Each year, Fortune magazine puts out a list of the 100 Fastest-Growing Companies in the world. They must be publicly traded on a major U.S. stock exchange, report data in U.S. dollars, and meet a few other criteria, including growing their revenue and earnings per share by at least 20% per year over the last three years. 

Three of the top 10 fastest-growing companies from its 2022 list were in the energy sectorDaqo New Energy (DQ 2.50%)FLEX LNG (FLNG -0.73%), and Enphase Energy (ENPH 1.80%). Here's a closer look at some of the fastest-growing companies on earth.

Growing at a blistering speed

Daqo New Energy ranks No. 1 on Fortune's list. It's a leading manufacturer of high-purity polysilicon, a key component for solar panels. The China-based company is one of the lowest-cost producers in the world, with 105,000 metric tons of annual capacity at its Xinjiang facilities. 

Surging demand for solar energy as the global economy races to decarbonize is powering blistering growth for the company. Daqo has grown its revenue at a 97% annual rate over the last three years (fourth-fastest according to Fortune) while growing its earnings per share at a 284% yearly rate (fifth-best). That has helped power market-crushing total returns of 280% over the last three years (compared to 25% for the S&P 500). 

Daqo New Energy should be able to continue growing at a blistering rate. The company currently has several capacity expansion projects underway. It's building its Phase 5A project in Inner Mongolia that will add 100,000 metric tons when it comes online in the second quarter of this year. Meanwhile, it recently announced its Phase 5B expansion project that will add another 100,000 metric tons by the end of this year. The company is also looking to build 300,000 metric tons of metallurgical silicon capacity in two phases to help self-supply its raw materials. That will improve quality and lower costs, enabling the company to continue growing revenue and earnings at blazing speeds. 

Plenty of fuel to continue growing

FLEX LNG ranks third on Fortune's list. It's a shipping company supporting the rapidly growing liquefied natural gas (LNG) market. It currently has 13 LNG carriers in operation, 12 of which have signed long-term charters with LNG shippers. 

Growing global demand for LNG is fueling the need for more specialized gas-carrying ships to transport the cleaner-burning fuel. FLEX LNG has grown its revenue at a 72% annual rate over the last three years (sixth-fastest according to Fortune) while expanding earnings at a blistering 206% annual rate (eighth-best). That has helped fuel market-beating returns of more than 85% over the past three years. 

The company has plenty more fuel left in the tank to continue growing. Demand for LNG has soared over the past year, fueled by Russia's invasion of Ukraine, which forced Europe to shift where it sources gas. That has fueled a boom in new LNG export projects that should come online over the next few years. This additional capacity will drive the need for more LNG-carrying ships. FLEX LNG has the financial capacity to continue acquiring ships, putting it in an excellent position to keep growing revenue and earnings at a brisk pace.

Powerful growth drivers

Enphase Energy clocks in at No. 6 on Fortune's list. The energy technology company is the world leader in supplying microinverters for solar energy systems. The company also makes battery storage systems and electric vehicle chargers,

Like Daqo, Enphase Energy is benefiting from blistering demand for solar energy systems. The company has grown its revenue at a 59% annual rate over the last three years (eighth-best according to Fortune) while growing earnings at a 65% annual rate (47th-fastest). Meanwhile, the company has generated a blistering return of more than 500% over the last three years. 

Enphase has plenty of power to continue growing rapidly. It should benefit from accelerating demand for solar energy, powered partly by increased government incentives, like the recently passed Inflation Reduction Act in the U.S. The company has also closed a series of acquisitions over the past couple of years to enhance its growth prospects. These deals are increasing the amount of revenue it can capture on each solar installation project as it supplies more components and services. With its existing product portfolio, the company sees a massive $23 billion serviceable addressable market by 2025, positioning it to continue growing revenue and earnings at powerful rates.

Supercharged growth stocks

Daqo New Energy, FLEX LNG, and Enphase Energy are among the fastest-growing companies in the world. They've delivered leading revenue and earnings growth, which has helped power market-crushing returns. With the world still in the early days of its energy transition to cleaner fuel sources, these companies should have plenty of power to continue growing rapidly in the future.