Toronto Stock Exchange Announces the 2025 TSX30, Showcasing the Companies Contributing to Canada's Economic Transformation

Rhea-AI Summary

Toronto Stock Exchange (TSX:TMXXF) has unveiled its 2025 TSX30™ ranking, showcasing the top 30 performing companies with an impressive 431% average return over three years. The selected companies collectively added $358.5 billion in market value, representing a total market capitalization of $461 billion.

Celestica Inc. (TSX:CLS) topped the list with a remarkable 1,599% dividend-adjusted share price increase, driven by AI infrastructure demand. The ranking features strong representation from various sectors: 17 mining companies (predominantly in gold), 6 innovation companies, and 5 industrial firms. Notably, 47% of listed companies are TSX Venture Exchange graduates, demonstrating Canada's effective two-tiered market structure.

[ "Companies achieved exceptional 431% average returns over three years", "Added $358.5 billion in combined market value", "Strong mining sector representation with 17 companies, reflecting precious metals surge", "Technology sector delivered highest average share price increase at 620%", "20 of ranked companies maintained positive cash flow throughout three years", "47% of companies are successful TSXV graduates, showing strong ecosystem" ]

Positive

• None.

Negative

• Heavy concentration in mining sector (17 of 30 companies) indicates potential lack of diversification
• Geographic concentration with 73% of firms based in just two provinces (Ontario and British Columbia)

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Annual ranking recognizes top performers across mining, innovation, and diversified industries who delivered 431% average returns and created $358 billion in new market value over three years

Toronto, Ontario--(Newsfile Corp. - September 9, 2025) - Toronto Stock Exchange (TSX) unveiled its annual TSX30™ today, a ranking of the 30 top-performing companies based on dividend-adjusted share price performance over a three-year period. The 2025 list showcases companies across diverse sectors achieving 431% average returns, while adding a combined $358.5 billion of market value and driving strong investor returns.

Topping the 2025 TSX30 is Celestica Inc. (TSX: CLS), a technology company delivering industry-leading products and services to drive customer success and market advancement, with an exceptional 1599% dividend-adjusted share price increase over three years, propelled by surging global demand for AI infrastructure among other factors.

Collectively, this year's TSX30 cohort represents over $461 billion in market capitalization, demonstrating the strength of the Canadian public markets in supporting businesses to achieve significant scale and shareholder value. These companies also contribute to Canada's economic transformation by establishing the country as a trusted global supplier of mineral resources, innovative technologies, and advanced industrial capabilities.

"This year's TSX30 captures the evolution of our capital markets, where companies are scaling to compete globally for market share and capital," said Loui Anastasopoulos, CEO, Toronto Stock Exchange. "These top performers represent diverse sectors unified by strategic positioning and strong execution. Together, this list highlights how companies are capitalizing on prevailing economic trends, with investors prioritizing consistent value creation from companies with proven business models and strong cash flow generation, whether in transformative technologies or our world-class resource and industrial sectors."

"Being recognized as the top company in the 2025 TSX30 underscores the impact of our team's innovation and execution, helping our customers grow and bringing new solutions to the market," said Rob Mionis, President and CEO, Celestica Inc. "Our growth is driven by our ability to meet the demand from customers expanding their networks to support new AI applications. This recognition demonstrates how Celestica can create and advance complex technology solutions on a global scale."

Strong mining representation reflects precious metals surge amid heightened economic uncertainty

The mining sector continues to show resilience, as well as its importance to Canada's economy. Of the 17 mining companies on the 2025 list, 15 are focused on gold, including Lundin Gold Inc. (TSX: LUG), who ranked second with its 775% dividend-adjusted share price appreciation. This highlights investor preference for precious metals as a safe-haven asset amid economic volatility. Beyond gold, companies are also pursuing critical minerals needed for clean energy and advanced technologies, positioning Canada as a dependable source globally for energy transition.

AI, space technology, and software solutions powering Canadian innovation

Six innovation companies made the 2025 ranking, from artificial intelligence infrastructure and digital assets to space technology and software solutions. The technology sector delivered the strongest average share price increase at 620% over a three-year period. While Celestica leads the field with its share price growth, Shopify Inc. (TSX: SHOP) regained its position as Canada's largest company with a $191 billion market capitalization as at June 30, 2025-representing 41% of the total 2025 TSX30 market value. These results highlight Canada's ability to nurture innovation domestically while competing globally in cutting-edge technologies.

Industrial investments advance nation-building projects

Canadian industrial firms play an important role in supporting the large-scale projects critical to the country's economic sovereignty and future prosperity. The five Industrial Products & Services companies on this year's TSX30 span aerospace innovation (Bombardier Inc. / TSX: BBD.B), complex infrastructure delivery (AtkinsRealis Group Inc. / TSX: ATRL, Bird Construction Inc. / TSX: BDT), and energy infrastructure solutions (Hammond Power Solutions Inc. / TSX: HPS.A, TerraVest Industries Inc. / TSX: TVK). These types of businesses also have the opportunity to provide Canadian engineering know-how to international markets and reinforce Canada's global competitiveness.

Investor trends: Scale and cash flow emerge as competitive advantages

The 2025 TSX30 reaffirms a continued shift from growth to value investing, with investors demonstrating a preference for companies with positive cash flow in uncertain markets. Twenty of the ranked companies had positive cash flow throughout the three years, with 40% of this group also paying dividends to shareholders. As global markets evolve and companies scale to compete for both domestic and international capital, Canada's strength lies in growing existing businesses into leaders on the world stage.

