2 Superb Canadian Stocks Set to Surge Into 2026

A Canadian stock looks ready to surge into 2026 when price action lines up with proof. Demand feels structural, not trendy. Earnings confirm it can scale. Furthermore, it has a catalyst that can keep the story moving, like a contract backlog or a capacity ramp. Add a valuation that still leaves room for upside, and you get a setup that can surprise even after a strong run. Clear end markets matter, as 2026 will reward focus, repeat orders, and reliable delivery too.

MDA

MDA Space (TSX:MDA) fits that profile as it sells the hardware and services that make modern space work. It builds satellites and robotics, and it supports operations once those systems reach orbit. Governments want surveillance, communications, and resilience. Commercial customers want more capacity, more coverage, and better efficiency. MDA earns money when that spending turns into signed work.

The market has started to price in that runway. Over the past month, MDA shares are up about 47%. That move usually needs more than hype. Investors have watched MDA stack wins over the past year, and now they want proof that it can keep converting work into cash. The risk sits in expectations, as growth stocks can drop fast when a contract slips or margins wobble.

Recent earnings delivered the proof. In Q3 2025, MDA reported revenue of $409.8 million, up 45% year over year, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $82.8 million, up 49%, with adjusted diluted earnings per share (EPS) of $0.35. It also ended the quarter with a $4.4 billion backlog, which gives the Canadian stock real visibility into 2026. The valuation still looks rich, with a trailing price to earnings (P/E) around 42, so 2026 needs steady execution, not just big announcements.

CCO

Cameco (TSX:CCO) offers a different kind of surge story, tied to energy security and the grid’s growing appetite for dependable power. It produces uranium, runs key fuel services, and owns 49% of Westinghouse, which links it to reactor services and new-build opportunities. When countries push nuclear as a practical solution, Cameco tends to sit near the centre of the supply chain.

The Canadian stock has already shown serious strength. CCO’s one-month gain sits around 33%, and the one-year gain sits above 100%. That run raises the bar, as the market now demands continued proof. It also explains why pullbacks can feel sharp. A premium Canadian stock does not forgive a sloppy quarter, even when the long-term thesis stays intact.

Cameco’s latest quarter looked mixed, but the numbers still show why investors stay engaged. In Q3 2025, it reported revenue of $615 million and adjusted EBITDA of $310 million, while adjusted net earnings came in at $32 million, or $0.07 per share. It ended the quarter with $779 million in cash and cash equivalents and $1 billion in total debt. For the outlook, the uranium producer said contracts cover average annual deliveries of over 28 million pounds of U3O8 over the next five years. It also highlighted a partnership with the U.S. government to accelerate Westinghouse reactor deployment, with at least US$80 billion of investment value. Management cut its McArthur River/Key Lake 2025 production outlook, so execution risk stays real.

Bottom line

Together, MDA and Cameco look ready to surge into 2026 as the market starts to reward tangible progress. MDA pairs a $4.4 billion backlog with rapid growth, and it can keep surprising if it turns that work into recurring cash flow. Cameco pairs long-dated contracts with Westinghouse optionality, and it can win if nuclear demand keeps tightening supply. With the stocks up about 47% and 33%, respectively, in a month, the easy jump has happened, but the next leg can come from results, not hope. If both companies keep hitting milestones, 2026 can still deliver another sharp leg higher.

The post 2 Superb Canadian Stocks Set to Surge Into 2026 appeared first on The Motley Fool Canada.

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More reading

• 3 Under-the-Radar Stocks That Could Turn $100,000 Into $1 Million by 2035
• If I Could Only Buy 2 Stocks in 2026, These Would Be My Top Picks
• 5 Canadian Stocks to Buy and Hold for the Next Five Years
• Got $7,000? 4 Quality Stocks to Buy and Hold for 2026 in a TFSA
• 2 No-Brainer Energy Stocks to Buy With $1,000 Right Now

Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.