The post-pandemic world made investors in gold, semiconductors, and oil stocks millionaires over the last four years. However, those who invested in telecom and software stocks suffered losses or have barely made a profit. This market cycle shows that every growth spurt is not the same for all stocks. What has passed is history, and it may not define the next five-year growth cycle. However, it has left behind traces of the next growth cycle.
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Five Canadian stocks to hold for the next five years
The next five years could open a new chapter for Canada’s growth as it accelerates nation-building activities, building energy corridors, sovereign artificial intelligence (AI) infrastructure, and new export markets. The efforts are visible in the order books and capital expenditures. Here are five Canadian stocks worth holding on to for the next five years.
Descartes Systems
Descartes Systems’ (TSX:DSG) share price tanked after the US announced tariffs for all its export partners. After a 45% dip since January 2025, the stock is gearing up for a recovery rally. When the global trade momentum slowed amidst a tariff war, Descartes focused on
- growing revenue through acquisitions,
- increasing the adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin by cutting costs, and
- increasing earnings per share (EPS) through share buybacks.
It kept preserving cash to fund other all-cash acquisitions. Improving fundamentals and a share price dip corrected its valuation to a 40 times price-to-earnings (P/E) ratio from 64 times in 2025. Considering the 34% EPS growth, the stock price shows reasonable growth expectations. Any EPS growth from here could support share price growth. The next five years could see a recovery in its share price to $160 and above, representing a 44% upside.
Bombardier stock
Bombardier (TSX:BBD.B) stock might look overvalued at its 26 times P/E ratio, but if you see its 30–50% EPS growth trajectory in the last two years, the valuation is still cheap. The year 2026 will be exceptionally strong for Bombardier as its $21.8 billion order book has a greater mix of high-margin Global 8000 aircraft. Moreover, Bombardier is using its years of losses as income tax recovery to boost EPS.
It has set its growth roadmap to 2030, focusing on the defence sector, pre-owned aircraft, and Global 8000. In the meantime, it will use the excess cash to repay debt, buy back shares, and grow through acquisitions and partnerships. All these efforts could continue to drive Bombardier stock into high-double-digit growth.
Bird Construction
After surging 936% since 2022, Bird Construction (TSX:BDT) might look overvalued. But it is just beginning to execute nation-building infrastructure projects. It is the construction partner for some of the large capital projects, like Woodfibre LNG plant, BCE’s AI data centre in Saskatchewan, and a nuclear power plant. Bird’s order book has surged 70% in two years to $11.1 billion.
Bird Construction’s share price is falling as the company sees execution pressure. However, the next two years could see the commissioning of two major projects, converting order book to revenue and profits. While growth may remain tepid in the short term, it could surge as projects get commissioned and new projects join the backlog.
Two high-risk, high-growth stocks worth owning now
The above stocks are viable businesses where EPS is a good performance measure. Here are two emerging technology stocks representing technology offerings with significant revenue growth potential.
Ballard Power Systems (TSX:BLDP) has manufactured a commercially viable hydrogen fuel cell technology for commercial vehicles, like buses, trucks, trains, marine, and stationary power. It achieved a positive gross margin of 5% in 2025 and has sustained it at 17% in the first half of 2026.
Ballard has appointed a professional management team to help it improve efficiency and generate profits. If the adoption of hydrogen fuel cell technology picks up, Ballard stock could surge 400–800%. The next five years are crucial for this stock.
Hive Digital Technologies (TSX:HIVE) is tapping the AI data centre wave using its expertise in building graphics processing unit (GPU)-powered data centres. It is working on BCE’s AI fabric and seeking a hyperscaler client. If it succeeds in getting one, the stock could skyrocket.
