This year’s ranking of the Toronto Stock Exchange’s top-performing companies shows investors were capitalizing on the commodities super cycle, Canada’s efforts to build infrastructure and the furious build-out of AI data centres across the world
The TSX 30 is an annual ranking of the top 30 best-performing stocks on Canada’s benchmark index based on dividend-adjusted share price performance over a three-year period.
The 2026 list saw the strongest returns since the program launched in 2019, with an average dividend-adjusted share price appreciation of 785 per cent over the period, nearly double that of the previous year.
Five technology companies made the list, adding $85.3 billion in market capitalization over the three years.
The group includes electronics hardware manufacturers Celestica Inc. and Firan Technology Group Corp. It also includes space technology company MDA Space Ltd., energy infrastructure and digital technology firm Hut 8 Corp. and satellite operator Telesat Corp.
Celestica topped the list for the second year in a row, posting a 2,590 per cent dividend-adjusted share price increase over three years.
The company provides advanced electronic manufacturing and supply chain solutions for customers in high-tech industries. Some of its largest customers include mega-cap tech companies, and it has benefited from the AI frenzy.
The list also had another stellar showing from the mining sector, accounting for 18 of the 30 spots, rising slightly from the previous year. Beyond gold names, the mining companies on the list were more diversified than the previous year, with companies focused on silver, copper and rare earths.
“We talk a lot about the commodity super cycle that the world is in and that we have a number of commodities for which the world will have a shortfall at some point over the next five years,” Robert Peterman, chief commercial officer of the Toronto Stock Exchange, said in an interview.
“What we know is that the exploration companies, or the junior companies, are the ones that find the bulk of the new mines that will fill the commodity needs.”
Gold continued to be attractive to investors amid economic and geopolitical uncertainty. Gold has been on a spectacular ride over the past year, having breached the US$5,000 an ounce mark before falling back down to trade around US$4,400 — though still well above historic levels.
“Gold and silver were certainly the dominant commodities,” Peterman said.
Two of the 30 companies listed were in the energy industry: international natural gas producer Tenaz Energy Corp and oil producer Valeura Energy Inc.
Energy prices have moved sharply higher this year after the U.S. war on Iran restricted the global flow of crude and other commodities through the Strait of Hormuz.
“The energy sector is certainly experiencing a moment where a lot of the shift is not just to supply, but where that supply is coming from and how it’s developed,” Peterman said.
“As every country starts to look at energy as part of its sovereignty plan, where they’re buying that energy from is important. We think Canada will continue to grow.”
Anthony Marino, president and CEO of Tenaz Energy, said the company looks to perform well regardless of how commodity prices move. Tenaz Energy posted a 1,463 per cent dividend-adjusted share price performance over the three-year period.
“Over the long term, we don’t have control over that commodity price. We can hedge in the shorter term to fix part of it, but we’re not price setters, we are price takers as sellers,” he said.
Along with return on capital, Marino said the company can differentiate itself through lower operating costs.
While Tenaz operates primarily as a natural gas producer, Marino said Canada has historically been a supportive jurisdiction for energy companies, with investors, regulators and governments recognizing the importance of the sector.
As Canada focuses on nation-building projects, industrial firms like Hammond Power Solutions Inc. and Bird Construction Inc. made the list. Bird posted a 738 per cent three-year dividend-adjusted share price appreciation.
Teri McKibbon, CEO of Bird Construction, said his company is involved in major Canadian projects and they “all require physical infrastructure.”
“We participate across the data centers and power, mining, transportation, defence, utilities, industrial development, and our strategy is not really dependent on any single theme, and it’s the opportunity of that distributed business across long-term investment programs,” he said.
McKibbon said he thinks Canada’s focus on infrastructure will be a tailwind for a number of years.
“The horizon of this is many years … some of the stuff we’re involved in is 20-year cycles,” he said.
