Leading city
Toronto
23% of top-20 spend
Constellation Software and Celestica — 2 companies.
Canada R&D spend leaderboard
Publicly traded, Canadian-headquartered companies ranked by research and development expense disclosed in annual financial statements (SEC EDGAR XBRL and SEDAR+ reports). Amounts are shown in Canadian dollars.
66
Companies with R&D filings
344
Annual filing records
$12.59B
Latest reported R&D
What the top 20 show
Latest reported annual R&D among the 20 largest disclosers — $11.03B combined.
Leading sector
Software
54% of top-20 spend
Constellation Software, Shopify, OpenText, Lightspeed Commerce, BlackBerry, Descartes Systems, and Kinaxis.
Highly concentrated
Constellation Software, Shopify, and Magna International
51% of top-20 spend
R&D among the largest disclosers is concentrated in a handful of issuers.
66 public companies · $12.59B combined R&D (CAD)
Click a column header to sort. Intensity uses the geometric mean of R&D and revenue — not the ratio — so small issuers with little or no sales do not rank at the top.
| # | Source | |||||||
|---|---|---|---|---|---|---|---|---|
| 1 | Constellation Software CSU · TSX · Software | Toronto, ON | $2.33B | $16.25B | $6.15B 14.4% of rev. | +14.3% | 2025-12-31 | Annual report |
| 2 | Shopify SHOP · TSX · Software | Ottawa, ON | $2.15B | $16.15B | $5.89B 13.3% of rev. | +14.7% | 2025-12-31 | SEC EDGAR |
| 3 | Magna International MG · TSX · Automotive | Aurora, ON | $1.11B | $58.72B | $8.06B 1.9% of rev. | -7.5% | 2025-12-31 | SEC EDGAR |
| 4 | OpenText OTEX · TSX · Software | Waterloo, ON | $905.4M | $7.33B | $2.58B 12.3% of rev. | -14.3% | 2026-06-30 | SEC EDGAR |
| 5 | Bausch Health BHC · TSX · Pharmaceuticals | Laval, QC | $879.2M | $14.35B | $3.55B 6.1% of rev. | +4.2% | 2025-12-31 | SEC EDGAR |
| 6 | TELUS T · TSX · Telecommunications | Vancouver, BC | $609.0M | $20.51B | $3.53B 3.0% of rev. | -8.8% | 2025-12-31 | Annual report |
| 7 | BRP DOO · TSX · Manufacturing | Valcourt, QC | $434.7M | $8.44B | $1.92B 5.1% of rev. | +11.1% | 2026-01-31 | SEC EDGAR |
| 8 | Xenon Pharmaceuticals XENE · NASDAQ · Pharmaceuticals | Vancouver, BC | $420.7M | $10.5M | $66.4M 4012.5% of rev. | +46.0% | 2025-12-31 | SEC EDGAR |
| 9 | Bombardier BBD.B · TSX · Aerospace & Defence | Montreal, QC | $378.8M | $13.35B | $2.25B 2.8% of rev. | -23.4% | 2025-12-31 | SEDAR+ |
| 10 | AbCellera ABCL · NASDAQ · Pharmaceuticals | Vancouver, BC | $261.1M | $105.0M | $165.6M 248.7% of rev. | +14.0% | 2025-12-31 | SEC EDGAR |
| 11 | Zymeworks ZYME · NASDAQ · Pharmaceuticals | Vancouver, BC | $191.5M | $148.1M | $168.4M 129.3% of rev. | +3.8% | 2025-12-31 | SEC EDGAR |
| 12 | Lightspeed Commerce LSPD · TSX · Software | Montreal, QC | $176.6M | $1.72B | $550.3M 10.3% of rev. | +5.0% | 2026-03-31 | SEC EDGAR |
| 13 | Celestica CLS · TSX · Electronics | Toronto, ON | $165.2M | $17.32B | $1.69B 1.0% of rev. | +54.6% | 2025-12-31 | SEC EDGAR |
