Ten years is an eternity on Wall Street. Consider that the S&P 500 was about 1,800 back in 2013, right after a little company named Facebook held a high-priced IPO to achieve a $100 billion valuation. Right now, the S&P 500 is about 140% higher, at roughly 4,300, and Facebook parent Meta Platforms Inc. (ticker: META) is valued at nearly $800 billion.
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There’s no such thing as a sure thing on Wall Street, but it’s undeniable that if you are patient you can really supercharge your portfolio — presuming you’re invested in stocks that grow faster than their peers, of course.
The following growth stocks all have tremendous track records as well as strong outlooks for the foreseeable future. There may be short-term volatility to weather, but if the current course and speed hold for these stocks, your portfolio could be significantly ahead in a decade’s time.
| Growth Stock | YTD performance as of Sept. 22 close |
| DexCom Inc. (DXCM) | -22.7% |
| DraftKings Inc. (DKNG) | 143.7% |
| Enphase Energy Inc. (ENPH) | -54.7% |
| Fortinet Inc. (FTNT) | 19.1% |
| Intuitive Surgical Inc. (ISRG) | 8.6% |
| Lululemon Athletica Inc. (LULU) | 21.1% |
| MercadoLibre Inc. (MELI) | 50.9% |
| Nvidia Corp. (NVDA) | 184.8% |
| Salesforce Inc. (CRM) | 55.7% |
| Tesla Inc. (TSLA) | 98.8% |
DexCom Inc. (DXCM)
Medical device company DexCom is one of the smaller stocks on this list, with a market value of about $35 billion at present. It’s not as well known or as entrenched as some of the more familiar Big Pharma names, but its special focus on glucose monitoring systems and solutions for diabetics is a tremendous corner of the marketplace to be in right now. After all, more than 11% of the U.S. has diabetes — and the International Diabetes Federation has projected that by 2045, roughly 1 in 8 adults around the globe will suffer from the disease. With a 20% growth rate for sales both in fiscal years 2023 and 2024, this is clearly a stock with a tailwind at its back and the potential for sustained upside.
DraftKings Inc. (DKNG)
As you probably know from the copious ads that have been distributed on the internet and TV over the last year or so, DraftKings is one of the preeminent sports betting portals out there. Believe it or not, it has only been about five years since a landmark Supreme Court ruling opened the door for this kind of gambling activity, and now some 30 states and Washington, D.C., have legalized sports betting. That’s a long way of saying there’s a megatrend lifting DKNG stock as more Americans get access to its platform. Pent-up demand is high, and we’re only in the beginning stages of growth for this industry — and based on projections of more than 50% growth this year and 20% growth in fiscal year 2024, DKNG has a lot of runway left when it comes to capitalizing on this megatrend.
Enphase Energy Inc. (ENPH)
Enphase is the smallest and perhaps the most volatile pick on this list. ENPH is a roughly $16 billion leader of the solar energy industry. It manufactures and sells both commercial scale and home energy solutions including both the panels themselves as well as microinverters and batteries that allow for more practical use of the energy that’s generated. With oil cruising toward $100 a barrel and the real impacts of climate change on display over the hot summer of 2023, it’s clear that solar is a significant part of the long-term move toward a more sustainable global economy. Enphase is projecting double-digit growth both this fiscal year and next year. And while pricing and demand in the near term can sometimes change significantly, it seems a good bet that ENPH will be able to move higher in the long term thanks to the megatrends lifting alternative energy demand around the world.
Fortinet Inc. (FTNT)
Cybersecurity and technology firm Fortinet is one of the most respected names out there when it comes to firewalls, anti-malware, web filtering and network performance solutions. Particularly after a spike in cyber incidents brought on in the wake of the Russian invasion of Ukraine — including a major hack of the Caesars Entertainment Inc. (CZR) empire in September — companies have a serious need for the services FTNT provides. Current-year forecasts are for more than 20% revenue growth, with nearly the same expansion in fiscal 2024. And considering the world is only getting more wired, it seems all but certain that Fortinet will continue to thrive for many years to come.
Intuitive Surgical Inc. (ISRG)
Though not a household name, ISRG is a $100 billion robotic surgery manufacturer that is on the cutting edge of medical technology. Its flagship da Vinci surgical system enables complex procedures that provide much better outcomes thanks to a minimally invasive approach. With roughly 15% growth in sales projected for both this fiscal year as well as next year, the company continues to grow briskly — and considering that health care spending marches ever higher thanks to aging demographics both in the U.S. as well as around the world.
Lululemon Athletica Inc. (LULU)
It’s always risky to pick an apparel company as a durable growth stock, as consumer tastes can be fickle, but LULU has a tremendous record of success so far, with revenue that exploded from just over $3 billion in 2019 to nearly $10 billion, if projections for this year hold. There’s also double-digit growth in store for the next two fiscal years, too, beyond this success — not to mention shares that have delivered 150% gains in the last five years to more than triple the returns of the S&P 500. There’s always a chance LULU falls out of favor, but the sustained performance should give investors confidence for the long run.
MercadoLibre Inc. (MELI)
Often called the Amazon.com Inc. (AMZN) of Latin America, fast-growing overseas retailer MercadoLibre remains highly rated and continues to offer a great long-term outlook as it comes into its own. MELI operates a consumer-focused internet marketplace that dominates the most populous and lucrative regions in the area, including thriving city centers in Brazil and Argentina. Thanks to its rapid expansion, Wall Street is expecting phenomenal revenue growth of about 30% this fiscal year and another 20% expansion in fiscal year 2024. Profitability is surging too, and the stock has risen an impressive 50% in the last 12 months as investors look past the disruptions of the past few years and on to the future growth of the region in general and MercadoLibre in particular.
Nvidia Corp. (NVDA)
While stocks like Amazon and Apple Inc. (AAPL) used to dominate conversations about the best long-term growth options in the tech sector, NVDA has increasingly been a part of that discussion now that those trillion-dollar tech stocks have a lot of their expansion behind them. Meanwhile, NVDA is plotting more than 100% revenue growth this year and almost 50% growth again in the following fiscal year. And with share prices up almost 600% in the last five years, it’s hard to overstate the amazing potential of this chipmaker as part of our high-tech future. From Bitcoin mining to AI processors to electric vehicle hardware, NVDA is at the center of a lot of dynamic megatrends, and its share price and sales growth continue to reflect that.
Salesforce Inc. (CRM)
At roughly $200 billion in market capitalization, Salesforce is the leading provider of customer relationship management — or CRM, the popular acronym that also makes up its ticker symbol. In a nutshell, CRM involves logging every interaction with a potential or current customer to ensure you maximize the revenue potential of that relationship. That makes Salesforce critical to a host of businesses, thanks to the potential impact on both retention and growth. It’s perhaps not surprising, then, that despite its massive scale and already-incredible reputation, Salesforce is plotting double-digit revenue expansion for both this fiscal year and fiscal year 2024. That shows the long-term potential of this company.
Tesla Inc. (TSLA)
It’s hard to imagine a list of growth stocks without Tesla. As the leading manufacturer of electric vehicles worldwide, it is at the center of a long-term megatrend that’s reshaping how people get around. It also has leveraged its battery technology expertise into an Energy Generation and Storage segment that has big plans for the future. Shares are up more than 1,000% in the last five years thanks to the big momentum and promise of Tesla and its related technology, and it shows no sign of slowing down, either, when it comes to vehicles produced or share prices.
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10 Best Growth Stocks for the Next 10 Years originally appeared on usnews.com
Update 09/25/23: This story was previously published at an earlier date and has been updated with new information.
