In this article, we will take a look at the 10 Best-Performing Canadian Stocks in 2025.
According to Deloitte’s January 2025 report, the Bank of Canada’s decision to shift monetary policy from neutral to slightly stimulative (2.25%) by the middle of the year would assist the Canadian economy grow faster in 2025. Inflation is also predicted to continue close to the 2% target in the coming year, improving the outlook. However, the main concern for 2025 is if and when business confidence will recover. Companies may remain isolated in 2025 due to uncertainties surrounding the newly elected Trump Administration’s tax, regulation, and trade policies.
Canada remains the United States’ second-biggest commercial partner and largest export market. In the first three quarters of 2024, around C$800 billion ($600 billion) in goods passed the Canada-US border. Including trade in services raises the totals to C$910 billion ($683 billion). That equates to C$3.6 billion in total import and export movements every day. In that vein, additional tariffs are not something the Canadian economy wants to contend with. That said, U.S. President Donald Trump’s threat to levy 25% import duties on all Canadian goods and 10% on energy was put on hold for 30 days earlier this month after Canada implemented additional border security measures. On February 9, however, Trump said that he will impose fresh 25% tariffs on all steel and aluminum imports into the United States, in addition to current metals charges, in another significant escalation of his trade policy reform. However, in an exclusive TV interview, Canadian Trade Minister Mary Ng indicated that her country was prepared to retaliate should unfair tariffs be imposed:
“Should Canada get tariffs that are punishing, tariffs that will hurt our economy, everything will be on the table.”
As the fear of a trade war rises, Canadian investors are taking advantage of a weaker currency and anticipated volatility, seeking refuge in gold and stocks of companies that manufacture commodities with few, if any, substitutes, such as uranium. In addition, industries such as financial, telecom, real estate, energy, and commodities, which make up about two-thirds of Canada’s primary stock market index, the S&P/TSX Composite, are likely to benefit from exemptions or avoid the immediate implications of tariffs. However, if the Canadian economy enters a recession, analysts warn that salaries may fall. Despite the tariffs, the TSX has held close to its January record high, thanks primarily to metals-related shares and considerable increases in technology companies.
Nonetheless, the Canadian stock market is in an interesting space for now. With that in mind, we will take a look at some of the best performing Canadian stocks this year.
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Our Methodology
To come up with our list of the best-performing Canadian stocks in 2025, we reviewed several Canadian stocks trading on the U.S. market and sorted them by their 1-year performance as of February 14, in ascending order. Additionally, we included hedge fund sentiment on each stock to provide further insight into each company’s outlook.
Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10. Royal Bank of Canada (NYSE:RY)
1-Year Returns: 21.68%
Number of Hedge Fund Holders: 22
The Royal Bank of Canada (NYSE:RY), one of Canada’s largest banks by assets, is a multinational financial services company that provides corporate banking, wealth management, insurance, capital markets, and personal and commercial banking. The bank is mostly focused on Canada, while it also operates in the United States and other nations.
In the fourth quarter of 2024, Royal Bank of Canada (NYSE:RY) recorded revenue of more than C$15.07 billion, up from C$12.6 billion in the previous year. Net income for the quarter was C$4.22 billion, up from C$3.9 billion in the same period of the previous year.
Argus boosted its price target for Royal Bank of Canada (NYSE:RY) to $140 from $132 earlier in December, while keeping the shares at a Buy. According to the firm, RBC has a strong competitive position, with a growing market share in Canadian banking and a decent wealth management franchise. Argus adds that the run-rate yearly savings with HSBC Bank Canada, which was bought in March 2024, have already reached $400 million, with a total of $740 million predicted by March 2026.
9. Barrick Gold Corporation (NYSE:GOLD)
1-Year Returns: 22.46%
Number of Hedge Fund Holders: 42
Barrick Gold Corporation (NYSE:GOLD) is a global mining corporation that explores, develops, produces, and sells gold and copper. The company’s operations span eighteen countries.
