Are you looking to invest in stocks that can double or triple your money in three to five years? Then, you should look for growth stocks. A growth stock is a company that is seeing double-digit growth in its revenue and an even higher growth in its profits. The company has a robust balance sheet and potential to grow. You can see consistent business expansion. Generally, growth companies do not pay dividends as they reinvest the money in the business for further growth.
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Two monster growth stocks to buy without hesitation
Many stocks meet the above criteria. But here are two stocks with a monstrous upside potential.
Descartes Systems
Descartes Systems (TSX:DSG) stock surged 51% in the last 12 months after two years of tepid growth in 2022 and 2023. The surge in 2024 made up for a 20% compound annual growth rate (CAGR), proving that growth will continue.
The supply chain management solutions provider benefits from higher and more complex trading activity. The more goods, information, and people travel, the higher the demand for solutions such as route planning, inventory management, customs and regulatory clearance, and e-commerce fulfillment. In the first three quarters of 2025, Descartes’s revenue surged 13.8% year over year to US$483.5 million, driven by sales of global trade intelligence, routing, and transportation management solutions. The stock is trading at 15.6 times its sales per share, higher than 13.85 last year.
Although Descartes stock is trading at a higher valuation, it has the potential to see accelerated sales growth. President-elect Donald Trump is looking to impose tariffs on imports and alter trade policies. That could accelerate the demand for Descartes’s custom and regulatory clearance services. Moreover, a reduction in corporate taxes could boost jobs and domestic consumption, driving demand for e-commerce solutions.
While there is ample scope for growth, Descartes has no debt and US$181 million cash in hand. It has a US$350 million revolving operating credit facility available, which it did not use in 2024. The financial flexibility gives Descartes room to grow organically and through acquisitions. It made five acquisitions in the first nine months of 2024 that generated incremental revenue of US$20.4 million.
This stock can generate an average 20-30% annual return.
Advanced Micro Devices stock
Unlike Descartes, Advanced Micro Devices (NASDAQ:AMD) is an undervalued growth stock. The chip maker designs central and graphics processing units and other chips that help personal computers and data centres perform computing tasks efficiently. Its revenues are cyclical as they depend on product upgrades and PC refreshment cycles.
A crucial element for AMD is to stay updated with the latest tech. The market penalized AMD for entering the artificial intelligence (AI) race late and failing to match the performance of Nvidia’s chips. However, AMD has caught up and has introduced AI chips. It is also seeing strong demand for its data centre chips, which is visible in its triple-digit growth in data centre revenue.
AMD has US$4.5 billion in cash reserve and US$1.7 billion in debt, resulting in a net cash position of US$2.8 billion. The company has ample opportunity to grow with AI adoption, PC replacement cycles, autonomous cars, and a revival in demand from game consoles. It has a strong balance sheet, giving it flexibility to withstand a downturn and revive without taking on debt.
AMD stock is trading at 24.5 times its earnings per share, the lowest in five quarters. It can double your money within three to four months in the next growth cycle. A good strategy is to buy and hold AMD stock, as it is difficult to predict when will the next growth cycle come.
