For a stock to triple in value within half a decade, it must have at least a 25% Compound Annual Growth Rate (CAGR). The Canadian stock market has no shortage of growth stocks. However, not every growth stock offers the ability to deliver threefold returns in such a short time. Investors must consider focusing on maximizing growth that is also sustainable. Companies that can benefit from demand trends spanning several years and deliver outsized growth are the most likely to help you get excellent returns.
Against this backdrop, here are three TSX stocks backed by potentially multi-year demand trends that you can consider adding to your self-directed investment portfolio.
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MDA Space
MDA Space Ltd. (TSX: MDA) is a $7.4 billion market capitalization company in the space industry. The company is making a name for itself in the growing space industry by providing advanced tech-based solutions and services. Recent advances in technology have increased opportunities for satellite infrastructure and defence, creating the kind of conditions that MDA Space stock needs to deliver substantial growth.
The growing demand for next-gen communications and satellite constellations is a major growth driver for the company. However, its geointelligence and robotics divisions also continue to benefit from growing demand. The order backlog of $3.7 billion in the first fiscal quarter of 2026 proves that it has the kind of earnings and growth visibility that investors can expect from reliable growth stocks.
Bird Construction
Bird Construction Inc. (TSX: BDT) is a $3.4 billion market-cap investment holding company in the construction sector. The company has clients in the industrial, mining, institutional, retail, commercial, and several other sectors, engaging the business for its construction services. There is a significant and growing demand for construction services. The country’s growing investments in energy, infrastructure, and industrial projects benefit the business.
In addition to strong demand for its services in key markets, it is foraying into the fast-growing data centre industry, where opportunities are expected to be over $20 billion. Besides solid demand, its balance sheet makes Bird Construction a compelling investment. Boasting an $11 billion backlog in the first quarter of fiscal 2026 alone, BDT can be a compelling investment to consider for growth.
Hammond Power Solutions
Hammond Power Solutions Inc. (TSX: HPS.A) is a $3.7 billion market capitalization company that is also well-positioned to benefit from growing Artificial Intelligence (AI) adoption and the need for infrastructure to support it. While it doesn’t make data centres that would directly benefit the company, Hammond Power Solutions provides the critical equipment necessary to support the massive demand for energy by data centres.
As hyperscaler data centres continue expanding worldwide, the demand for products like power-quality systems, magnetic components, and dry-type transformers will grow. This spells a significant opportunity for long-term growth. The company’s order backlog in the first quarter of fiscal 2026 grew by 94.6% year-over-year, indicating that there is room for the stock to grow. HPS.A stock can be an enticing investment at current levels.
Foolish takeaway
It’s important to remember that there is never a guarantee that any stock will deliver threefold returns. Factors out of your control can significantly impact how the market moves and the performance of assets you hold in your self-directed investment portfolio. The best thing you can do is make well-educated bets in the market after conducting your due diligence.
To this end, MDA stock, BDT stock, and HPS.A stock offer the likeliest ability to deliver outsized gains in the next few years.