On February 14, Raymond James analyst Brian MacArthur reduced the price target for Barrick Gold Corporation (NYSE:GOLD) to $23 from $24. Despite this drop, the analyst maintained his Outperform rating for the mining company’s shares. MacArthur emphasized the strategic importance of the no-premium acquisition with Randgold, which added tier-one assets and free cash flow to Barrick’s portfolio. However, he also stated that the transaction raised the company’s jurisdictional risk due to Randgold’s substantial African interests.
Furthermore, Barrick Gold Corporation (NYSE:GOLD) recently posted fourth-quarter results that met analyst projections, despite sales falling short. Adjusted profits per share were $0.46, which matched analysts’ consensus estimates. However, the revenue was recorded at $3.65 billion, which was lower than the expected $3.65 billion. In addition to the earnings release, Barrick Gold declared a quarterly dividend of $0.10 per share and said it had repurchased 28.675 million shares under its buyback program in 2024.
Sound Shore Management stated the following regarding Barrick Gold Corporation (NYSE:GOLD) in its Q3 2024 investor letter:
“For example, global gold and copper miner Barrick Gold Corporation (NYSE:GOLD) rose after posting earnings that topped forecasts driven by improved cost performance as well as higher metals prices. We initiated our investment earlier this year when the stock was trading at below normal price to earnings and price to book valuations. The depressed valuation was largely due to long-term issues driven by poor acquisitions and shorter-term inflationary pressures that had been a drag on profitability. Following Barrick’s 2019 merger with Randgold, the latter’s senior management team took the reins and have since streamlined and optimized the company’s once sprawling asset base. Today, Barrick is set to improve operations and drive organic growth which, along with a better price environment, we believe should improve returns on capital. Bolstered by a nearly debt-free balance sheet and strong free cash flows, the company is well positioned to increase dividends, share buybacks and improve its valuation.”
8. Enbridge Inc. (NYSE:ENB)
1-Year Returns: 25.13%
Number of Hedge Fund Holders: 26
Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline and energy company that provides energy infrastructure across North America. The company transports and distributes oil and natural gas, develops renewable energy, and offers energy marketing solutions.
On February 14, Enbridge Inc. (NYSE:ENB) reported fourth-quarter earnings that exceeded analyst projections and maintained its financial prediction for 2025. The Canadian energy infrastructure company announced adjusted earnings per share of C$0.75, above the average estimate of C$0.74. In addition, Enbridge’s adjusted earnings for the full fiscal year 2024 were C$6.0 billion, or C$2.80 per share, up from C$5.7 billion in 2023.
Earlier in December, RBC Capital raised its price target for Enbridge Inc. (NYSE:ENB) to $63 from $59, while keeping an Outperform rating. RBC Capital’s adjustment is based on a bullish opinion of Enbridge’s 2025 forecast, with the firm observing that the consensus expectations were at the low end of Enbridge’s expected EBITDA range, which is now $10.8 billion. Furthermore, the adjustment was based on RBC Capital’s cautious expectations about Mainline volumes and the USD/CAD exchange rate.
7. Franco-Nevada Corporation (NYSE:FNV)
1-Year Returns: 26.81%
Number of Hedge Fund Holders: 32
Franco-Nevada Corporation (NYSE:FNV) is a Canadian mining company that specializes in gold royalties and streaming. The company’s business model is built on obtaining royalties and streams from mining activities, which provide stable and predictable revenue.
On January 27, Raymond James boosted its price target for Franco-Nevada Corporation (NYSE:FNV) to $160 from $158, maintaining an Outperform rating on the company. The change comes after Franco-Nevada Corporation (NYSE:FNV) agreed to a $300 million royalty contract to support Discovery Silver’s proposed acquisition of the Porcupine Complex. Raymond James believes that this acquisition will generate immediate gold cash from the Porcupine Complex.
H.C. Wainwright, on the other hand, lowered its price target for FNV to $155 while maintaining a Buy rating on the company’s shares. The change follows Franco-Nevada’s recent announcement of a new precious metals stream deal with Sibanye-Stillwater Limited’s mining activities in South Africa.
