Investing profitably seems simple on the surface. Just find a stock that is steadily growing sales and profits, and it will steadily appreciate. Easy, right?
Identifying the best growth stocks for the next 10 years is no easy task, however. A lot can happen over a decade. After all, back in 2014 the armed conflict in Ukraine was just beginning, the Fed had interest rates comfortably near zero, and the threat of a global pandemic seemed more like science fiction.
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The reality is that there’s no bulletproof path to long-term success on Wall Street. But by focusing on stocks that are consistently growing their sales and reach over the long run, you can greatly increase your likelihood of a comfortable retirement.
The following nine stocks all have an impressive track record that ranks them among the best growth stocks for the next 10 years:
| Stocks | Sector | Market Capitalization |
| Costco Wholesale Corp. (ticker: COST) | Consumer staples | $396 billion |
| Intuit Inc. (INTU) | Technology | $169 billion |
| Lululemon Athletica Inc. (LULU) | Consumer discretionary | $36 billion |
| Mastercard Inc. (MA) | Financials | $473 billion |
| Microsoft Corp. (MSFT) | Technology | $3.2 trillion |
| Novo Nordisk A/S (NVO) | Health care | $507 billion |
| Nvidia Corp. (NVDA) | Technology | $3.4 trillion |
| Salesforce Inc. (CRM) | Technology | $274 billion |
| Thermo Fisher Scientific Inc. (TMO) | Health care | $217 billion |
Costco Wholesale Corp. (COST)
Market Value: $396 billion Sector: Consumer staples
It’s hard to find long-term predictability in a retailer, but big-box leader Costco is a rare exception. It continues to connect with customers and plot a path to consistent growth, year after year. Revenue has surged from $152 billion in 2019 to a projected $273 billion in fiscal year 2024 — roughly 80% in five years. What’s more, COST is up roughly 200% over the last five years to double the performance of the broader S&P 500 in the same period. With a cult-like following of its Kirkland store brand products along with more than 130 million cardholders, this retailer has a firm foundation for growth across the coming decade on top of its past success.
Intuit Inc. (INTU)
Market value: $169 billion Sector: Technology
Intuit is the financial software firm behind popular accounting, tax and payroll products such as TurboTax and QuickBooks. It also owns the popular Mailchimp e-mail marketing software and consumer finance products under the Credit Karma brand. Revenue has roughly doubled from just under $6.8 billion in fiscal year 2019 to a projection of $18.2 billion in fiscal year 2024. That double-digit growth rate is set to continue in future years, too, as indicated by Wall Street expectations of 13% growth in fiscal year 2025. As the name implies, Intuit has made a name for itself by providing technology solutions that fill in the blanks for customers. With artificial intelligence adoption gaining steam, INTU is uniquely positioned to profit from its installed user base of 100 million customers worldwide as well as deep knowledge of accounting paperwork to serve it going forward.
Lululemon Athletica Inc. (LULU)
Market value: $36 billion Sector: Consumer discretionary
The retail giant credited for kicking off the “athleisure” phenomenon, LULU is the go-to source for tights, leggings, and other high-end apparel that marries comfort with looking good. In fiscal 2020, Lululemon recorded roughly $3.9 billion in total revenue but now is looking to record more than $10.4 billion for fiscal year 2025 thanks to continued customer loyalty and expansion into new product categories like outerwear and undergarments. Shares can admittedly be a bit choppy in the short term, as is the case for many discretionary stocks, but LULU has strong long-term potential. Just look at the stock’s more than 600% returns over the prior decade as proof that this is a growth stock to watch for the next 10 years.
