customers across data centres, communications, aerospace, defence, industrial, health tech, and capital equipment. In plain English, it helps make the hardware behind some of the biggest technology trends. That made it a major winner as artificial intelligence (AI) demand pushed spending into servers, networking gear, and cloud infrastructure.
Recent news kept the story moving. In the first quarter of 2026, Celestica stock reported revenue of US$4.1 billion, up 53% from last year. Adjusted earnings per share (EPS) came in at US$2.16, while adjusted operating margin reached 8%. Its Connectivity and Cloud Solutions segment did the heavy lifting, with revenue up 76% year over year to US$3.2 billion. Celestica stock also won a co-packaged optics Ethernet switch program with a hyperscaler customer, with production expected to ramp in 2027. That gives investors a reason to look beyond one hot quarter.
The valuation isn’t cheap, and that’s the catch. Celestica stock recently carried a market cap near $65 billion and traded around 50 times trailing earnings, with a forward price-to-earnings ratio above 40. That means Celestica stock needs strong execution to support the price. Still, management raised its 2026 outlook to US$19 billion in revenue and US$10.15 in adjusted EPS. If AI infrastructure spending keeps broadening, Celestica stock could still surprise investors who assume the easy money has already passed.
KNT
K92 Mining (TSX:KNT) offers a very different kind of surprise. It owns and operates the Kainantu gold mine in Papua New Guinea, producing gold, copper, and silver. This isn’t a sleepy mining story. K92 spent years expanding capacity, improving infrastructure, and drilling around a high-grade asset. Now investors may start seeing more of that work show up in production and cash flow.
The company’s recent numbers looked strong. For 2025, K92 reported record annual revenue of US$595.2 million, up 70% from 2024. It also posted record net earnings of US$270.2 million, or US$1.12 per share, and adjusted net earnings of US$288.4 million, or US$1.19 per share. Annual production reached 174,134 gold-equivalent ounces, up 16% from 2024, while cash costs and all-in sustaining costs came in better than guidance. In the first quarter of 2026, K92 produced 46,743 gold-equivalent ounces and reiterated guidance for 190,000 to 225,000 ounces this year.
Valuation also looks more reasonable than that of many fast-growing miners. K92 recently carried a market cap nearing $6 billion, with a trailing price-to-earnings (P/E) ratio near 16 and a forward multiple under 10. That doesn’t remove the risks as mining stocks still face commodity swings, operational setbacks, country risk, and cost pressure. K92 also reported a surface contractor fatality earlier this year, a serious reminder that mining carries real human and operational risk. Even so, the Stage 3 plant, stronger second-half production outlook, and a bigger exploration budget could give this stock more room to run.
Bottom line
Celestica stock and K92 don’t look alike, and that’s the point. One rides the AI infrastructure boom, the other gives investors growing exposure to gold, copper, and silver. Both already performed well, so neither qualifies as hidden. Yet both still have catalysts that could surprise investors in 2026 if management keeps delivering. For investors willing to accept some volatility, these two Canadian stocks deserve a closer look.