6. Brookfield Corporation (NYSE:BN)
1-Year Returns: 50.98%
Number of Hedge Fund Holders: 37
Brookfield Corporation (NYSE:BN) is a Canadian multinational corporation that ranks among the world’s largest alternative investment management companies. Brookfield is known for handling direct control investments in real estate, renewable energy, infrastructure, credit, and private equity.
On February 11, JPMorgan analyst Kenneth Worthington lowered Brookfield Corporation’s (NYSE:BN) price target to $61 from $65. Despite this shift, the analyst retains his Overweight rating on the stock. Worthington highlighted Brookfield’s continuing fundraising activities, which are likely to dramatically increase the company’s fee-earning assets and income, which are now valued at $93.22 billion. This increase is expected to be driven mostly by the company’s flagship goods, with additional help from perpetual funding and the introduction of new items.
Brookfield Corporation (NYSE:BN) announced record financial results for 2024, with distributable profits before realizations up 15% to $4.9 billion. The company’s asset management business had inflows of more than $135 billion, with fee-bearing capital increasing 18% to $539 billion, while its wealth solutions business nearly quadrupled its profitability over the preceding year on account of the American Equity Life acquisition and organic development.
Third Point Management stated the following regarding Brookfield Corporation (NYSE:BN) in its Q4 2024 investor letter:
“Last summer we initiated a position in Brookfield Corporation (NYSE:BN). Brookfield is one of the largest global alternative asset managers with over $500 billion in fee-earning AUM. We believe Brookfield is uniquely positioned to be a beneficiary of the secular growth tailwinds around infrastructure, where it is the preeminent global franchise, and private credit, where it is a top player with $250 billion in fee-earning credit assets. These are two of the fastest growing asset classes within alternatives.
We believe infrastructure is poised to benefit from the dual tailwinds of the enormous global funding gap in traditional infrastructure – estimated at $100 trillion of required investment through 2040 – and significant new demand for digital infrastructure to support data and compute needs. Brookfield has a long track record of first quartile returns within its global infrastructure business and a 100+ year history as an owner-operator of real assets that predates its asset management franchise. In 2022, it raised its offshoot Global Transition fund at in our view an impressive $13 billion first vintage, and in 2023, it closed on the largest infrastructure drawdown fund ever raised at $28 billion..” (Click here to read the full text)
5. Shopify Inc. (NYSE:SHOP)
1-Year Returns: 57.89%
Number of Hedge Fund Holders: 56
Shopify Inc. (NYSE:SHOP) is a Canada-based e-commerce company that provides a platform for merchants to sell items via a variety of sales channels. Shopify’s platform is utilized by millions of businesses in 175 countries, making it a crucial tool for supporting organizations all around the world.
Phillip Securities substituted SHOP from Buy to Accumulate on February 17, increasing the stock’s price target to $140 from $105. The revision followed Shopify’s Q4 performance, which exceeded sales and profit expectations because of solid cost control. According to the firm’s report, Shopify’s revenue and profit after tax and minority interests (PATMI) for fiscal year 2024 exceeded expectations by 102% and 167%, respectively.
Polen Capital mentioned Shopify Inc. (NYSE:SHOP) in its Q2 2024 investor letter. Here is what the fund said:
“Shopify’s business model combines 1) a mission-critical software business where merchants can run all their business operations from one dashboard and 2) a payments business with a long runway to increase attach rates and grow alongside merchants. Additionally, we believe the business possesses significant optionality to continue attaching existing merchant solutions and adding more merchant services as high-margin cross-sells. With several powerful tailwinds at their back (e-commerce, mobile commerce, social media, digital payments, seamless omnichannel, DTC, cloud software digitization) and a highly scalable business model, we think their growth will likely be stronger for longer than investors expect.”
