Shopify grows 846 percent over three-year period, places second on 2021 TSX30 ranking

Shopify ranked second this year on the 2021 TSX30, the Toronto Stock Exchange’s program showcasing the 30 top-performing stocks over a three-year period.

Altogether, five technology companies made the list, released September 14. The other companies were goeasy LTD., Absolute Software Corporation, Real Matters, and Tecsys Inc.

Shopify showed growth of 846 percent over the three-year period. The TSX30 announcement comes hard on the heels of the news that the Canadian e-commerce giant had partnered with another unicorn, Israli digital marketing firm Yotpo, in a $30 million deal.

As Shopify races to grow its ecosystem, the placement on this year’s TSX30 is a sign the company’s strategy is paying off.

After a string of investments in a number of companies this year, such as Vancouver-based FinTech startup Bench this year, Shopify announced its first-ever $1 billion revenue quarter in July.

Toronto-based FinTech startup goeasy Ltd. placed seventh on the list, posting a three-year growth rate of 327 percent. In April, goeasy acquired another Toronto FinTech startup, LendCare, for $320 million.

Real Matters, Absolute Software, and Tecsys respectively placed 16th, 24th and 25th on the list.

Real Matters uses its technology to create a marketplace for mortgage lending and insurance industry services, while Absolute Software specializes in security and data risk management. Tecsys is a software supply chain firm.

Mining companies dominated the TSX30, including first place, which went to Aura Minerals Inc. That firm showed growth over three years of 1,125 per cent. Fourteen of the companies on the list were mining firms.

The TSX called the companies “the economic engine of Canada, driving growth and job creation.” The 30 firms created $248 billion of market capitalization growth in the last three years, according to the exchange.

And in spite of the economic upheaval from the COVID-19 pandemic over the past 18 months, the 30 companies produced on average shareholder adjusted returns of 302 percent over the last three years.

The rankings are based on dividend-adjusted share price performance.

“Public companies on our world-class Exchanges play a critical role in creating jobs and driving economic activity,” said Loui Anastasopoulos, president, capital formation and enterprise marketing officer, TMX Group.

“Despite challenging times, the 2021 TSX30 and many more of our listed companies across all sectors have continued to lead the way; pursuing adaptive, future-focused business plans and generating growth for their shareholders, industries, and the communities in which they operate,” added Anastasopoulos.

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.