Heading toward year end, it's clear that 2022 won't go down in the history books as a good one for the stock market in general or for growth stocks in particular. Major indexes like the S&P 500 and the Nasdaq are in bear territory, and growth stocks have been hit hard by rising interest rates and concerns about an economic downturn.

For reference, the Vanguard Growth ETF (VUG -0.27%), a $136 billion ETF comprised of top growth stocks, is down 28% year to date. But this pullback also creates an opportunity for investors with a long time horizon. Despite the day-to-day noise in the market, great companies are still rolling their sleeves up and getting to work growing their businesses.

Here are three top growth stocks that you can add to your portfolio now for less than $100 apiece.

A man counts $100 bills with his hands.

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1. Floor & Decor 

If you're looking for quality growth stocks under $100, fast-growing home improvement retailer Floor & Decor Holdings (FND -0.97%) is a good place to start. Investors are worried about the housing market cooling down, which has caused shares of Floor & Decor to fall 39% year to date.

But from a business perspective, Floor & Decor is shaking off the doom and gloom and firing on all cylinders. After posting impressive results during the second quarter (while these fears were persistent), the company recently reported third-quarter results with red-hot revenue growth again. The company increased net sales by 25% year over year, surpassing the $1 billion mark.

It is growing revenue by expanding its store count, opening four locations during the third quarter. Floor & Decor is scheduled to open 13 locations during the fourth quarter and should close the year with 191 warehouse-format stores in 36 states. And the company isn't stopping anytime soon; management believes there is potential for 500 stores in the United States.

While Floor & Decor is expanding rapidly, it is still keeping its eye on the ball with its current locations, which are performing strongly. During the quarter, same-store sales (or comps), an important metric for retailers that measures revenue at locations that have been open for at least a year, grew by 11.6% year over year. The company is closing in on 14 consecutive years of comps growth.

With a consistent track record of strong comps growth, rapidly growing revenue, and an expanding geographic footprint, Floor & Decor is an attractive investment opportunity. The chain is profitable and trades at a valuation of 22 times earnings, which seems reasonable for a company growing like this, making it a top growth stock to own. 

2. Starbucks 

Over the years, Starbucks (SBUX -1.40%) has firmly established its standing as a blue-chip stock and climbed to a market cap north of $100 billion. But don't let that obscure the fact that Starbucks is still very much a growth story that is hitting new heights.

During the recently reported fourth quarter, revenue grew by 11% to a record-high $8.4 billion. On a full-year basis, Starbucks posted record revenue of $32.3 billion, representing an 11% increase year over year

The coffee chain opened 763 net new locations during the quarter, bringing its global store count up to 35,711. It has now surpassed 6,000 locations in China, which is currently a drag on the company during that country's extensive COVID-19 lockdowns. But that should reverse and become a boost when China's economy reopens at some point.

Like Floor & Decor, Starbucks is expanding its footprint while increasing comps, making for a winning combination. It increased comps 7% globally and 11% in the United States. 

Given its strong results, Starbucks has rebounded nicely from its 52-week lows, but the stock is still down 16% year to date, offering new investors an attractive entry point to this long-term winner. Following this rebound, shares trade at 28 times forward earnings, which is by no means inexpensive, but it is rare to be able to buy shares of a top blue-chip growth stock like Starbucks for a cheap multiple.

In the words of Warren Buffett, it's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

3. Dutch Bros 

Let's move from Starbucks to a stock that some people are calling "the next Starbucks," Dutch Bros (BROS 0.38%). Starbucks has 35,711 stores globally, while Dutch Bros is in an earlier chapter of its growth story with 641 shops in the United States.

The company opened 38 locations during the third quarter, which nearly matched its total of new openings from 2019, indicating that growth is ramping up. Dutch Bros plans on opening 150 new shops in 2023, which would bring it to about 800 locations. The long-term goal is to achieve a footprint of 4,000 stores over the next 10 to 15 years, meaning that there is an ample runway ahead. If and when it hits this goal, it will still be only a fraction of the size of Starbucks. 

Dutch Bros is growing at impressive clip -- during the third quarter, revenue clocked in at $199 million, up from $130 million last year, good for a 53% increase year over year. The coffee chain has plenty of growth opportunities as it expands into new geographies like the eastern United States, and leverages its mobile app, which it says drives higher ticket prices. The stock is not cheap at 9 times sales (versus Starbucks' price-to-sales multiple of about 3.5), but as Dutch Bros continues to grow and hit its targets, as well as scale toward profitability, the stock should be worth considerably more over the long term than it is today.   

It's been a hard year for growth stocks, and investors are ready to turn the page on 2022. But while their stocks have struggled, these three companies kept their heads down and worked to continue to build the foundation that will set them up for success in the next bull market.