Research Infosource Inc. :: Top Corporate R&D Spenders

Canada’s Top 100 Corporate R&D Spenders 2025

Top Corporate R&D Spenders by Tier FY2024

R&D Spending

Rank	Tier 1	$000
1	Shopify Inc.	$1,872,517
2	Open Text Corporation	$1,224,508
3	Magna International Inc.	$1,197,205

Rank	Tier 2	$000
1	AstraZeneca Canada Inc. (fs)	$97,470
2	Enghouse Systems Limited	$88,833
3	Rio Tinto Iron & Titanium Inc. (fs)	$82,979

Rank	Tier 3	$000
1	Computer Modelling Group Ltd.	$24,025
2	Knight Therapeutics Inc.	$23,304
3	Neo Performance Materials Inc.	$23,107

R&D Spending Growth
(% Change FY2023-FY2024)

Rank	Tier 1	%
1	Imperial Oil Limited	40.5
2	Open Text Corporation	33.3
3	Celestica Inc.	30.0

Rank	Tier 2	%
1	BriaCell Therapeutics Corp.	79.8
2	Cameco Corporation	73.7
3	Rio Tinto Iron & Titanium Inc. (fs)	66.0

Rank	Tier 3	%
1	Satellos Bioscience Inc.	122.3
2	Verses AI Inc.	107.5
3	NervGen Pharma Corp.	95.5

R&D Intensity^*
(R&D Spending as % of Revenue)

Rank	Tier 1	%
1	AbCellera Biologics Inc.	580.1
2	Repare Therapeutics Inc.	218.5
3	Zymeworks Inc.	176.4

Rank	Tier 2	%
1	Thinkific Labs Inc.	28.5
2	Coveo Solutions Inc.	28.4
3	D2L Inc.	22.7

Rank	Tier 3	%
1	Conavi Medical Corp.	830.2
2	Verses AI Inc.	611.4
3	Spectra7 Microsystems Inc.	193.4

Notes:
1. R&D Spending Tiers: Tier 1 = $100 million or more of R&D spending, Tier 2 = $25 million-$99.9 million, Tier 3 = less than $25 million.
fs = Foreign subsidiary (included revenue and R&D spending for Canadian operations only)
^*Based on companies with $2 million or more of revenue