If you’re hunting for growth beyond the beaten path of big blue chips, there are a handful of Canadian companies trading at valuations and growth inflection points that could deliver outsized returns over the next five years. While nothing is guaranteed and risk is real, these names combine structural tailwinds with improving fundamentals — the kind of setup that can lead to triple-digit gains if execution and markets cooperate.

1) Lightspeed Commerce (TSX: LSPD)
Lightspeed provides cloud-based point-of-sale and payments tools to merchants around the world. Its platform has been expanding beyond just checkout software into commerce solutions, payments processing, lending and analytics, giving it multiple revenue streams and higher customer stickiness. The company’s pace of customer acquisition and monetization has shown resilience, and its shift toward recurring SaaS revenue improves predictability. If Lightspeed continues scaling adoption — especially in North America and Europe — while nudging margins higher, its growth profile could justify much stronger valuation multiples than today.

2) Docebo (TSX: DCBO)
Docebo’s AI-powered corporate learning platform targets a fast-growing niche: enterprises that are investing in digital training, skills development and workforce upskilling. With remote and hybrid work models becoming more entrenched, companies need scalable, data-driven learning systems, and Docebo’s platform answers that demand. Recurring subscription revenue, expanding international sales and AI-enhanced offerings position Docebo for sustained growth. If its customer base expands meaningfully over the next several years — especially among large enterprises — the stock’s top line could expand quickly from today’s base.

3) Kinaxis (TSX: KXS)
Kinaxis builds cloud-based supply chain planning software used by global manufacturers and retailers. Its rapid scenario modeling and real-time analytics help companies navigate increasingly complex supply chains — a pain point many firms are still addressing after recent disruptions. Kinaxis’s underlying subscription revenue model and recurring bookings provide excellent visibility into future cash flows. If global digital transformation accelerates and supply chain automation demand grows, Kinaxis could capture a disproportionate share of that spending, driving both earnings and multiple expansion.

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Why These Stocks Could Surge
All three have:

Recurring revenue models that improve predictability
Growth markets with structural demand (commerce, workplace learning, supply chain automation)
Product expansion potential beyond core offerings

But it’s critical to remember: high return potential = high risk. These are growth names that can be volatile, especially if macro sentiment shifts or execution stalls. A disciplined approach — sizing positions appropriately and focusing on long-term business health — matters more than trying to catch short-term spikes.

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For investors willing to tolerate volatility and ride through market cycles, Lightspeed, Docebo and Kinaxis represent Canadian growth opportunities with triple-digit upside potential over the next five years — provided their growth narratives continue to unfold.