The stock market is not affected by what has happened in the past but by what lies in the future. Hence, when investing in the stock market, look for companies where you can see earnings potential. You can differentiate the company's stock based on the nature of the business. Some businesses require lower capital and have the potential to scale and generate higher revenue and profit. They are volatile and prone to macroeconomic situations. However, they can grow their stock price as the business grows, appreciating your portfolio value.

TSX stocks showing no signs of slowing

I have identified three companies that are growing double-digit and show no signs of slowing. They are long-term growth stocks that you can consider buying and holding for the next three to five years to generate some sizeable returns.

Descartes Systems

Descartes Systems (TSX:DSG) is an evergreen growth stock as the need for its supply chain management solutions keeps growing. Trade and logistics are becoming ever more complex, with geopolitical tensions shifting the global supply chain. Moreover, e-commerce is driving the demand for shorter delivery times and doorstep logistics. Hence, Descartes enjoys double-digit revenue growth. Since the pandemic, it has also improved its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin from 34% in 2019 to 43% in fiscal 2024.

Descartes offers a range of solutions from tracking to customs clearance to regulatory to inventory management. In fiscal 2025, it saw growing demand for global trade intelligence, routing, and transportation management solutions. Moreover, acquisitions had accretive earnings.

The company has been growing its revenue and adjusted EBITDA at a 10-year compounded annual growth rate (CAGR) of 12.9% and 16.9%, respectively. At present, Descartes stock is trading at a forward price-to-earnings ratio of 51.8, its highest valuation in a year. However, the stock has ample growth potential if U.S. president-elect Donald Trump imposes tariffs on U.S. imports, complicating trade. This could drive demand for Descartes Systems's custom solutions. The stock has already surged 51% in 2024 and 197% in five years, and there are no signs of slowing.

Constellation Software

Constellation Software (TSX:CSU) is another evergreen growth stock that works on compounding. The company keeps reinvesting its cash flow to acquire new vertical-specific software companies that generate stable cash flows. Every new acquisition adds to Constellation's enterprise value and drives the stock price higher. The company has grown its revenue and earnings per share at a CAGR of 17.5% and 18.5%, respectively, in the last 10 years.

It has spun off two operating companies, Topicus and Lumine, and will benefit from their stock price appreciation. Constellation Software stock has surged 37% this year and 255% in five years. Its stock price has the potential to continue growing at a 20% CAGR for the coming three to five years.

Bombardier stock

Bombardier (TSX:BBD.B) is a turnaround stock that shows no signs of slowing. The business jet maker is prepared to deliver 40% of its 2024 deliveries in the fourth quarter. This has increased its inventories and trade payables and resulted in negative operating cash flow. Once the delivery is complete, the business jet maker will get paid, boosting its fourth-quarter revenue.

Moreover, it has increased its order backlog by 4% to US$14.7 billion, which brings predictability to the next 18 months of revenue. It is also pursuing growth opportunities from pre-owned and defence aircraft.

Bombardier stock has surged 83% this year and 101% in five years. Now is a good time to consider buying this stock while it trades below $100.