10 Best Growth Stocks Of December 2023 (2024)

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Planet Fitness operates fitness facilities in the U.S., Canada, Mexico and a number of other countries.

The company saw impressive earnings growth over the last year, and analysts expect earnings will double on average each year over the next five years. Sales have also been rising since 2021 following a setback during the Covid-19 pandemic.

Planet Fitness has a financial health grade of “C” from Morningstar and a buyback yield of 4.1%. The stock is trading at a forward P/E ratio of 19.3, which is a fair value for this growing company.

Nvidia makes graphic processing units that are commonly used in gaming, artificial intelligence and other computer applications. It is one of the best-performing stocks over the last year.

Analysts expect very strong growth over the next several years, including 222.2% EPS growth in 2023 versus 2022, and 55.3% growth in 2024. It is one of only two companies on this list that has an “A” financial health rating from Morningstar.

Nvidia doesn’t offer dividends but has a buyback yield of 0.7%. Its current P/E ratio is 108.4, with a forward P/E of 26.8. Since 2020, the stock has mostly maintained a P/E above 50, reflecting investors’ confidence in its aggressive growth.

Vita Coca had its initial public offering in 2021. The company sells coconut water, coconut oil and other coconut-related products around the world.

The company doesn’t yet have three full years of sales since the IPO. However, sales did grow in 2022 versus 2021, and analysts expect higher sales in 2023 than in 2022.

EPS is expected to jump by 428.6% in 2023, followed by 9.5% growth the following year. It has a “B” financial rating from Morningstar.

The company’s current P/E of 54.5, although high, is lower than its 2023 value. Its forward P/E stands at a notable 33.7, making it one of the highest on this list. While its growth might justify this, other stocks on this list offer more attractive valuations.

New Fortress Energy is an integrated natural gas company, meaning it controls its entire operation from natural gas procurement, liquefaction, shipping and everything in between.

Analysts expect a 254.8% jump in EPS in 2023 compared to 2022 and 67.3% growth in 2024.

The company has a health grade of “C” from Morningstar. It hasn’t been buying back shares, but it does offer a dividend currently yielding 1.3%.

NFE has the lowest forward P/E on this list at 5.7 which is an excellent value for this currently growing company.

T-Mobile provides nationwide cell service throughout the United States.

The company has seen rising sales over the last decade, and analysts predict significant yearly earnings growth over the next five years. In fact, analysts are calling for a more than 255% year-over-year EPS increase in 2023, and then 35.0% earnings growth in 2024.

TMUS has a financial health rating of “B” from Morningstar and an excellent buyback yield of 6.8%. When a company aggressively buys back shares, it helps bolster EPS since there are fewer shares outstanding.

The current P/E ratio is 27.8, which is one of the lowest valuations this stock has traded at in the last several years. The forward P/E ratio of 14.1 indicates the stock is currently trading at a good value for its growth.

MercadoLibre is like the Amazon.com of Latin America. Providing a wide range of products from various vendors, it operates in 18 different countries. The company also provides shipping, advertising and financing services.

MELI is expected to grow at a rapid pace. In 2022 EPS jumped to $9.57 per share, up from $1.67 in 2021. Analysts expect 111.9% EPS growth in 2023 and 43.3% growth in 2024.

The company has a “B” financial health rating from Morningstar and a buyback yield of 0.5%. MELI also has the second-highest P/E on this list at 84.1, but it has the highest forward P/E on the list at 43.5. Notably, this is the lowest P/E it’s seen in the past five years, indicating the stock seldom trades at a low value.

RPC provides oilfield services, offering various services and equipment to companies engaged in oil exploration and production. Oil exploration tends to be cyclical in nature, experiencing periods of rising and falling earnings. Despite this cyclicality, analysts predict expanding earnings for RPC for the next several years, including 16.8% EPS growth in 2023 and 7.6% growth in 2024.

The company has a buyback yield of 0.6%, a dividend yield of 1.7% and a “B” financial health rating from Morningstar.

RPC has a forward P/E of 6.6, which is lower than most companies on this list. However, the company’s profitability has been inconsistent, alternating between profitable years and unprofitable ones, rather than showing consistent growth.

Biomarin focuses on rare disease therapies with eight drugs on the market and more than a dozen in various stages of research and testing.

The company returned to profitability in 2020, had a losing year in 2021 and was profitable again in 2022. Analysts expect 37.3% EPS growth in 2023 and 138.8% growth in 2024.

The P/E is the highest on this list at 166.8. The forward P/E of 35.4 is more attractive. However, that is also the second-highest forward P/E reading on this list. The company isn’t buying back shares or offering a dividend, but it does have an “A” financial health rating from Morningstar.

WillScot Mobile provides flexible workspace and storage solutions. The company generates revenue through leasing arrangements.

Analysts expect strong growth over the next several years, including 30.0% EPS growth in 2024. The company has a solid “B” financial health rating from Morningstar, and it has the highest stock buyback yield on the list at 10.9% over the last year.

The P/E ratio of 25.8 is the lowest level in the last five years, and the forward P/E ratio of 17.5 is a good valuation for this growing company.

ATI is a specialty metal provider for companies in the aerospace, defense and oil and gas industries, among others.

While the company is currently experiencing increased earnings, this stock is in a cyclical industry where earnings tend to rise and fall as opposed to steadily increasing.

The company had negative EPS in 2020 and 2021, followed by a profitable year in 2022, which explains the significant growth over the past year. Analysts expect earnings in 2023 to be 13.1% higher than they were in 2022 and expand by 27.1% in 2024.

ATI has a “C” financial health rating from Morningstar and a share buyback yield of 1.4%. The forward P/E ratio of 14.3 is a fair valuation for the stock, assuming it can deliver on analysts’ expectations.

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