2022 has been a year like no other. Both the S&P 500 and the Nasdaq Composite plunged into bear market territory, though the S&P has recovered somewhat. At the same time, 40-year high inflation, rising interest rates, and economic uncertainty have weighed on consumers and investors alike.

Fortunately, as the old saying goes, "This too shall pass." The stock market has recovered from every other previous downturn, paving the way for the next bull market. That makes now a great time to buy shares of best-in-class businesses, before the next bull run begins. Let's look at two high-growth stocks that stand to benefit from a movement into the next bull market.

1. Datadog: Identifying issues before they become a problem

The adoption of cloud computing is reaching critical mass, driven by the digital transformation. The reliability of cloud-based systems has never been more important, with employee productivity and customer relations hanging in the balance. Keeping systems up and running -- with minimal downtime -- is paramount, which is where Datadog (DDOG 1.28%) comes in.

The company's integrated platform keeps tabs on cloud systems, ensuring they stay up and running. The system employs a combination of real-time analytics and monitoring services that keeps watch on servers, databases, apps, tools, and services, and sounds the alarm before a problem has a chance to cascade, which could result in critical downtime. Furthermore, Datadog's system helps get to the root of the problem, so that it can be addressed before it recurs.

Datadog is an industry leader -- but don't take my word for it. The company was identified by Gartner in its vaunted 2022 Magic Quadrant as a leader in application performance monitoring and observability. 

As other companies have struggled with slowing demand, Datadog's business is booming. In the second quarter, it reported revenue that grew 74% year over year, accelerating from 67% growth in the prior-year quarter. Datadog isn't consistently profitable, but generates strong and growing free cash flow -- which shows its losses are the result of non-cash items, including depreciation. This suggests that profits are just a matter of time. 

The strong financial results were fueled by robust client growth as Datadog's total customer base grew to 21,200, up 29% year over year. Large enterprise customers grew even faster, as those generating $100,000 in annual recurring revenue (ARR) climbed to 2,420, up 54%. The company also has a loyal following that spends more with each passing year, as evidenced by Datadog's dollar-based net revenue retention rate, which has remained above 130% going back five years.

Yet, this could be just the beginning. Datadog generated revenue of $1.03 billion last year, a drop in the bucket compared to its total addressable market, which management estimates will be as much as $53 billion by 2025. And with shares currently trading at roughly 15 times next year's sales -- a bargain compared to its three-year average of 39.4 times sales -- now is the time to buy this growth stock.

2. Snowflake: Thumbing its nose at "subscription" services

Another beneficiary of the move to cloud computing is Snowflake (SNOW 0.93%). The company provides data warehousing, storage, and analytics, breaking down traditional information silos and gathering the data all in one place. The company's proprietary blend of data science and machine learning sifts through all manner of structured and unstructured data and provides users with actionable intelligence.

Many rivals offer such services as part of an ongoing software-as-a-service (SaaS) subscription, but Snowflake bucks the traditional thinking, offering a usage-based model, allowing users to pay for only what they need. This distinction has attracted a large and growing customer base.

Even in the wake of the macroeconomic turmoil that has marked this year, Snowflake's gains were exemplary. For the fiscal 2023 second quarter (ended July 31), Snowflake's revenue grew 83% year over year, and its gross profit margin expanded. The company is also moving closer to profitability and management believes non-GAAP (adjusted) net income could come as early as next quarter. Additionally, Snowflake delivers consistent free cash flow, which is often a precursor to profits. 

Furthermore, its remaining performance obligation (RPO) -- or contractually obligated sales that haven't been booked as revenue -- grew 78% year over year, which shows that its growth spurt has legs.

The impressive financial results were underscored by strong user metrics, as its customer base grew 36% year over year, while those spending $1 million or more annually more than doubled. Additionally, customers historically spend more over time, as shown by Snowflake's net revenue retention rate of 171%.

The company has a long runway of growth ahead. Snowflake generated revenue of roughly $1.2 billion in fiscal 2022, which pales in comparison to the $248 billion total addressable market management estimates for 2026. And the stock is a relative bargain, with shares currently trading at roughly 19 times next year's sales -- near the lowest valuation in Snowflake's history.