Weekly "Focus" and the TSX Top 10
Bradley Goldhar - Aug 15, 2025
It may surprise you but Canada’s largest company by market value is Shopify, the e-commerce company valued at $268 billion (ii). Last week, it re-took the top spot from the Royal Bank after posting strong quarterly results (Royal Bank was #1 for the past 4 ½ years). Shopify, based in Ottawa, is known for supporting small and medium-sized businesses with establishing and operating their e-commerce and is making progress with larger customers as well.
When you look at the Canadian stock market, it’s not surprising that the Canadian banks dominate the top 10, with Royal, TD, BMO and Scotia as members. Stay tuned for the next set of earnings from the banks with BMO and the Bank of Nova Scotia kicking things off on August 26th. As for stock market returns, Shopify and TD Bank are currently battling for top spot within the top 10 companies, both with returns in 2025 of more than 30% (i).
| Rank | Company | Market Value ($ billions) | Return in 2025 | Dividend Yield |
| 1 | Shopify* (SHOP) | $268.8 | +35.2% | 0.0% |
| 2 | Royal Bank* (RY) | $264.0 | +10.7% | 3.3% |
| 3 | TD Bank* (TD) | $176.7 | +39.1% | 4.1% |
| 4 | Enbridge* (ENB) | $143.2 | +10.9% | 5.7% |
| 5 | Brookfield Asset Management* (BAM) | $138.9 | +12.1% | 2.0% |
| 6 | Brookfield Corp* (BN) | $136.4 | +10.7% | 0.5% |
| 7 | BMO (BMO) | $114.0 | +16.9% | 4.1% |
| 8 | Thomson Reuters* (TRI) | $105.4 | +1.8% | 1.2% |
| 9 | Bank of Nova Scotia* (BNS) | $97.2 | +5.6% | 5.6% |
| 10 | CP Railway* (CP) | $95.6 | +0.5% | 0.8% |
Sources: FactSet, companiesmarketcap.com, Values as of August 13, 2025
This week’s "Focus" from our economics team is attached.
Have a great weekend,
Brad
Senior Portfolio Manager and Senior Investment Advisor