Turning $200,000 into $1 million in just 10 years is no easy task, and it requires investments that can handily beat the market over that period. The Nasdaq Composite Index has returned 344% over the past decade, yet even that wouldn't have expanded your money by five times. 

Beating the market isn't a given, but it isn't impossible either. Finding high-quality stocks with durable competitive advantages that are growing their revenue and free cash flow rapidly can help you on this journey. Holding these companies for a long time can also potentially result in market-thumping returns. Given this, I think Twilio (TWLO 0.54%), Doximity (DOCS 0.77%), and SEMrush (SEMR 0.73%) could help you turn $200,000 into $1 million over the next decade.

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1. Twilio

Engaging more with customers is quickly becoming a cornerstone for all businesses. In a study done by Twilio, companies that have invested in digital customer engagement have seen a 70% average increase in their top lines over the past two years. Twilio is the top dog in this space according to IDC Marketscape, which is likely why the company had over 256,000 active customer accounts at the end of 2021.

It's important to note that Twilio's profitability picture is not the best. The company lost almost $950 million in 2021, representing a 33% loss margin. However, there are reasons for hope. First, the company has more than $5.3 billion in cash and short-term investments to fuel this loss for many more years without diluting shareholders.

Additionally, Twilio might not stay unprofitable for long. In its fourth-quarter earnings report, CEO Jeff Lawson noted that his company expects to reach non-GAAP operating profitability in 2023, which is a milestone for the company. For the past few years, Twilio has chosen to seek market share over profitability. The company has grown its quarterly revenue by 46% year over year or more every single quarter since Q4 2019, resulting in over $2.8 billion in revenue in 2021.

For Twilio to increase five times in value from today, it would have to reach a market capitalization of $135 billion, which is roughly double its size when it was at its all-time high in mid-2021. While this is aggressive, it certainly isn't out of the realm of possibility over the next decade. Digital engagement is going to remain critical for businesses around the world, and as the top dog, Twilio looks best positioned to capitalize on that.

Therefore, if you have $200,000, you might consider splitting it up evenly into these three companies, all of which have the potential to grow fivefold in value from today's prices. If you followed this concept and invested $66,667 in Twilio today, the jump in market cap to $135 billion would result in your money becoming worth $333,000. 

2. Doximity

Doximity is another company that has the opportunity to continue growing at break-neck speeds. The company's social media platform is specifically for U.S. medical professionals to message patients and other doctors, host telehealth calls, develop their careers and find the newest drugs coming to the market today.

The company makes money from pharmaceutical companies looking to advertise their new drugs on the company's research page. These companies are willing to pay a pretty penny to get in front of the eyes of medical professionals, and it also benefits the professionals because it gives them easier access to the most modern and innovative medical solutions. As a result, Doximity has seen its revenue explode: In the company's fiscal third quarter of 2022 -- which ended Dec. 31, 2021 -- its top-line skyrocketed 67% year over year to $98 million.

Doximity currently has 80% of all U.S. physicians on the platform, making it the prevailing social media player in the space, but it has over 90% of graduating U.S. medical students as well. This will allow the company to keep its role as a predominant force for years -- if not decades -- if it can retain these younger users. 

For the company to quintuple in value from here, it would have to expand its market cap from the $9.5 billion it is today to $47.5 billion. Following the even split mentioned above with Twilio, yielding a third of a million on Doximity during that time would get you closer to becoming a millionaire. While that will be difficult, the company's jaw-dropping 57% net income margins and 26% free cash flow margins in the fiscal third quarter will allow it to generate tons of cash, which it can invest in maintaining its impressive dominance. 

3. SEMrush

SEMrush might be the unsung hero out of this bunch: It is the top dog in the marketing technology space, yet its market cap is just $1.6 billion. Don't let the company's small size fool you, however. It has 50 tools to help more than 82,000 customers get a better picture of their industry landscape and reach their target audiences most effectively. 

Despite SEMrush's size, its products are the best in the industry. It is the gold standard for a dozen digital marketing tools, and it is also one of the only platforms that has an all-in-one solution. This allows businesses to plan how they can advertise over both the short term and long run. Its solution is incredibly sticky, and as customers adopt multiple tools, it becomes harder for them to switch to other providers. 

Revenue in 2021 jumped 50% year over year to $188 million, but what is especially impressive is the company's free cash flow despite its small size -- it reached nearly $20 million in 2021. The company would have to be worth just $8 billion to five times in value from here. With its sticky product and significant cash generation, I would say that it has a high chance of reaching this by 2032. By doing this, SEMrush would turn $66,667 into $333,000 over the next decade. All three of these investments combined would allow you to turn $200,000 into $1 million by 2032.