Jim Cramer coined the term "FANG stocks" back in 2013, but the acronym was changed to FAANG in 2017 when Apple was added to the list. Of course, Alphabet (formerly Google) and Meta Platforms (formerly Facebook) have both changed their names, making the term somewhat obsolete. But its popularity with investors has persisted, and those three companies -- alongside Netflix (NFLX -0.83%) and Amazon (AMZN 0.23%) -- still dominate their respective industries.

Looking ahead, all five of these stocks could generate market-beating returns, and I wouldn't bet against any of them. But two in particular stand out from the pack, and both look relatively cheap right now. Here's what you should know.

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Netflix: The entertainment giant

Streaming pioneer Netflix has revolutionized home entertainment. Unlike traditional pay TV, streaming services allow viewers to watch their favorite shows and movies whenever they want, as often as they want. That value proposition caused cord-cutting to accelerate 2021, and that trend is unlikely to reverse course in the future.

Over the years, Netflix has turned its first-mover's status into a significant competitive edge. As of the fourth quarter, it had 222 million paid subscribers, making it the most popular streaming service by a wide margin. And the company's slate of original content reinforces that edge, differentiating it from competing services. In fact, Netflix held 47% market share in terms of consumer demand for original content in 2021 -- the next closest competitor was Amazon Prime Video, with 12% market share.

That demand translated into strong financial results. Last year Netflix's revenue rose 19% to $29.7 billion, its operating margin jumped 250 basis points to 21%, and its profits soared 85% to $11.24 per diluted share. More importantly, Netflix still has room to grow its business -- both by adding new members and raising prices -- across all geographies. Even in its most penetrated geography, the United States, Netflix accounts for just 6% of total TV viewing time.

In terms of valuation, the stock trades at 6.3 times sales. That's near a five-year low, and much lower than its five-year average of 9.1 times sales. Is Netflix really worth less today than it was five years ago? I don't think so. That's why this growth stock looks like a smart buy right now.

Amazon: The retail giant

E-commerce pioneer Amazon has parlayed its first-mover's status into an ironclad competitive position. Its marketplace ranks as the world's most popular online shopping platform, averaging 5.2 billion visitors each month. And in 2021, 41% of U.S. e-commerce sales were transacted on Amazon, while second-place Walmart captured less than 7% market share.

To further fortify its business, Amazon continues to invest aggressively in logistics, building new warehouses and adding more transportation assets. In fact, the company has doubled the size of its logistics network in the last two years alone. That allows Amazon to offer fulfillment services to sellers and fast delivery to consumers, while controlling its shipping costs in a way that wouldn't be possible if it depended solely on third-party carriers.

Amazon has also come to dominate the cloud computing industry, capturing 33% market share in the fourth quarter of 2021. And the company is rapidly gaining ground in digital advertising, due in large part to the popularity of its marketplace. In short, Amazon is a big player in three high-growth industries, and that has translated into impressive financial results. In 2021, revenue rose 21% to $469.8 billion, and earnings soared 55% to $64.78 per diluted share.

Looking forward, Amazon is well positioned to maintain that momentum. E-commerce, cloud computing, and digital advertising are growing industries, and Amazon's management team has shown its ability to innovate and execute on countless occasions. On that note, the stock currently trades at 3.5 times sales, slightly below its five-year average of 3.9 times sales. So now looks like a good time to buy a few shares.