Written by Amy Legate-Wolfe at The Motley Fool Canada
It can be hard to know where to look during a bull market. This is when practically everything is doing well, which really means nothing is. Any stock that’s high flying might just as well turn around and drop once a bull market is over. And that’s why investors need to be careful.
Today, we’re going to look at growth stocks that should not only shine in a bull market, but far beyond. So let’s get right into three to watch on the TSX today.
CAE
CAE (TSX:CAE) is a Montreal-based aviation and defence technology company. It builds flight simulators and provides pilot training, aviation training services, and defence simulation solutions. CAE stock looks timely as global aviation still needs more pilots, airlines continue investing in training capacity, and defence spending remains a long-term tailwind.
CAE stock’s fiscal 2026 fourth-quarter results come out after market close on May 21, 2026. However, in Q3 fiscal 2026, CAE stock reported revenue of $1.3 billion, up 2.3% year over year. Net income came in at $108.9 million, though that was down 35% from the year before because margins narrowed.
Now it doesn’t look cheap, trading at 30 times earnings at writing, but growth stocks rarely look cheap before the market warms up. If airline training demand and defence orders remain strong, CAE stock could grow earnings into that valuation. So be sure to add this to your bull market watchlist.
WSP
WSP Global (TSX:WSP) is one of Canada’s best growth-compounding stories. The Montreal-based engineering and professional services firm works on transportation, buildings, water, environment, power, energy, and infrastructure projects around the world. Governments and companies hire WSP to design, manage, and advise on the hard stuff. This includes a recent US$3.3 billion all-cash deal to acquire TRC Companies, a U.S. power, energy, utility, and environmental consulting firm.
The latest earnings showed why investors still watch WSP closely. In Q1 2026, WSP reported strong profitability and a record backlog of $19.7 billion as of March 27, 2026. That backlog rose 18% over 12 months and represented about 11.5 months of revenue. The company also reaffirmed its 2026 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) outlook after the strong quarter.
Yet again, it’s not exactly cheap, though more reasonable than CAE stock. At writing, it trades at 26 times earnings, with a small 0.77% dividend yield. If WSP keeps converting backlog into earnings, that performance can make it look down-right valuable.