As Warren Buffet once said, “The stock market is a device for transferring money from the impatient to the patient”. While this is an oversimplification, it speaks to the importance of patience in investing. In this article, I’ll discuss four Canadian stocks that have great potential, but they require loads of patience as well as conviction.
These stocks are from different industries, have a different set of drivers, and face different challenges. But the one thing they have in common is that they have been paving the way in new, unchartered territory. This is what is driving strong potential returns from these companies.
Let’s look into this.
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Ballard Power Systems
The first Canadian stock that I believe has very strong potential for significant returns is Ballard Power Systems Inc. (TSX: BLDP). Ballard has been around for decades, so I think that most of us have at least heard of this company. But beyond that, I think that investors are skeptical due to the fact that although it’s been around for so long, it has yet to really achieve what it has set out to achieve – supply fuel cells as the clean energy fuel source for vehicles on a mass scale.
While I of course understand this skepticism, I’m focused on what has been working for Ballard. And I see great potential if things go well. Of course there is risk. Of course, this stock requires investor patience. And investor resiliency. I know this first hand because I‘ve owned this stock for maybe 10 years now and I can tell you that it has been a rollercoaster ride.
For many years, I felt like this could be dead money. Other years it seemed like a breakthrough was just around the corner. Today, I think that things look promising again. New management has right-sized the company and initiated a clearer, more focused strategy. The results of this have been good. In Ballard’s latest quarter, revenue increased 26% to $19.4 million, gross margins were 14% (a 37 basis-point increase), and cash flow metrics are substantially improving.
Blackberry
As another trailblazer among Canadian stocks, Blackberry Ltd. (TSX: BB) has also had its fair share of false starts, challenges, and investor skepticism. But like Ballard, it too is seeing significant improvements. In its latest quarter, total revenue increased 10% to $156 million. Its QNX segment posted a 20% increase in revenue to a record $78.7 million. And QNX’s backlog increased to approximately $950 million, signaling multi-year revenue growth visibility.
Finally, Blackberry stock is solidifying its leadership position in automotive embedded software. Today, Blackberry’s systems are in more than 275 million vehicles worldwide. This, along with Blackberry’s continued focus on efficiencies, drove increased adjusted earnings per share (EPS) in its latest quarter to $0.06.
Peyto Exploration and Development
As a natural gas producer, Peyto Exploration and Development Ltd. (TSX: PEY) is expected to continue to benefit from the positive fundamentals in the natural gas industry – increased demand from utilities, liquified natural gas (LNG) exports, and higher pricing.
In Peyto’s latest quarter, record production, strong realized pricing, and low costs drove record operating cash flows and earnings. This allowed Peyto to lower its debt level, and ultimately, institute a 9% dividend increase.
Well Health Technologies
Well Health Technologies Ltd. (TSX: WELL) is a Canadian stock that also faces a bright future. The company is an omni channel digital healthcare company, with a network that includes primary, specialized, and diagnostic healthcare services and facilities.
It has been bringing its technology to the Canadian healthcare system, with benefits that include greater efficiencies, lower doctor burden, better patient care, and ultimately the addition of artificial intelligence to detect disease and further improve patient outcomes.
In 2025, Well Health delivered revenue growth of 52% and record net income and free cash flow of $58.2 million, which increased 19% versus the prior year. Looking ahead, Well Health still has an attractive runway of continued growth. The primary care market remains highly fragmented, and doctors continue to seek out Well Health for the many benefits it brings to clinics.
Patient investors would likely do well betting on this Canadian stock, as well as Canadian stocks like Blackberry, Ballard, and Peyto.
