Smart Canadian investors are not just chasing whatever has already run. Right now, they’re watching companies with a clear catalyst, a business that is still expanding, and numbers strong enough to justify the excitement. That usually means firms tied to defence, infrastructure, digital platforms, or hard-to-copy assets. In a market that still feels picky, investors want growth, but they also want proof. So let’s look at a few to consider on the TSX today.
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KRE
Kraken Robotics (TSXV:PNG) is getting attention as it sits right at the intersection of defence spending, offshore energy, and underwater technology. The company makes subsea batteries, sonar systems, and marine robotics, and over the last year it has kept stacking contracts while expanding its capabilities through the 3D at Depth acquisition. More recently, it announced a much bigger planned acquisition of Covelya, which would broaden its reach in maritime surveillance and defence even further.
The numbers are strong enough to explain the buzz. Kraken’s 2025 revenue rose to $102.2 million from $91 million, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $25 million from $20.8 million. Management now expects 2026 revenue of $165 million to $175 million and adjusted EBITDA of $40 million to $50 million, even before any contribution from Covelya. The catch is valuation. The stock recently carried a market cap near $2.6 billion and a trailing price-to-earnings (P/E) above 850, so investors are clearly paying up for future growth. That makes Kraken exciting, but also vulnerable if execution slips.
MDA
MDA Space (TSX:MDA) is another name smart investors keep circling because the story has grown well beyond nostalgia around Canadarm. It now operates across satellite systems, robotics, and geointelligence, and it spent the last year deepening that platform. MDA stock signed a $1.1 billion Globalstar contract in early 2025 and completed its SatixFy acquisition in July, which strengthened its satellite communications offering just as digital constellation demand kept rising.
Its earnings backed up the optimism. In 2025, MDA stock posted record revenue of $1.6 billion, up 51%, with adjusted EBITDA of $323.9 million, up 49%, and a year-end backlog of $4 billion. Fourth-quarter revenue alone reached $499 million. That gives it strong visibility into 2026 and beyond. MDA stock is not cheap either, though. It holds a market cap around $6.5 billion, a trailing P/E of 56. So this is not a bargain buy. It is a growth stock with real momentum, but investors still need the next few quarters to stay sharp.
ALS
Altius Minerals (TSX:ALS) is a different kind of watchlist stock. It does not have the flash of space or robotics, but it gives investors exposure to royalties tied to copper, potash, iron ore, lithium, and renewable electricity. That mix looks especially interesting right now because the company completed its Lithium Royalty arrangement in March, giving it more leverage to a metal that could matter a lot more if lithium markets tighten again.
The financial picture looks solid and improving. Altius reported 2025 attributable royalty revenue of $69.9 million and adjusted earnings of $22.5 million, then followed that with expected Q1 2026 attributable revenue of about $26.4 million, up from $15 million a year earlier. Lithium alone contributed $5.4 million in the quarter after the acquisition closed. The stock also recently traded around 8 times earnings with a 0.8% yield, so investors are getting some income while waiting for the royalty mix to evolve. The risk is that commodity prices can swing, but that diversification is also what makes Altius worth watching.
Bottom line
Kraken, MDA, and Altius all give investors something a little different, and that is exactly why they stand out. Kraken brings high-octane defence and marine tech growth. MDA stock offers scale and backlog in a booming space market. Altius adds a quieter royalty model with growing lithium exposure. Smart Canadian investors are watching all three as each has a real reason to matter now, not just a good story.