4. Pan American Silver Corp. (NYSE:PAAS)
1-Year Returns: 86.43%
Number of Hedge Fund Holders: 29
Pan American Silver Corp. (NYSE:PAAS), a major precious metals mining company that specializes in the production of gold and silver, manages a diverse portfolio of top mining and exploration projects in North, Central and South America.
In its upcoming earnings report on February 19, Wall Street analysts expect Pan American Silver Corp. (NYSE:PAAS) to announce quarterly profits of $0.35 per share, up 975% from the same time last year. Revenues are expected to reach $812.87 million, a 21.4% rise over the previous year.
To boost operational effectiveness and production capacity, Pan American Silver Corp. (NYSE:PAAS) is investing extensively in capital projects, including the new Pace plant in Timmins, Ontario’s Bell Creek mine. As the plant increases ore recovery and lowers tailings disposal costs, its overall profitability is expected to increase.
3. Alamos Gold Inc. (NYSE:AGI)
1-Year Returns: 90.60%
Number of Hedge Fund Holders: 30
Alamos Gold Inc. (NYSE:AGI) is a Canada-based producer of intermediate gold known for its diversified production from three North American mines, as well as its extensive portfolio of expansion projects. The company is focusing on combining the Magino mine with the existing Island Gold mine to create one of Canada’s largest and most profitable gold mines.
Alamos Gold Inc. (NYSE:AGI) stated on January 14 that its Q4 2024 gold output was 140.2 thousand ounces (koz), slightly below the 144.2 koz consensus projection. Nonetheless, this amount was consistent with the company’s fourth-quarter output projection. The Alamos Mulatos mine continued to exceed expectations, producing 38.9 koz.
2. Agnico Eagle Mines Limited (NYSE:AEM)
1-Year Returns: 100.52%
Number of Hedge Fund Holders: 54
Agnico Eagle Mines Limited (NYSE:AEM) is a Toronto-based gold mining company that explores, develops, and produces precious metals. The company has projects in the United States as well as mining activities in Canada, Finland, Australia, and Mexico, and avoids forward gold sales by ensuring full exposure to changing gold prices.
Agnico Eagle Mines Limited (NYSE:AEM) reported decent financial and operational results for the fourth quarter and full year 2024. The company produced a record amount of gold, 3.48 million ounces, at $885 per ounce in production expenses and $903 in total cash costs. Additionally, AEM reported a quarterly adjusted net income of $632 million alongside a massive FCF of $570 million. The company also managed to strengthen its balance sheet by cutting net debt by $1.3 billion in 2024, ending the year at $217 million.
Agnico Eagle Mines Limited (NYSE:AEM) recently purchased 95.6% of O3 Mining’s outstanding shares in a takeover bid. In addition to providing shareholders with cash in exchange for their shares, this transaction boosts Agnico Eagle’s position in the mining sector.
1. Kinross Gold Corporation (NYSE:KGC)
1-Year Returns: 122.29%
Number of Hedge Fund Holders: 41
Kinross Gold Corporation (NYSE:KGC) is one of Canada’s most prominent gold mining companies. Its operations include the acquisition, exploration, and development of gold assets in the United States, Brazil, Chile, Canada, and Mauritania.
On January 27, BofA raised Kinross Gold Corporation (NYSE:KGC) from Underperform to Buy, raising the price target to $12.75 from $9.25. The firm has drastically increased its expectations for 2026 EPS and output to 2 million gold equivalent ounces, citing Kinross Gold’s strong position entering Q4 2024 results and potential catalysts in 2025.
Kinross Gold Corporation (NYSE:KGC) recently released its fourth quarter and full-year profits for 2024, which were mainly favorable due to the company’s excellent financial position. In addition to successfully repaying $800 million in debt, Kinross Gold Corporation (NYSE:KGC) achieved a record free cash flow of over $1.3 billion and net profitability of $948.8 million for the year, a considerable rise over the previous year. According to the company’s records, it generated 2.13 million gold equivalent ounces during the last year.
While we acknowledge the potential of KGC, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than KGC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
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