Some rallies scare investors off too early. Shopify (TSX:SHOP) gave Canadian tech investors a reminder of what great companies can do when growth returns. The stock still carries risk, and no one should pretend every pullback creates an easy entry point.
But Shopify’s latest quarter showed why the market still pays attention. Revenue rose 34% in the first quarter of 2026, gross merchandise volume cleared US$100 billion, and the free cash flow margin reached 15%. That kind of scale doesn’t happen by accident.
Still, investors who missed Shopify stock’s move don’t need to chase it blindly. The better question may be which Canadian tech stocks could benefit next from the same broad themes: digital commerce, payments, automation, and software that helps businesses run leaner. That means two names stand out now: Lightspeed Commerce (TSX:LSPD) and Docebo (TSX:DCBO).
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LSPD
Businesses still need better tools to sell, manage payments, track inventory, and connect online and in-store operations. Lightspeed stock serves retailers and restaurants, with a sharper focus now on North American retail and European hospitality. That focus should help it spend less energy chasing everything and more energy improving the parts of the business with the best growth potential.
The latest results showed progress. In its fiscal fourth quarter of 2026, Lightspeed stock reported revenue of US$290.8 million, up 15% year over year. Gross profit rose 15% to US$129.1 million. For the full year, the company generated US$55.5 million in operating cash flow and US$18.2 million in adjusted free cash flow. That’s an important shift for a company investors once viewed mainly as a cash-burning growth story.
Lightspeed also offers a valuation reset. It trades at just one times sales and 0.82 times book value, with a forward price-to-earnings (P/E) ratio near 14. However, revenue growth still needs to stay durable, competition remains fierce, and restaurants and retailers can pull back on spending when times get tougher. But if management keeps pushing toward stronger margins and steadier cash flow, Lightspeed stock could look much more attractive than it did during the pandemic boom.
DCBO
Docebo brings a different kind of software story. It helps companies train employees, customers, and partners through learning platforms. That might sound less exciting than e-commerce, but it fits the moment well. Companies want to improve productivity, onboard workers faster, and use artificial intelligence (AI) to personalize training. Learning software can sit close to those needs.
Docebo’s latest quarter backed up the case. In the first quarter of 2026, annual recurring revenue rose 10.6% to US$248.9 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached US$11 million, or 16.8% of revenue. The company also reduced customer concentration, with its largest OEM customer representing 3.2% of annual recurring revenue (ARR), down from 9.4% a year earlier. That lowers one risk that previously hung over the stock.
The stock also looks more grounded than many software names. It trades at 14.8 times earnings and about 2 times sales. That’s not expensive for a profitable software company if growth continues. The risk comes from slower enterprise spending and foreign exchange, and responding to the need to prove AI features can add real value rather than just a buzzword.
Bottom line
Shopify stock still sets the benchmark. It has scale, brand power, and a merchant ecosystem most Canadian tech companies can only envy. But that doesn’t mean investors should ignore smaller names. Lightspeed and Docebo both trade with more modest expectations, while still targeting markets with long growth runways.
For investors who believe Shopify stock’s rally says something bigger about Canadian tech, these two stocks look worth buying next. They carry more risk than a bank or utility, but they also offer more upside if profitable growth keeps building. In a long-term portfolio, that mix could pay off nicely, especially for investors willing to ride through volatility instead of waiting for perfect conditions over the next several years ahead.
