Canada’s Top Growing Women-Led Companies

Eligibility Criteria

To be eligible for the 2027 ranking, a company must:

Complete the application process

• Step one: Complete the full application survey by filling out the form at the bottom of this page.
• Step two: Submit financial statements to verify revenue claims.

Meet ownership requirements

• Eligible companies must be founded by or significantly controlled by female-identifying individuals as defined by Innovation, Science and Economic Development Canada.

Be Canadian

Eligible companies must be headquartered in Canada with significant operations in Canada.

Eligible companies must have Canadian ownership, defined as follows:

1. If the company is privately held by individuals, the majority ownership must be held by Canadians
2. If the company is privately held by a mix of individuals and investment funds or groups (e.g. pension or venture-capital funds or angel investor syndicates), a substantial percentage of shares must be held by Canadian residents or Canadian-based funds.
3. If the company is publicly traded and widely held, its eligibility will be at the discretion of Report on Business.

Be independent and for-profit

Eligible companies must not be a division or subsidiary of another company, unless that company is a holding company only.

Eligible companies must operate at an arm’s length from any related companies

Eligible companies must not be a franchisee or the member of a network (e.g. a co-operative)

Eligible companies must not be a charitable organization, non-governmental organization, not-for-profit organization, etc.

Be an operating company, or a holding company that has a substantial degree of management control over its holdings

Eligible companies must not be entities whose primary business is investing in other established companies

Have been in continuous operation and in the same line of business throughout the revenue measurement period. (For the 2027 ranking, that means between 2022 through July 2025)

Have minimum operating revenue of $2 million in its most recent fiscal year and $200,000 in the same period three years prior. For example, in 2027, an eligible company would have 2025 revenue of at least $2 million and 2022 revenue of at least $200,000.

Be operating in a good standing. We reserve the right to disqualify any businesses undergoing criminal or regulatory investigation, or any other public compliant, that might discredit the Canada's Top Growing Women-Led Companies or The Globe and Mail, at our sole discretion.

Ranking methodology

Report on Business magazine’s Canada's Top Growing Women-Led Companies Program ranks companies on the basis of three-year percentage growth of annual operating revenue. The formula for 2027 is:

(2025 revenue – 2022 revenue) / 2022 revenue * 100 = % revenue growth

The above formula assumes that:

Each revenue period is the calculation reflects 12 months of continuous operations

The revenue periods are three years (36 months) apart;

The revenue figures are in the same currency;

The company’s base-year (e.g. 2022) revenue exceed or have been adjusted to meet the minimum eligibility requirement of $200,000.

To ensure a level playing field for participating companies, reported revenues are subject to adjustment at the discretion of ROB magazine. For example, if a reported fiscal year is not 12 months in length or the two fiscal years used in the calculation are not three years apart, then an equitable measurement might be achieved by any or all of:

• Pro-rating the revenue of a reported period;
• Including revenue from months adjacent to the reporting period;
• Time-shifting of the periods used in the final calculation.

Canadian currency is the default for determining revenue growth. Where a company posts in foreign currency in both years, the growth rate will be determined using the figures supplied, without any adjustment. Where the company reports in Canadian dollars in only one of the two years measured, the revenue for the other year will be converted to Canadian dollars using the average Bank of Canada exchange rate for the period.

Revenues for each period must be drawn from the same eligible company. Adjustments may be required of companies involved in mergers, acquisitions and the like, particularly when those transactions took place in or around the base year of the calculation. (For instance, if a shell company acquires an operating company in the base year, then the reported revenues for the base year should be those of the operating company.)

If a company reports base-year revenue below the minimum for eligibility ($200,000) its growth rate will be calculated using the minimum. For instance, a company with actual revenue of $75,000 in 2022 and $10 million in 2025 would have an unadjusted growth rate of 13,233%. Post-adjustment its growth rate would be 4,900%. The post-adjustment calculation would determine the company’s ranking.

Company revenue must be reported according to generally accepted accounting principles (GAAP). For most companies, the eligible revenue equals the “gross revenue” at the top of their income statement (P&L). However, the “real” revenue of many companies is their net revenue, e.g. after the returns of costs of goods sold. Agencies, resellers and publishers are among the types of business to which such adjustments might apply.

Report on Business magazine reserves the right to disqualify applicant companies believed to be ineligible and/or engaged in illegal or disreputable activity, at any time and at the sole discretion of Report on Business magazine.

Frequently Asked Questions

Is there any cost to participate?

No. There is no cost to participate in the application, nor to earn a spot on the ranking.

What financial details provided by my company during the application process will be published by Report on Business magazine?

No. To protect the interests of privately held companies that apply for the ranking, the only financial information gathered during the application or revenue verification process that is subject to publication is the company’s:

• Three-year growth rate, and
• Revenue range for the most recent fiscal years (e.g. $10M - $25M)

Report on Business magazine will not publish any revenue information for the base year of the calculation, nor any information related to the profitability of the company, if that company is privately held. Publicly traded companies may be treated in largely the same way, although the public availability of most of this financial information precludes the need for confidentiality.

Should my company report its gross revenue?

Generally, yes, but please see the above ranking methodology for more detail.

My company reports in US dollars. Should I convert the revenue figures to Canadian dollars?

No. If US dollars were reported in both years, no adjustments will be made. If US dollars were reported in only one of the two years, then magazine researchers will make the necessary adjustments, as per the above ranking methodology.

What kind of revenue verification is required?

Companies (whether privately held or publicly traded) are asked to submit their incomes statements (P&L) for the measured periods. Balance sheets and statements of cash flows are not required. Audited statements are preferred but are not required. However, statements must be final and officially recognized by the company. ROB magazine researchers may require your company’s chief executive and/or finance head to sign an attestation form confirming the veracity of the statements.

What are the minimum and maximum revenue requirements for eligibility?

There is no maximum. The minimum is $2 million in the most recent fiscal year used in the three-year growth calculation, and $200,000 for the base year (i.e. the period three years prior).

What are the minimum and maximum age requirements for eligibility?

There is no maximum. As for the minimum, companies must have been in operation long enough to show three years of growth: a base year followed, generally, by three more years (for four years in total). However, Report on Business will consider for inclusion, on a case-by-case basis, companies that complete their fourth year in business within three months of the posted application deadline. For 2027, that means companies must have been founded and generating operating revenue before Feb. 1, 2022 in order to be eligible.

When and where will the ranking be published?

The ranking and additional coverage of the 2027 Canada's Top Growing Women-Led Companies program will be published in the April 2027 issue in print and online on the ROB magazine webpage and in print in the April issue of Report on Business magazine.

What are the terms and conditions?

You can read them here

I still have questions. Who can I contact?

Please contact the Canada's Top Growing Women-Led Companies research team at WomenLedCompanies@globeandmail.com

Women in Business event

A Women in Business event will be held in April 2027.