This TSX Tech Stock Could Be the Comeback Story of 2026

WELL Health looks like a forgotten pandemic tech winner that’s quietly turning into a profitable healthcare platform again.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

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Published May 18, 4:40 pm EDT

| More on: WELL

Key Points

WELL is scaling a clinic-and-software model, using tech and AI tools to support millions of patient visits.
Q1 showed real momentum with strong revenue growth, rising margins, and adjusted net income doubling.
The stock is still well below its highs, so a re-rating could follow if guidance stays on track.

So many tech stocks came and went during the pandemic. Some proved to be essential in the moment, but crashed and burned afterwards. Yet others, while proving their worth, also seemed to crash and burn in share price.

That’s why during the next bull market, there could be some tech stocks that make a quick recovery. And if there’s one that will remain on my radar primed and ready for that time, it’s WELL Health Technologies (TSX:WELL).

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WELL

WELL stock is Canada’s largest outpatient healthcare company and a technology-enabled healthcare provider. It owns and operates clinics, supports doctors with digital tools, provides billing and cybersecurity services, and uses artificial intelligence (AI) through HEALWELL to improve patient identification and care workflows. The tech stock now owns and operates more than 250 clinics in Canada and supports more than four million annual patient visits.

During the last year, WELL stock showed a clear shift from growth-at-any-cost to stronger operating performance. It expanded its domestic platform, and WELL and HEALWELL launched WELLTRUST in February 2026, a consent-first data platform designed to help identify patients for clinical research in a secure way.

Into earnings

The strength showed up in earnings, as Q1 2026 gave investors one of the clearest signs yet that WELL’s model is scaling. Revenue hit $368.3 million, up 25% from $294.1 million in Q1 2025. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 56% to $43.1 million, with an adjusted EBITDA margin of 12%.

Furthermore, adjusted net income doubled to $15.5 million, or $0.06 per share, from $7.5 million, or $0.03 per share, a year earlier. WELLSTAR, the company’s software as a service (SaaS) technology and services subsidiary, also grew revenue 27% to $21.8 million. That software growth can help WELL stock build higher-margin revenue alongside its clinic network.

Looking ahead

Here’s the issue. Despite all this great news, it’s still treated as a pandemic-era wannabe. WELL stock trades at a fraction of its pandemic highs, with shares down 33% from 52-week highs as well. Yet WELL stock’s market cap sits at around $1.03 billion, with revenue of about $1.47 billion and an enterprise value of around $1.88 billion. That means investors are looking at a company trading at a modest sales multiple, despite double-digit revenue growth!

Furthermore, management reaffirmed its 2026 guidance in Q1. Revenue should reach between $1.55 billion and $1.65 billion, and adjusted EBITDA of $175 million to $185 million. Even the midpoint means WELL stock could add roughly $200 million in revenue over 2025’s $1.40 billion result. Canadian clinic margins also improved, with primary care adjusted EBITDA margins expanding to about 8% in Q1 2026 from roughly 6% a year earlier.

Bottom line

WELL stock could very well be the comeback story of 2026. It sits at the intersection of three durable trends: healthcare demand, clinic consolidation, and AI-enabled care. Canada’s healthcare system needs more capacity, doctors need better tools, and patients want faster access. WELL stock can benefit from all three if it keeps buying clinics wisely and turning its technology into higher-margin growth.

While the stock still carries baggage from earlier health-tech hype, it could still be why investors haven’t fully rewarded the improved numbers. The upside comes if investors start valuing WELL stock as the profitable healthcare platform it is, rather than the pandemic trade it was.