If you want a “set it and forget it” Tax-Free Savings Account (TFSA) stock, you’re really asking for one thing: a business that can compound without you babysitting it. That means steady demand, a long runway, and management that does not gamble with shareholder money. It also means you should accept that even great companies drop sometimes, and you need the stomach to hold through it. In a TFSA, patience matters even more as the real magic comes from years of tax-free compounding, not perfect timing.
WSP
WSP Global (TSX:WSP) fits that mindset as it sells something the world keeps needing: engineering and professional services that turn big plans into real projects. It works across transportation, buildings, water, environment, and energy, and it tends to ride long cycles tied to infrastructure spending. That gives it a different flavour than trendy tech, but it still benefits from megatrends like electrification and the push to modernize grids. In a market that changes its mood every week, boring demand can feel like a gift.
Over the last year, WSP’s news has leaned heavily into “bigger and more strategic.” The headline deal has been its agreement to acquire TRC Companies for a total cash purchase price of US$3.3 billion, which WSP framed as a defining move to build the top Power & Energy platform in the U.S. The company said it expects the deal to be accretive to adjusted net earnings per share, with more upside once it captures cost synergies.
WSP also kept adding capabilities in ways that support that same theme. In October 2025, it completed its acquisition of Ricardo, a U.K.-based strategic and engineering consultancy. That kind of bolt-on strengthens its technical bench and deepens its presence in key markets, which matters when clients want a one-stop shop for complex programmes.
Earnings support
The earnings picture backs up the “steady compounder” case. In the third quarter of 2025, WSP reported revenues of $4.53 billion, up from $3.98 billion a year earlier. Net revenues came in at $3.46 billion, and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $700.4 million, with an adjusted EBITDA margin of 20.2%. Those numbers show scale, and improving profitability, which is what you want if you plan to hold a stock for years.
Zooming out a bit, the results over earlier quarters also point to momentum rather than a one-off spike. In the second quarter of 2025, WSP reported net earnings attributable to shareholders of $279.4 million, or $2.14 per share, while adjusted net earnings reached $306.6 million, or $2.35 per share. When a business can grow while still producing meaningful earnings, it gives long-term investors more ways to win, even if the market gets choppy.
For 2026, the story looks straightforward: continued demand for infrastructure and energy work, plus a major integration cycle if TRC closes on schedule. WSP also has a clear timetable for fresh guidance, with its fourth-quarter and full-year 2025 results scheduled for release after market close on Feb. 25, 2026. This can provide investors with an updated backlog and guidance, all while collecting income through dividends.
Bottom line
This stock could be a buy for investors who want to get exposure to long-cycle growth themes without relying on U.S. mega-cap tech to do all the heavy lifting. The upside comes from durable infrastructure demand, rising power and grid investment, and the chance that TRC meaningfully boosts scale in a high-growth segment.
The risks are real, too. Large acquisitions can bring integration headaches, debt can rise, and project timing can slip if governments and corporations pause spending. If you can hold through normal drawdowns and you want a Canadian compounder that looks built for 2026, WSP deserves a spot on the shortlist.
