Growth Stocks Are So 2021: These Stocks Could Be the Biggest Winners In 2026

For the past five years, investors who have stayed entirely invested in the highest-growth stocks in the market (and some of the largest-capitalization stocks in their sectors, for that matter) have outperformed. Not by a little bit, but by a lot. This has been an interesting period of time in which risk taking has been rewarded to an incredible degree, with plenty of market participants clearly believing this trend is one that will continue.

There’s something to that thesis, for sure. That said, it’s also true that plenty of macroeconomic headwinds are picking up right now. From the geopolitical turmoil we’ve seen around the actions in Venezuela and rhetoric around Cuba, Mexico, Canada and Greenland, there’s plenty for investors to keep their eyes on. And with inflation still not under control (but a quickly weakening jobs market by most accounts), it’s going to likely be a volatile year for interest rate policy as well.

So, with that in mind, let’s dive into three companies that could be poised to provide defensive upside in such an environment. Notably, each of these three companies have been on a relative tear of late. However, I think these moves can continue well into 2026.

Cameco Corporation (CCJ)

For investors looking for a blue-chip uranium provider powering the nuclear industry, Cameco Corporation (NYSE:CCJ) is one of my preferred ways to do so.

The uranium giant has seen expanding margins and derisked growth in recent quarters, as ultra-robust demand for energy has prompted an incredible amount of investment in the renewable energy sources of the future. I’d argue that nuclear energy could be the true energy source of the future, at least in terms of handling the heightened base demand that’s on its way in the form of energy-intensive data centers going up all around the country.

Cameco’s high-grade and high-volume uranium production has allowed the company to grow earnings during periods of time in which uranium prices have stagnated. However, with the plethora of investment now going into this sector, the company has benefited greatly from uranium prices which have nearly tripled over the past five years. So long as that’s the case, Cameco’s double-digit year-over-year earnings growth profile is one I think can continue, particularly if commodity prices continue to head higher. For those looking to bet on defensive positioning in the market picking up, this would be my preferred way to do so.

On valuation, Cameco screens like a quality compounder rather than a cyclical miner. Indeed, CCJ stock has rerated to a premium multiple of forward EBITDA and earnings versus historical norms, but that premium is justified by multiyear contracted volumes, long‑duration utility relationships, and leverage to any upside surprise in uranium prices as Western utilities re‑secure supply.

Agnico Eagle Mines (AEM)

Speaking of commodity prices surging, precious metals miner Agnico Eagle Mines (NYSE:AEM) is another top pick of mine in the gold mining space. The company has obviously benefited from higher realized gold prices. However, Agnico has also aggressively been focused on improving its operating margins (which just hit a record), with management suggesting that future quarters will provide even more in the way of consistency and growth.

Indeed, with gold hitting a record high of $5,000 per ounce this week, this is a stock I think could have massive upside potential. The company’s true earnings power hasn’t been priced into the market, at least in my estimation. That’s because despite seeing record cash flow of $560 million this past quarter, AEM stock has managed to maintain a forward price-earnings multiple of less than 18-times.

With a fortress balance sheet and strategic flexibility, I think Agnico’s monetization efforts of its Orla Mining stake should provide much more in the way of earnings growth than the market is currently pricing in. In other words, I think this is a stock with a significant margin of safety investors can add to their portfolio over the long-term, and feel safe. I’d own AEM stock over physical gold right now, for those bullish on where the yellow metal will head from here.

The Metals Company (TMC)

Last, but certainly not least, we have my favorite small-cap pick in the market today: The Metals Company (NASDAQ:TMC). A leveraged defensive pick on the future demand for critical battery minerals, TMC operates a deep-sea mining operation which is really the first of its kind. Pioneering unique tech to pull golf ball-sized nodules off the sea floor packed with key minerals used in battery development, the overall market TMC could be pursuing could be worth trillions of dollars.

That’s to say nothing of the ongoing commodity super cycle we’re seeing play out. While TMC is a company that’s burning cash to get its deep sea vessels and mining operations off the ground (doing test runs currently, with commercialization planned for next year), any indications that commercialization efforts could accelerate from here could lead to a surge in the company’s share price. While TMC stock has already surged around 10x from peak to trough (2024-2025 time frame), I think this is one of those asymmetric opportunities that could have much further to run.

As this market matures, and more governments look for ways to avoid above-ground mining operations (which are environmentally disastrous in many ways), we could see an explosion of activity from the likes of TMC and some other smaller players. In my view, this company is the best way to play the deep sea mining trend for decades to come.