Since the end of the Great Recession nearly 13 years ago, growth stocks have run circles around value stocks. Historically low lending rates and an accommodative central bank have given fast-paced companies access to cheap capital, which they've used to hire, acquire, and innovative.

Following the market's first correction in almost two years, growth stocks remain ripe for the picking. If you're looking to add game-changing companies to your portfolio, these three growth stocks offer the potential to make you richer in February, and more importantly, well beyond.

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Alphabet

Just because Alphabet (GOOGL 4.97%) (GOOG 4.86%) -- the parent company of internet search giant Google and streaming platform YouTube -- is one of the largest publicly traded companies in the world doesn't mean it isn't capable of jaw-dropping growth.

Most people are familiar with Alphabet's most dominant subsidiary, Google. Based on data from GlobalStats, Google accounted for just shy of 92% of global internet search in December, and it's consistently held a 91% to 93% share of internet search dating back two years.  With such a dominant presence, it's no surprise to see advertisers willing to pay a premium to get their message in front of users.

Although ad spending tend to be cyclical, Alphabet investors can take solace in the fact that periods of economic expansion are almost always measured in years, whereas contractions and recessions last for a few months to a couple of quarters. With the exception of one quarter during the height of the pandemic, Google has been a consistent double-digit sales growth machine for a long time.

But there's more to like about Alphabet than just its veritable internet search monopoly. YouTube is one of the most-visited social sites on the planet, as evidenced by the nearly $29 billion in annual run-rate revenue being generated from ads on the site (as of the third quarter). 

An even more intriguing "side project" is cloud infrastructure service segment Google Cloud. As of the end of September, Cloud was pacing $20 billion in annual run-rate revenue, and has persistently grown by 40% to 50% on a year-over-year basis. Although Cloud isn't a profitable segment, as of yet, the operating margins associated with cloud services are typically higher than advertising margins. In other words, as Cloud matures, it could play a huge role in helping to grow Alphabet's operating cash flow.

Through last weekend, Alphabet was valued at less than 24 times Wall Street's consensus earnings this year, and it was sporting a price-to-earnings-growth ratio (PEG ratio) of less than 1. A PEG ratio of less than 1 is typically considered to be undervalued.

Additionally, its price-to-cash-flow ratio was about 10% below its five-year average, with the company's cash flow set to soar by mid-decade, thanks to Google Cloud. In sum, brighter days still lie ahead for this FAANG stock.

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Lovesac

On the other end of the spectrum is small-cap stock Lovesac (LOVE 3.47%). Despite not being a household name, this fast-growing furniture stock has all the tools and differentiation needed to make investors richer in February (and beyond).

Normally, bringing up "furniture stocks" in a conversation is an easy way to put even diehard investors to sleep. Most furniture stores are based on the brick-and-mortar operating model that's reliant on foot traffic and getting a good deal from a select group of wholesale furniture manufacturers. What Lovesac is doing is completely turning this stodgy industry on its head.

The differences between Lovesac and traditional furniture stores begins with the company's products. Although it was first known for its beanbag-style chairs known as sacs, about 85% of its sales now derive from modular couches known as sactionals. These sactionals can be rearranged dozens of different ways, meaning they'll work with virtually any living space. They also come with a choice of roughly 200 machine-washable cover options, which implies they'll match any theme or color scheme of a home. But maybe most important, the yarn in these covers is made entirely from recycled plastic water bottles. This makes Lovesac an eco-friendly choice for its core customer, millennials.

Lovesac's omnichannel sales platform is the other key way it's able to stand out in a relatively slow-growing industry. When the worst of the pandemic hit in 2020 and brick-and-mortar retailers were forced to either close or greatly reduce foot traffic into their showrooms, Lovesac saw around half of its sales originate online. The company also forged in-store partnerships with brand-name retailers and used pop-up showrooms to get its name out and boost sales. The point being that Lovesac hasn't been tied down by brick-and-mortar retail locations. With considerably lower overhead costs than its peers, Lovesac's profits are growing even faster than its sales.

Paying 25 times Wall Street's forecast earnings in 2022 for a company slated to grow its top-line by 27% this year is simply a discount investors shouldn't pass up.

A veterinarian holding a small, feisty dog in their arms.

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Trupanion

A third growth stock that can make investors richer in February and well beyond is companion animal health insurance provider Trupanion (TRUP 0.34%).

While it may not be the fastest-growing industry on the planet, there's arguably not a more recession-resistant trend than companion animal spending. According to the American Pet Products Association (APPA), the number of U.S. households that own a pet reached an all-time high of 70%, as of the 2021-2022 survey. That's up from 56% of U.S. households owning a pet in 1988.

What's more, an estimated $109.6 billion was spent on companion animals in the U.S. last year, with year-over-year spending on our furry, feathered, scaled, and gilled "family members" rising on a sequential basis for at least the past quarter of a century. In short, pet owners will pay up to ensure the health and well-being of their pets. 

What makes Trupanion so intriguing is that it's still just scratching the surface of its potential in North America. Whereas 25% of companion animals in the U.K. have health insurance coverage, only 1% of U.S. pets and 2% of Canadian pets are covered with insurance by their owners. Trupanion estimates that reaching a 25% penetration rate would give the company a $34.1 billion addressable market.  For comparison, Trupanion is expected to have generated close to $700 million in full-year sales for 2021.

There's plenty of partnership potential here, too. In December, online retailer Chewy announced a partnership with Trupanion to offer pet health insurance and wellness plans to its more than 20 million customers, beginning in spring 2022. With brand awareness being the biggest challenge for pet health companies, forging a partnership with Chewy is a big deal. 

Even though pet health insurance can be a competitive space, Trupanion has clear advantages. It's been building rapport with veterinarians and staff at the clinical level for more than two decades. It also offers software capable of handling payments at the time of service, which helps differentiate it from other large-scale pet insurers.

Trupanion may not be as cheap as the other two companies on this list from a fundamental perspective, but it has sustainable double-digit growth potential written all over it.