Growth stocks can come from many different industries and sectors. Often, tech stocks are considered the highest growth category. In many instances, that is true. However, growth and value creation can come from anywhere.
If you have $1,000 and are wondering what growth stocks look attractive, here are three diverse stocks that could be worth buying now.
Source: Getty Images
A small-cap growth stock focused on the aerospace industry
Firan Technology Group (TSX: FTG) is up 51% in 2024 and 466% in the past five years. Today, Firan stock has a market cap of $282 million. Firan provides specialized circuit and cockpit components to the aerospace industry. Through smart operations and strategic acquisitions, it has found a strong niche in the market.
Over the past five years, revenues increased by an 8% compounded annual growth rate (CAGR). Earnings per share increased by a 40% CAGR.
The aerospace industry has a huge backlog of demand across the major OEMs (original equipment manufacturers). This is fuelling very strong demand for Firan’s components. Recent acquisitions gave it access to the largest OEM in the world (Airbus).
Firan has a founder-led CEO, a cash-rich balance sheet, and a global manufacturing footprint. It targets 15% annual growth. It trades at an elevated 20 times price-to-earnings ratio right now. However, if it can maintain its above-average growth rate, this stock could still be cheap.
A mid-cap company focused on space
MDA Space (TSX: MDA) is up only 5% in 2025. However, its stock is up 105% over the past five years. MDA is a mid-cap pick with a market cap of $3.6 billion.
MDA is a crucial supplier to the space industry around the world. It has a large satellite constellation manufacturing business, an earth observation business, and a space robotics/components segment.
Space is becoming a crucial area for data, communications, navigation, and defence. It is expected to be a $1 trillion industry by 2040.
MDA is well-positioned. It won some large contracts this year that pushed its backlog to $4.8 billion. Just those contracts alone could fuel double-digit revenue and earnings growth for several years ahead.
At 24 times forward earnings, this isn’t the cheapest stock. Yet, if it can execute on its guidance for 45% revenue growth in 2025, it could prove to still be an attractive buy.
A large-cap stock focused on the global logistics industry
Descartes Systems (TSX: DSG) is down 18% year to date. However, this growth stock is up nearly 100% over the past five years. With a market cap of $11.5 billion, it is the large-cap stock pick in the mix.
Descartes provides cloud-based logistics and transportation software to the global supply chain. Tariffs (and threats of tariffs) from the Trump administration have created trade uncertainty around the globe. As a result, global trade has quickly declined. That could impact Descartes temporarily. Its stock has pulled back as a result.
Yet, at some point, goods will start to move again (even if it is in a reorganized fashion). Descartes’s services are essential to the customers it serves.
Descartes has a great balance sheet with $176 million of cash. Its business generates high profits and a lot of spare cash. It targets 12-15% annual growth, although it has exceeded that goal in recent years.
Today, this acquisitive company should be able to deploy its cash into better-priced acquisition opportunities. Likewise, restructuring efforts should help preserve margins and profitability through the downturn. While this has always been a pricey stock, its valuation is looking more and more attractive since its decline.
