Mushy development doesn’t imply buyers want to cover in money. It normally means they want corporations with demand that may maintain up even when households and companies get extra cautious. The perfect shares in that sort of market typically serve important wants, profit from long-term traits, or supply regular earnings whereas buyers look ahead to confidence to return. Subsequently, buyers don’t want a roaring economic system to make sense, however sturdy demand, sturdy pricing energy, and sufficient monetary power to maintain shifting ahead.
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CCO
Cameco (TSX:CCO) is certainly one of Canada’s greatest uranium tales, and it suits as a result of nuclear energy has moved from a distinct segment thought to a worldwide vitality precedence. The corporate produces uranium and offers nuclear gasoline companies, whereas its stake in Westinghouse offers it publicity to the broader nuclear reactor provide chain. Over the past 12 months, the principle story was easy: international locations stored searching for dependable, low-carbon base load energy, and uranium stayed central to that dialog. Cameco inventory additionally entered 2026 with a stronger steadiness sheet, ending 2025 with $1.2 billion in money and short-term investments towards $1 billion in complete debt.
For 2025, income rose 11% to $3.48 billion, whereas internet earnings jumped to $590 million from $172 million. Diluted earnings per share (EPS) climbed to $1.35 from $0.39, and adjusted earnings per share reached $1.44. That development helps clarify why buyers maintain chasing the inventory, however valuation brings the danger. Cameco inventory lately traded at a market cap close to $70 billion and a trailing price-to-earnings (P/E) ratio above 120. So this isn’t an inexpensive inventory. Nonetheless, if development stays gentle, long-term vitality safety spending might maintain nuclear demand sturdy, and Cameco inventory stays one of many clearest Canadian methods to play it.
CRRX
CareRx (TSX:CRRX) offers pharmacy companies to seniors dwelling in long-term care, retirement houses, assisted dwelling services, and different congregate care settings. That provides it regular, recurring demand tied to growing old demographics fairly than client confidence. Over the past 12 months, CareRx added extra beds, improved operations, and began paying a dividend.
In 2025, income rose to $370.2 million from $366.7 million, whereas fourth-quarter income climbed to $96.1 million from $92.2 million. Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) rose to $32.9 million for the 12 months, and internet earnings reached $26.1 million, in contrast with a loss in 2024. CareRx additionally declared a $0.02-per-share quarterly dividend for the primary quarter of 2026. Valuation seems extra grounded than many development names, with a market cap close to $232 million, a P/E ratio round 9, and a dividend yield close to 2.2%. The danger is scale. Smaller corporations can really feel bumps more durable, and CareRx nonetheless wants regular execution. However in a soft-growth market, healthcare demand offers it a helpful cushion.
REI
RioCan (TSX:REI.UN) is one other inventory that might maintain up if development stays sluggish. The true property funding belief (REIT) owns retail-focused properties, many anchored by grocery, pharmacy, necessity, and service-based tenants. That makes it much less uncovered to the weakest elements of discretionary spending. Over the past 12 months, RioCan additionally leaned into sturdy leasing demand, unit buybacks, and balance-sheet enchancment. Retail actual property has quietly regained attraction as a result of high quality area in good places stays exhausting to interchange.
In 2025, RioCan reported diluted funds from operations (FFO) of $1.87 per unit, up from $1.78 in 2024. Business same-property internet working earnings grew 3.6%, retail dedicated occupancy sat at 98.5%, and the funds from operations payout ratio was 61.6%. RioCan additionally guided for 2026 core FFO per unit of $1.60 to $1.62. With a current yield of round 5.4%, it presents significant earnings whereas buyers look ahead to fee cuts or higher development. The primary dangers are curiosity prices, debt, and any pullback in tenant demand. Even so, its necessity-based portfolio offers it a sturdy base.
Backside line
Cameco inventory, CareRx, and RioCan all supply alternative ways to deal with a softer economic system. Cameco inventory offers buyers long-term nuclear development. CareRx brings healthcare demand and improves profitability. RioCan provides month-to-month actual property earnings from necessity-focused retail. None is risk-free, however every has a transparent motive to work even when the economic system retains crawling as an alternative of sprinting.