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Mastercard Inc. (MA)
Market value: $473 billion Sector: Financials
While a bit smaller than leading payments processor Visa Inc. (V), Mastercard is certainly no slouch when it comes to market value. In fact, it is more than double the size of rival American Express Co. (AXP) by this measure. MA recorded roughly $15.3 billion in revenue in fiscal year 2020, and next year Wall Street expects more than $31.3 billion in sales to more than double that figure across five years’ time. That’s in part thanks to an aggressive international strategy, as evidenced by its most recent earnings report in July that posted cross-border payments volume growth of 17% year over year. Mastercard has more than 3.4 billion branded cards in circulation to give it a dominant and global footprint, which bodes well for potential future growth over the next 10 years.
Microsoft Corp. (MSFT)
Market value: $3.2 trillion Sector: Technology
Tech behemoth Microsoft continues to grow, despite an already impressive scale. Case in point: Five years ago, revenue was running at around $125 billion, and in the next fiscal year its top line could hit $318 billion for a more than 150% growth rate despite an already-huge reach. That’s thanks to the booming cloud computing and Azure businesses at Microsoft, as well as big ambitions for AI to supplement its world-class workplace productivity software. With reliable subscription revenue from its software and long-term enterprise contracts with leading corporations, Microsoft has a firm foundation for growth across the coming decade.
Novo Nordisk A/S (NVO)
Market value: $507 billion Sector: Health care
Denmark-based Novo Nordisk may not be located domestically, but it’s a world leader in pharma right now thanks to the success of its GLP-1 drug Ozempic. This blockbuster drug builds on a long history of leadership in the diabetes space, giving NVO a profitable specialty in an age of rather unhealthy eating practices across much of the developed world. NVO stock is up more than 350% in the last five years, showing the consistent outperformance of this health care company. The long-term track record of revenue growth is equally impressive, with Novo Nordisk recording just over $33 billion in revenue in fiscal year 2023 but projecting more than $50 billion in revenue for fiscal year 2025 — a more than 50% growth rate in just two short years.
Nvidia Corp. (NVDA)
Market value: $3.4 trillion Sector: Technology
It’s hard to find another large-cap tech stock that has the growth numbers of this semiconductor firm that is currently the most valuable stock on Wall Street. Back in 2020, the company’s revenue was around $10 billion and if predictions for next year hold it will hit $170 billion in sales, for a staggering 17x expansion. There’s risk in NVDA stock given how volatile it has been, but the technology leader has proven to be a classic case of “buy high, sell higher” as it continues to power to new highs on an almost monthly basis. That’s thanks to its in-demand hardware used in applications ranging from cryptocurrency mining to artificial intelligence to self-driving vehicles. Shares are up roughly 750% in the last five years, and even just a small share of that success going forward could result in life-changing profits for long-term investors.
Salesforce Inc. (CRM)
Market value: $274 billion Sector: Technology
Salesforce is the go-to software provider for sales staff in any sector, providing a cloud-based platform for tracking new leads and effectively retaining customers. In fact, Salesforce’s core CRM product commands a roughly 22% market share despite a score of upstarts looking to cash in on this lucrative market. Back in 2020, Salesforce recorded just $17 billion or so in top-line revenue, but Wall Street is expecting the firm to top $41 billion in fiscal year 2025. That’s more than 140% growth in five years, and a great sign that CRM stock has what it takes to remain one of the best growth stocks for the next 10 years to come.
Thermo Fisher Scientific Inc. (TMO)
Market value: $217 billion Sector: Health care
While some investors are enamored with development-stage biotechnology stocks working on the next generation of blockbuster drugs, Thermo Fisher provides a much lower-risk way to play next-gen health care research. That’s because TMO is a key supplier of diagnostic and research tools for life sciences and laboratory use. Founded back in 1956 and a specialist in its field, TMO has a respected reputation and firm relationships with its customers, providing a strong foundation for future growth. The company recorded roughly $25.5 billion in revenue for fiscal 2019, and is currently projecting $42.9 billion in fiscal year 2024 for a five-year growth rate of almost 69%.
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9 Best Growth Stocks for the Next 10 Years originally appeared on usnews.com
Update 10/24/24: This story was previously published at an earlier date and has been updated with new information.
