A falling stock price makes most investors nervous. But for long-term Foolish investors, it can sometimes be the exact opposite. When a fundamentally solid stock suddenly becomes cheaper, the real question is not, “Why is it falling?” It is, “Has anything actually changed about the business?”
More often than not, the market reacts to short-term fears while strong companies keep quietly strengthening their outlook behind the scenes. Those disconnects create some of the best buying opportunities you’ll ever see. One Canadian growth stock looks like a perfect example today. Despite trading roughly 32% below its high, the company continues to add merchants, grow revenue at an impressive pace, and invest heavily in technologies that could fuel growth for years.
For investors willing to think beyond the short-term, the recent pullback in this top Canadian stock could end up looking like a gift. Let’s take a closer look.
Why Shopify still looks like a “forever stock”
The Canadian stock that I find really attractive to buy now, despite being down sharply, is Shopify (TSX:SHOP). It remains one of the most important commerce platforms in the world. Its software helps businesses start, run, market, and scale operations across 175 countries. That ecosystem matters because merchants that build around Shopify tend to use more of its tools over time, which could deepen customer relationships and expand revenue opportunities.
Shopify stock currently trades at $173.20 per share with a market cap of about $225 billion. Even after rebounding 34% from its 52-week low, the stock remains down 32% from its 52-week high, making it look like an appealing opportunity for investors who plan to hold it for many years.
Shopify’s growth engine is still running
If you take a closer look at the ongoing trend in Shopify’s financials, we can clearly see that the business continues to execute at a high level. In the first quarter of 2026, Shopify’s revenue climbed 34% year-over-year (YoY) to US$3.2 billion. Its gross merchandise volume (GMV) rose to US$100.7 billion, while gross profit reached US$1.6 billion and operating income came in at US$382 million. At the same time, its free cash flow was a healthy US$476 million.
More importantly, the Canadian e-commerce platform giant’s subscription solutions revenue reached US$750 million, merchant solutions revenue rose to US$2.4 billion, and monthly recurring revenue improved to US$212 million. These solid numbers suggest Shopify is still finding ways to grow across different products and merchant types, even in a tougher backdrop for spending.
Why this pullback may be an opportunity
Another reason Shopify stock looks so attractive at the current market price is its financial flexibility. The company ended the first quarter with cash and cash equivalents of nearly US$1.9 billion, and management still expects second-quarter revenue growth in the high twenties. Interestingly, the Ottawa-headquartered firm also expanded its share repurchase authorization to US$5 billion, a sign that management sees value in Shopify stock after the recent pullback.
Moreover, the company is building tools tied to artificial intelligence (AI), payments, logistics, and merchant productivity, which could further strengthen its competitive position for years to come.
Why I would still buy it for the long haul
While growth stocks can deliver strong long-term returns, I wouldn’t recommend buying any of them without keeping an eye on how the business performs. But if you want a business with global scale, strong cash generation, and plenty of room to expand, Shopify stock looks like a great pick. The recent sell-off hasn’t changed the company’s long-term growth prospects. Instead, it has made this proven growth stock available at a more attractive valuation.
