Canadian tech companies are a driving force in the Toronto Stock Exchange’s 2025 TSX30 list.
Established in 2019, the TSX30 is a ranking of the 30 top-performing companies on the stock exchange, based on dividend-adjusted share price performance over a three-year period. The technology sector made up one-fifth of this year’s list, which was otherwise dominated by the resource and industry sectors. Canadian tech was represented by Celestica, Propel Holdings, 5N Plus, MDA Space, VitalHub, and Canada’s most valuable company, Shopify.
Shopify represents 41 percent of the 2025 TSX30’s total market value.
Despite its relatively limited presence, the tech sector delivered the strongest average share price increase, at 620 percent over three years, according to the TSX. All of the companies on this year’s list represent an overall market capitalization of over $461 billion, an $81 billion increase from last year.
Toronto-based data centre hardware provider Celestica topped this year’s rankings, riding the artificial intelligence (AI) infrastructure boom to a 1,599 percent, dividend-adjusted share price increase over three years. Celestica placed second on the list last year but became the third-most valuable Canadian tech company in July.
The only other tech company to return from the 2024 list is public markets darling VitalHub. The Toronto-based healthcare software company moved up eight spots, to place 18th on this year’s list. The climb was driven by a 310 percent share price increase. The company is an active acquirer, having purchased MedCurrent Corporation, Strata Health, Induction Healthcare Group, and Novari Health over the past year.
Meanwhile, Shopify made a return to the list, placing 20th on the back of 290 percent share price growth. The company placed second on the TSX30 in 2021. Shopify regained its position as Canada’s largest company with a $191 billion market capitalization earlier this year. The e-commerce giant’s market cap single-handedly represents 41 percent of the 2025 TSX30’s total market value, according to the TSX.
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In its first year of TSX30 eligibility, Toronto-based FinTech firm Propel Holdings placed sixth on the list, delivering a 560 percent share price increase over three years. Since going public in October 2021, Propel has launched Fora Credit in Canada, teamed up with fellow Toronto-based FinTech company Koho to power its line of credit offering, and expanded into the United Kingdom with the $96-million CAD acquisition of Quidmarket.
Right behind Propel, in seventh place, is Montréal-based semiconductor material producer 5N Plus, which achieved a 548 percent share price increase over three years.
Brampton-based space tech firm MDA Space made its TSX30 debut at number 15 with a 340 percent increase over the tracked timeframe. The Canadarm manufacturer’s stock price took a significant hit this week after Elon Musk’s SpaceX swooped in to deny its $1.8-billion CAD contract with American telecom EchoStar.
“This list highlights how companies are capitalizing on prevailing economic trends … whether in transformative technologies or our world-class resource and industrial sectors,” TSX CEO Loui Anastasopoulos said in a statement.
Disclosure: BetaKit majority owner Good Future is the family office of two former Shopify leaders, Arati Sharma and Satish Kanwar.
Feature image courtesy Unsplash. Photo by Nicholas Cappello.