| 14 | Repare Therapeutics RPTX · NASDAQ · Pharmaceuticals | Montreal, QC | $158.8M | — | — | -11.9% | 2024-12-31 | SEC EDGAR |
| 15 | BlackBerry BB · TSX · Software | Waterloo, ON | $158.8M | $767.5M | $349.1M 20.7% of rev. | +4.4% | 2026-02-28 | SEC EDGAR |
| 16 | Descartes Systems DSG · TSX · Software | Waterloo, ON | $147.2M | $1.02B | $387.3M 14.4% of rev. | +10.3% | 2026-01-31 | SEC EDGAR |
| 17 | Evertz Technologies ET · TSX · Communications Equipment | Burlington, ON | $146.8M | $501.6M | $271.3M 29.3% of rev. | +8.8% | 2025-04-30 | Annual report |
| 18 | CAE CAE · TSX · Aerospace & Defence | Montreal, QC | $144.0M | $4.91B | $841.2M 2.9% of rev. | +16.9% | 2026-03-31 | SEC EDGAR |
| 19 | Imperial Oil IMO · TSX · Energy | Calgary, AB | $134.0M | $47.08B | $2.51B 0.3% of rev. | +13.6% | 2025-12-31 | SEC EDGAR |
| 20 | Kinaxis KXS · TSX · Software | Ottawa, ON | $131.5M | $766.0M | $317.3M 17.2% of rev. | +9.5% | 2025-12-31 | Annual report |
| 21 | Canadian Solar CSIQ · NASDAQ · Energy | Guelph, ON | $126.8M | $7.82B | $995.7M 1.6% of rev. | -23.4% | 2025-12-31 | SEC EDGAR |
| 22 | Enghouse Systems ENGH · TSX · Software | Markham, ON | $96.1M | — | — | +8.1% | 2025-10-31 | Annual report |
| 23 | Ballard Power Systems BLDP · TSX · Clean Technology | Burnaby, BC | $82.1M | $138.9M | $106.8M 59.1% of rev. | -36.6% | 2025-12-31 | SEC EDGAR |
| 24 | Docebo DCBO · TSX · Software | Toronto, ON | $70.1M | $339.2M | $154.2M 20.7% of rev. | +16.5% | 2025-12-31 | SEC EDGAR |
| 25 | D2L DTOL · TSX · Software | Kitchener, ON | $67.1M | $304.0M | $142.8M 22.1% of rev. | +2.9% | 2026-01-31 | Annual report |
| 26 | BCE BCE · TSX · Telecommunications | Montreal, QC | $60.0M | $24.47B | $1.21B 0.2% of rev. | -9.1% | 2025-12-31 | SEC EDGAR |
| 27 | Sangoma Technologies STC · TSX · Communications Equipment | Markham, ON | $58.9M | $330.8M | $139.6M 17.8% of rev. | +8.8% | 2025-06-30 | SEC EDGAR |
| 28 | Coveo CVO · TSX · Software | Quebec City, QC | $55.5M | — | — | +10.6% | 2026-03-31 | Annual report |
| 29 | Pason Systems PSI · TSX · Software | Calgary, AB | $54.4M | $419.3M | $151.0M 13.0% of rev. | +6.3% | 2025-12-31 | SEDAR+ |
| 30 | ProMIS Neurosciences PMN · NASDAQ · Pharmaceuticals | Toronto, ON | $46.7M | — | — | +220.2% | 2025-12-31 | SEC EDGAR |
| 31 | Vecima Networks VCM · TSX · Communications Equipment | Victoria, BC | $46.4M | $285.9M | $115.2M 16.2% of rev. | +5.1% | 2025-06-30 | Annual report |
| 32 | Aurinia Pharmaceuticals AUPH · NASDAQ · Pharmaceuticals | Victoria, BC | $45.4M | $395.7M | $134.1M 11.5% of rev. | +59.6% | 2025-12-31 | SEC EDGAR |
| 33 | Martinrea International MRE · TSX · Automotive | Vaughan, ON | $41.9M | $4.82B | $449.4M 0.9% of rev. | -0.8% | 2025-12-31 | Annual report |
| 34 | Cameco CCO · TSX · Mining & Metals | Saskatoon, SK | $38.5M | $3.48B | $366.0M 1.1% of rev. | +5.3% | 2025-12-31 | SEC EDGAR |
| 35 | MDA Space MDA · TSX · Aerospace & Defence | Brampton, ON | $38.1M | $1.63B | $249.4M 2.3% of rev. | +3.3% | 2025-12-31 | SEDAR+ |