Other highlights from the 2025 ranking include:

• Global reach, local roots: 27 companies are headquartered in Canada, and 73% of the firms are based in Ontario and British Columbia, underscoring these provinces' economic significance to the Canadian economy.

• Success of the two-tiered ecosystem: 47% of the list are TSX Venture Exchange (TSXV) graduates, including 11 of 17 mining companies. This showcases the effectiveness of Canada's globally unique capital market structure in nurturing emerging businesses from early-stage capital access to potentially substantial market capitalizations and broad investor exposure.

• Representation on leading indices: 18 of the companies are included on either the S&P/TSX Composite Index* or S&P/TSX 60 Index*, enhancing their visibility among investors globally.

For detailed results and further information about the ranking methodology, visit tsx.com/tsx30.

The 2025 TSX30 ranking

Ranking	Company Name	Ticker	Three-Year Dividend-Adjusted Share Price Performance
1	Celestica Inc.	CLS	1599%
2	Lundin Gold Inc.	LUG	775%
3	Hammond Power Solutions Inc.	HPS.A	738%
4	TerraVest Industries Inc.	TVK	661%
5	Avino Silver & Gold Mines Ltd.	ASM	610%
6	Propel Holdings Inc.	PRL	560%
7	5N Plus Inc.	VNP	548%
8	Galaxy Digital Holdings Ltd.	GLXY	517%
9	Bombardier Inc.	BBD.B	514%
10	Almonty Industries Inc.	AII	427%
11	New Gold Inc.	NGD	394%
12	Kinross Gold Corporation	K	394%
13	IAMGOLD Corporation	IMG	385%
14	Torex Gold Resources Inc.	TXG	347%
15	MDA Space Ltd.	MDA	340%
16	AtkinsRéalis Group Inc.	ATRL	334%
17	Bird Construction Inc.	BDT	330%
18	Vitalhub Corp.	VHI	310%
19	Alamos Gold Inc.	AGI	310%
20	Shopify Inc.	SHOP	290%
21	Perpetua Resources Corp.	PPTA	290%
22	Orla Mining Ltd.	OLA	289%
23	Cameco Corporation	CCO	277%
24	Fairfax Financial Holdings Limited	FFH	276%
25	China Gold International Resources Corp. Ltd.	CGG	274%
26	Dundee Precious Metals Inc.	DPM	264%
27	Eldorado Gold Corporation	ELD	238%
28	Galiano Gold Inc.	GAU	226%
29	Skeena Resources Limited	SKE	219%
30	Taseko Mines Limited	TKO	205%

 

Source: All data is sourced from TSX/TSXV Market Intelligence Group analysis. Based on historical dividend-adjusted share prices from S&P Capital IQ as at June 30, 2025.

*The S&P/TSX Composite Index and the S&P/TSX 60 Index (the "Indices") are the products of S&P Dow Jones Indices LLC ("SPDJI") and TSX Inc. ("TSX"). S&P® is a registered trademark of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and TSX® is a registered trademark of TSX. These trademarks have been sublicensed for certain purposes by SPDJI and TSX. SPDJI, Dow Jones, S&P and TSX do not sponsor, endorse, sell or promote any products based on the Indices and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the Indices or any data related thereto.

About TMX Group (TSX: X)

TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, TSX Trust, TMX Trayport, TMX Datalinx, TMX VettaFi and TMX Newsfile, which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Singapore and Vienna. For more information about TMX Group, visit www.tmx.com. Follow TMX Group on X: @TMXGroup.

For more information on the 2025 TSX30, please contact:

Jordan Heath-Rawlings
Earned Media Director

Hill & Knowlton
647-225-2735
jordan.hr@bursonglobal.com

For more information on TMX Group, please contact:

Catherine Kee
Head of Media Relations
TMX Group
416-671-1704
catherine.kee@tmx.com

Copyright © 2025 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this press release without TSX Inc.'s prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this press release, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This press release is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this press release. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX30, the TSX30 design, TSX Venture Exchange, and TSXV are the trademarks of TSX Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265527

FAQ

What is the TSX30 2025 and what does it measure?

The TSX30 2025 is Toronto Stock Exchange's annual ranking of top 30 performing companies based on dividend-adjusted share price performance over three years. The 2025 cohort achieved 431% average returns and added $358.5 billion in market value.

Which company topped the TSX30 2025 list and why?

Celestica Inc. (TSX: CLS) topped the list with a 1,599% dividend-adjusted share price increase over three years, driven by strong demand for AI infrastructure and technology services.

How did the mining sector perform in the TSX30 2025 ranking?

The mining sector dominated with 17 companies, including 15 focused on gold. Lundin Gold Inc. ranked second with a 775% share price appreciation, highlighting strong precious metals performance amid economic uncertainty.

What was the technology sector's performance in TSX30 2025?

The technology sector showed the strongest performance with a 620% average share price increase. Notable mentions include Celestica (ranked #1) and Shopify, which became Canada's largest company with a $191 billion market cap.

How many TSX30 2025 companies were TSXV graduates?

47% of the listed companies were TSX Venture Exchange graduates, including 11 of 17 mining companies, demonstrating the success of Canada's two-tiered market structure.