There’s no question that growth stocks are some of the most exciting investments you can buy. These are companies with expanding markets, scalable business models, and the ability to increase revenue, earnings, and market share consistently over time.
While they can be more volatile in the short term, the long-term upside they offer often far outweighs the risk, especially when you find the right businesses at reasonable prices.
The best growth stocks don’t just grow, they dominate. They reinvest in their own success, build competitive advantages, and steadily compound value for years.
And when you buy these companies before they become household names, or when the market is temporarily overlooking them, you give yourself a real chance at life-changing returns.
You don’t need to spend thousands of dollars per share to get in on great businesses, either. Plenty of high-quality growth stocks still trade at accessible prices and offer serious long-term potential.
So, if you’ve got cash that you’re looking to put to work, here are five unstoppable growth stocks to consider right now that are all trading for under $200 per share.
Source: Getty Images
Two top defensive growth stocks to buy right now
When it comes to buying stocks that can grow your hard-earned capital for years, defensive growth stocks like Jamieson Wellness (TSX:JWEL) and GFL Environmental (TSX:GFL) are some of the best to start with.
A high-quality defensive growth stock is ideal because it typically has recession-resistant operations, yet it has a strong enough position in its industry that it can offer attractive and consistent growth.
For example, Jamieson is a health and wellness company that manufactures and distributes products like vitamins and minerals, making it a highly defensive business. Yet at the same time, it has managed to grow its revenue at a compound annual growth rate (CAGR) of 16.3% over the last five years.
Meanwhile, GFL is a waste management company that has grown significantly in large part through acquisitions over the last few years. In fact, over the last half decade, its revenue has increased at a CAGR of 18.6%. Plus, with each acquisition, GFL is able to leverage its expanding scale to reduce costs and improve margins.
So, if you’re looking to put your hard-earned cash to work, a high-quality defensive growth stock is one of the best investments to buy and hold for the long haul.
Two high-quality retailers
In addition to GFL and Jamison, two more of the best growth stocks to buy now are in the retail sector.
For example, Aritzia (TSX:ATZ) has spent years building a loyal customer base by offering high-quality, fashion-forward clothing and controlling the full customer experience through its vertical integration.
And with expansion into the U.S. gaining traction, Aritzia is positioning itself as a premium lifestyle brand with a significant runway for growth.
In just the last five years, Aritzia’s sales have increased at a CAGR of 22.8%, showing why it’s one of the best growth stocks to buy now.
Meanwhile, although Canadian Tire (TSX:CTC.A) may not offer the same sky-high growth potential as Aritzia, it’s a much more established business and still has years of growth potential ahead of it.
It has built a robust e-commerce platform, runs one of the most popular loyalty programs in Canada, and continues to leverage data from both to drive sales growth.
Plus, in addition to the long-term growth potential, it offers a growing dividend with a current yield of 3.9%.
One of the best growth stocks to buy on the TSX
Finally, one of the very best growth stocks to buy on the TSX over the last few years has been goeasy (TSX:GSY).
goeasy is a specialty finance company that has consistently grown its loan book, improved its margins, and increased its earnings at an impressive pace. Plus, it continues to expand its product offerings and customer base while maintaining strong credit quality. This performance has led to incredible growth in its profitability.
For example, in the last five years, the subprime lender’s revenue has grown at a CAGR of 20.1%, while its normalized earnings per share have increased at a CAGR of 26.4%.
So, if you’re looking for top growth stocks to buy now, there’s no question goeasy is one of the best.
