2022 hasn't been great for most growth stocks. The investment climate worsened as Wall Street worried about a potential recession on the way. Many companies have added to those concerns in recent months by showing weaker sales and declining profitability.

The good news is that even excellent stocks have been caught up in that negative investing attitude. These businesses were attractive before the market slump reduced their valuations. With that in mind, let's look at a few reasons to buy Chewy (CHWY 5.26%) and Netflix (NFLX -2.40%) right now.

1. Chewy is dependable

Chewy shares have trailed the wider market since early 2022, but you'd have to struggle to find good reasons for that decline in its operating results. Sure, pet adoption rates have plunged compared to early phases of the pandemic. Consumers aren't as excited to shop online as they were back then, either.

But Chewy gets most of its sales from staple products like pet food and supplies. It also has a huge proportion of customers who are committed to regular shipments of these products. And these shoppers are happy to pay higher prices when Chewy needs to pass along increased costs.

The e-commerce specialist's last earnings report illustrated these positive factors. Sales growth accelerated to a 15% rate through late October, and Chewy notched higher profit margins as it raised prices on many products.

These assets should help insulate the business from a bigger downturn if it develops in 2023. They also imply quickly expanding earnings during the inevitable rebound that follows.

2. Netflix is cash rich

Netflix rattled even some of its most committed bulls in 2022 when it posted its first-ever back-to-back quarterly subscriber losses. Shares are on track to end the year way below the wider market, with losses of roughly 45% through mid-December.

The business outlook is bright, though, both over the short and intermediate term. Netflix returned to growth in a big way in Q3 by gaining 2.4 million new members. Subscriptions will accelerate to 4.5 million in Q4, according to the management team's latest forecast. Netflix said in a shareholder letter, "After a challenging first half, we believe we're on a path to reaccelerate growth."

The financial stresses on the business should lesson, too, as rivals end their recent habit of targeting growth at all costs. Walt Disney is raising prices and introducing more ad-supported services, for example, after losing money on its Disney+ streaming service. It's not hard to see how it gets easier for Netflix to grow when its peers are no longer willing to operate at unsustainable low prices.

The business is already quite profitable and cash rich, too. Netflix generated $472 million in free cash flow this past quarter, compared to a $100 million loss a year ago. While there may be volatility in the quarter-to-quarter movement here, investors have good reasons to expect Netflix's annual cash flow to keep expanding.

That process occurred even through the most recent growth hangover. It should be even more impressive once Netflix regains its prior positive momentum around subscriber gains.