| 36 | Teck Resources TECK.B · TSX · Mining & Metals | Vancouver, BC | $35.0M | $10.76B | $613.6M 0.3% of rev. | -30.0% | 2025-12-31 | SEC EDGAR |
| 37 | Computer Modelling Group CMG · TSX · Software | Calgary, AB | $32.5M | $126.2M | $64.0M 25.7% of rev. | +7.7% | 2026-03-31 | Annual report |
| 38 | Winpak WPK · TSX · Manufacturing | Winnipeg, MB | $31.1M | $1.57B | $221.2M 2.0% of rev. | +5.1% | 2025-12-28 | Annual report |
| 39 | Thinkific THNC · TSX · Software | Vancouver, BC | $30.2M | $102.3M | $55.6M 29.5% of rev. | +15.7% | 2025-12-31 | Annual report |
| 40 | Haivision Systems HAI · TSX · Electronics | Montreal, QC | $30.0M | $137.6M | $64.3M 21.8% of rev. | +9.1% | 2025-10-31 | Annual report |
| 41 | Eupraxia Pharmaceuticals EPRX · TSX · Pharmaceuticals | Victoria, BC | $29.8M | — | — | +35.4% | 2025-12-31 | SEC EDGAR |
| 42 | BriaCell Therapeutics BCT · TSX · Pharmaceuticals | West Vancouver, BC | $29.7M | — | — | -20.1% | 2025-07-31 | SEC EDGAR |
| 43 | TECSYS TCS · TSX · Software | Montreal, QC | $29.3M | $176.5M | $71.9M 16.6% of rev. | -0.7% | 2025-04-30 | Annual report |
| 44 | ESSA Pharma EPIX · NASDAQ · Pharmaceuticals | Vancouver, BC | $29.0M | — | — | +0.9% | 2024-09-30 | SEC EDGAR |
| 45 | Knight Therapeutics GUD · TSX · Pharmaceuticals | Montreal, QC | $29.0M | $450.1M | $114.2M 6.4% of rev. | +24.4% | 2025-12-31 | Annual report |
| 46 | Vitalhub VHI · TSX · Software | Toronto, ON | $29.0M | $109.0M | $56.2M 26.6% of rev. | +90.1% | 2025-12-31 | Annual report |
| 47 | Neo Performance Materials NEO · TSX · Mining & Metals | Toronto, ON | $26.1M | $669.3M | $132.2M 3.9% of rev. | +13.0% | 2025-12-31 | Annual report |
| 48 | Milestone Pharmaceuticals MIST · NASDAQ · Pharmaceuticals | Montreal, QC | $25.3M | — | — | +28.7% | 2025-12-31 | SEC EDGAR |
| 49 | POET Technologies PTK · TSXV · Electronics | Toronto, ON | $25.3M | $1.5M | $6.2M 1682.5% of rev. | +62.8% | 2025-12-31 | SEC EDGAR |
| 50 | Theratechnologies TH · TSX · Pharmaceuticals | Montreal, QC | $23.2M | $117.6M | $52.3M 19.8% of rev. | -43.3% | 2024-11-30 | Annual report |
| 51 | Blackline Safety BLN · TSX · Software | Calgary, AB | $22.6M | $150.5M | $58.3M 15.0% of rev. | +15.6% | 2025-10-31 | Annual report |
| 52 | Optiva OPT · TSX · Software | Mississauga, ON | $21.1M | $64.5M | $36.9M 32.7% of rev. | +13.5% | 2024-12-31 | Annual report |
| 53 | Oncolytics Biotech ONC · TSX · Pharmaceuticals | Calgary, AB | $18.6M | — | — | -12.0% | 2025-12-31 | SEC EDGAR |
| 54 | Medicenna Therapeutics MDNA · TSX · Pharmaceuticals | Toronto, ON | $16.9M | — | — | +17.4% | 2026-03-31 | Annual report |
| 55 | ATS Corporation ATS · TSX · Manufacturing | Cambridge, ON | $16.6M | $2.97B | $222.0M 0.6% of rev. | +56.0% | 2026-03-31 | SEC EDGAR |
| 56 | Cardiol Therapeutics CRDL · TSX · Pharmaceuticals | Oakville, ON | $14.0M | — | — | +0.0% | 2025-12-31 | SEC EDGAR |
| 57 | NervGen Pharma NGEN · TSXV · Pharmaceuticals | Vancouver, BC | $13.9M | — | — | -12.0% | 2025-12-31 | Annual report |
