Growth stocks can increase their financials at a higher rate than the industry average, thus delivering superior returns in the long run. Given their higher return potential, these companies trade at higher valuations. Also, due to the developing nature of these companies, they can be riskier. Against this backdrop, let's look at three top Canadian growth stocks that can deliver multi-fold returns over the next 10 years.

Celestica

$Celestica Inc (CLS.CA)$ offers design, manufacturing, and supply chain solutions and supports companies at every stage of product development. The company has classified its business into two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The ATS segment covers aerospace, defence, industrial, health tech, and capital equipment businesses, while CCS covers communications and enterprise end markets.

With the increased usage of AI (artificial intelligence), the demand for AI-ready data centres is rising, thus driving the demand for high-bandwidth switches and storage controllers. Amid growing demand, Celestica continues to develop and introduce new products that meet the high bandwidth needs of hyperscale data centres. It has forged a strategic partnership with Groq, which has developed a proprietary silicon platform specializing in accelerated inferencing. Given the favourable environment and its growth initiatives, I expect the uptrend to continue, thus delivering multi-fold returns in the long run.

WELL Health Technologies

The second stock I am bullish on is $WELL Health Technologies Corp (WELL.CA)$ , which develops technologies and services to aid healthcare professionals in delivering positive patient outcomes. Earlier this month, it reported an excellent third-quarter performance, with its top line growing by 23%. Solid organic growth and acquisitions over the last four quarters more than offset the decline from divestments to drive its top line.

During the quarter, the company had 1.48 million patient visits and 2.24 million patient interactions, representing a 41% year-over-year increase in both segments. Amid top-line growth, its adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) grew 16%. However, its adjusted EBITDA to WELL shareholder stood at $25.1 million, representing a 10% increase from the previous year's quarter.

Moreover, the growing adoption of virtual healthcare services, increased usage of software products in the healthcare sector, and digitization of patient records have created a multi-year growth potential for WELL Health. The company continues to invest in AI to develop innovative products and tools to support healthcare providers and improve patient outcomes. The company also has a solid acquisition pipeline, with 17 letters of intent and definitive agreements, which could contribute around $100 million to its annualized revenue. These growth prospects and attractive NTM (next-12-month) price-to-sales multiple of 1.2 make WELL Health an attractive long-term buy.

Docebo

$Docebo Inc (DCBO.CA)$ , which offers a learning platform to organizations worldwide, is my third pick. In the recently reported third-quarter performance, the company posted a revenue of $55.4 million, beating its guidance. Year over year, its top line grew by 19% amid 266 new customer additions and a 9.8% increase in its average revenue per customer. Amid top-line growth, its adjusted EPS (earnings per share) grew by 80% to $0.27, while its adjusted EBITDA increased by 93% to $8.7 million.

Meanwhile, the LMS (learning management system) market is growing at a healthier rate amid increased adoption of digital learning platforms, growing internet penetration, and the development of innovative products. Analysts are bullish on the sector and project a double-digit annualized growth for the rest of this decade. Given its highly customizable platform and the addition of AI-powered tools, Docebo is well-positioned to benefit from this expansion. So, I expect the uptrend in Docebo's financials and stock price to continue.