Canada's Top Growing Companies
Meet the next generation: the 400 boldest businesses in the country
Welcome to the inaugural Report on Business ranking of Canada’s Top Growing Companies. These 400 businesses operate in such hot sectors as fintech, e-commerce and cannabis, along with long-established industries like manufacturing and transportation. Some are globally known giants, including Shopify (No. 98), Canada Goose (No. 188) and Alimentation Couche-Tard (No. 326); most are less familiar names but worth watching nonetheless.
Why? Because each company on this list is rising fast: Their average revenue growth was 511% over the past three years. As these businesses expand, they solidify Canada’s reputation as an entrepreneurial nation and offer lessons on finding new markets, commercializing great ideas and building teams that can inspire organizations of all sizes. Among this group are likely some of the country’s biggest innovations and corporations of the future—the next generation of Canadian business stars.
Founded in 2019, the Report on Business list of Canada’s Top Growing Companies ranks participating private and public businesses on three-year revenue growth. To be considered, companies must apply using an online ballot. We accepted entries for this year’s list from March through May 2019.
Each entrant had to complete an application survey and supply our research team with supporting financial documentation. We evaluated companies by measuring the percentage difference between revenue for the most recent fiscal year for which financial statements were available (with a latest possible year-end date of April 30, 2019) and the same fiscal year three years prior. To avoid artificial inflation of growth rates, companies with a base-year revenue of less than $200,000 were measured on an adjusted revenue of $200,000 for that year.
In order to qualify, a company had to have at least $2 million in annual sales in its most recent fiscal year. It also had to be Canadian owned, headquartered in this country and independently operated. Firms backed by venture capital, private equity or other investors were evaluated on a case-by-case basis, factoring in autonomy, leadership and other variables. If an applicant company had been recently acquired, it was admitted only if the acquisition occurred following the close of its most recent fiscal year. Franchisors were ranked on corporate revenue only, not systemwide sales. For companies that changed reporting currency during evaluated years, we converted the base-year revenue to the current currency using the average Bank of Canada exchange rate for that period.
Research was conducted by Deborah Aarts, Mai Nguyen and Amy O’Kruk. To learn more about each company or to apply for the 2020 ranking, please visit tgam.ca/TopGrowing.