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In case you are searching for the subsequent massive AI winners on the TSX, you now not have to look south of the border. Two Canadian corporations are quietly constructing the form of infrastructure that tends to provide critical, long-term beneficial properties for affected person buyers.

I believe WELL Well being Applied sciences (TSX:WELL) and Open Textual content (TSX:OTEX) are value shopping for now, earlier than the broader market catches on.

Right here is why.

Is Nicely Well being an AI inventory

WELL Well being is not only a clinic operator, however can also be assembling an end-to-end healthcare know-how ecosystem. Valued at a market cap of $1.1 billion, WELL reported $1.4 billion in annual gross sales final yr.

Priced at lower than 1 instances trailing income, WELL is among the many least expensive AI shares on the TSX, on condition that the highest line rose 52% yr over yr in 2025.

It reported adjusted EBITDA (earnings earlier than curiosity, tax, depreciation, and amortization) of $203.7 million, with margins increasing from 5.1% to 14.5% over the previous 12 months.

On a normalized foundation, stripping out one-time objects tied to Circle Medical and a cybersecurity incident at billing accomplice CRH, income was $1.4 billion, up 34%.

• Normalized adjusted EBITDA was $148.6 million, up 17%, whereas free money move (FCF) attributable to shareholders grew 19% to $58.2 million.
• WELL now operates 252 clinics throughout Canada. About 70% of Canadians stay inside 20 kilometres of a WELL location.
• Its WELLSTAR platform handles scheduling, billing, and medical documentation for over 43,000 healthcare suppliers nationally.
• The corporate estimates that greater than 40% of all physicians in Canada work together with WELLSTAR in some capability.
• Extra importantly, EBITDA is now rising quicker than income in Canada, which signifies working leverage.

New AI platform

The corporate additionally just lately launched WELLTRUST, a consent-based platform that makes use of synthetic intelligence to attach sufferers to medical trials.

Scientific trial recruitment is a large bottleneck in pharmaceutical analysis, and WELL’s clinic community provides it a novel distribution benefit right here {that a} pure software program firm can’t replicate.

WELL is guiding for $1.55 to $1.65 billion in income for 2026 and concentrating on $100 million in adjusted EBITDA from its Canadian operations alone inside 18 months.

Analysts forecast FCF to develop to $177.5 million in 2028. If the TSX inventory is priced at 10 instances ahead FCF, it may surge 70% inside the subsequent three years.

Is that this TSX tech inventory a very good purchase?

Open Textual content doesn’t get the identical consideration as different AI names. Nevertheless, Open Textual content Government Chair Tom Jenkins made the corporate’s thesis clear on the twenty ninth Annual Scotiabank Telecom, Media and Know-how Convention in March.

Open Textual content supplies the content material that feeds each enterprise functions and, more and more, synthetic intelligence brokers. Contracts, emails, and compliance paperwork are regulated knowledge that’s managed behind the firewall by Open Textual content.

As companies put together to deploy AI brokers throughout their organizations, they should transfer many years of on-premise content material to the cloud, and Open Textual content is their accomplice for that migration.

Jenkins in contrast this transition to what SAP completed over the previous decade, changing upkeep income into cloud subscriptions at a a number of of three to five instances.

Open Textual content’s put in base carries roughly US$2 billion in upkeep contracts. At even a 3 instances conversion a number of, that migration may add US$400 million in internet new annual cloud income over time.

The corporate can also be slicing prices aggressively. Jenkins famous some inside job classes at the moment are being dealt with by 5 instances fewer folks because of AI-driven efficiencies.

Open Textual content trades at a fraction of its US software program friends’ valuations regardless of having sticky enterprise shoppers, an ongoing US$500 million buyback program, and a transparent multi-year development catalyst within the AI content material migration wave.

If the TSX tech inventory is priced at 10 instances ahead earnings, it may greater than double over the subsequent 30 months.

The Silly takeaway

Each WELL Well being and OpenText have one thing uncommon amongst AI shares: defensible infrastructure that will get extra helpful as AI adoption grows.

Neither is a speculative guess, on condition that each are well-managed companies with actual money move, a widening buyer base, and aggressive benefits.

For buyers looking for publicity to the Canadian AI story, these two deserve a detailed look.