| 58 | Baylin Technologies BYL · TSX · Communications Equipment | Toronto, ON | $12.2M | $83.6M | $32.0M 14.6% of rev. | +6.8% | 2024-12-31 | Annual report |
| 59 | Mattr MATR · TSX · Manufacturing | Toronto, ON | $11.6M | $1.27B | $121.4M 0.9% of rev. | +7.8% | 2025-12-31 | Annual report |
| 60 | Tantalus Systems GRID · TSX · Software | Burnaby, BC | $9.6M | $75.6M | $27.0M 12.7% of rev. | +0.3% | 2025-12-31 | Annual report |
| 61 | IMAX IMAX · NYSE · Electronics | Mississauga, ON | $8.1M | $573.4M | $68.3M 1.4% of rev. | +16.3% | 2025-12-31 | SEC EDGAR |
| 62 | Westport Fuel Systems WPRT · TSX · Clean Technology | Vancouver, BC | $8.1M | $32.6M | $16.2M 24.8% of rev. | -38.1% | 2025-12-31 | SEC EDGAR |
| 63 | Kraken Robotics PNG · TSXV · Electronics | St. John's, NL | $7.9M | $102.2M | $28.3M 7.7% of rev. | +26.1% | 2025-12-31 | Annual report |
| 64 | Electrovaya ELVA · TSX · Clean Technology | Mississauga, ON | $6.1M | $89.2M | $23.4M 6.9% of rev. | +47.1% | 2025-09-30 | Annual report |
| 65 | HEALWELL AI AIDX · TSX · Software | Toronto, ON | $5.8M | $39.0M | $15.0M 14.9% of rev. | +20.5% | 2024-12-31 | Annual report |
| 66 | COSCIENS Biopharma CSCI · NASDAQ · Pharmaceuticals | Toronto, ON | $4.1M | — | — | -63.7% | 2025-12-31 | SEC EDGAR |
How this database is built
- Universe: Canadian-headquartered issuers listed on TSX, TSXV, CSE, NYSE, or NASDAQ. Canadian operations of foreign parents (for example AMD Canada or IBM Canada) are excluded.
- Metric: Income-statement research and development expense, before ranking. Aerospace and space issuers may capitalize development costs; those amounts are noted on the company page when the issuer discloses them separately. TELUS is an exception: it does not report R&D on the P&L, so we use the OECD-definition estimate from its ESG data sheet. Constellation Software is similar in form: the P&L rolls R&D into staff and other operating lines, so we use the IFRS note amount of R&D expensed in profit or loss.
- Intensity: The intensity column is the geometric mean of R&D expense and revenue (square root of R&D times revenue), not the ratio of the two. Pre-revenue and tiny-revenue issuers therefore do not occupy the top of that ranking. The R&D-to-revenue percentage is shown underneath for context only.
- Sources: SEC companyfacts (10-K / 20-F / 40-F XBRL) where the filer matches the Canadian issuer, plus annual financial statements for TSX names without usable XBRL.
- Not in the ranking: Issuers that do not disclose a usable R&D figure (Rogers, CGI, Linamar, Cascades, and several industrials) stay in the company universe but have no spend to rank. Canadian operations of foreign parents are excluded.
- Currency: USD figures are converted with Bank of Canada annual average USD/CAD for the year the period ended.
Private companies and CCPCs do not appear here — that is where most SR&ED claims are filed.
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