Even though the S&P 500 lost most of its year-to-date gains recently, many top growth stocks are still clinging to year-to-date gains. After many of these stocks plunged in 2022, they're making comebacks as investors have been feeling more confident and prices have looked ripe to buy.

Airbnb (ABNB 0.76%) and Dutch Bros (BROS 1.32%) are two top stocks in that category, and now looks like the right time to buy.

1. Airbnb: reimagining travel

Airbnb continues to demonstrate strong growth and improved profitability. It has emerged as a leader in travel and offers several benefits for travelers, such as a large range of prices and locations that many traditional travel companies can't match.

In 2022, revenue increased 40% over the previous year to $8.4 billion. There was a backlog of bookings heading into the 2023 first quarter, with longer lead times for guest bookings in the fourth quarter as demand remained strong. Stays of 28 days or more are still the fastest-growing time category and represent an immense opportunity for Airbnb, both in terms of capturing this market and turning it into a new way to live. Supply is strong as well, with 900,000 new active listings in 2022 for a total of 6.6 million.

This is all while the company focuses on staying lean and profitable. It generated $3.4 billion of free cash flow in 2022, nearly 50% more than the year before. 2022 was its first full year with positive net income, which came in at $1.9 billion for the year. Headcount was 5% lower than in 2019, while revenue was 75% higher.

Airbnb stock is still down 21% over the past year although it's up 33% so far this year. At this price, shares trade at 41 times trailing 12-month earnings, a reasonable valuation for a top growth stock with explosive potential.

2. Dutch Bros: A different take on coffee

There are a few things that make Dutch Bros stand out as a coffee chain. One is the obviously different coffee culture, which is heavy on colorful fun and fostering community. Another is the focus on cold beverages, which make up a whopping 80% of the total.

Dutch Bros has been posting incredible growth, with a 48% year-over-year sales increase in 2022, which is impressive in this environment. However, that masks the challenge it's experiencing with same-store sales growth, which has been teetering negative. Nearly all of the increased revenue it's been getting is due to new stores. 

To be fair, management pins part of that on its fortressing strategy, which involves opening several new stores in a small area. This builds presence and helps capture market share. However, it could dilute the short-term value per store. As a young and growing company, there are bound to be some of these hiccups along the growth journey.

Management sees the opportunity for 4,000 stores over the next 10 to 15 years, and it's opening up stores rapidly. Dutch Bros rolled out 133 new shops in 2022 and plans to open 150 more in 2023.

It's been struggling with profitability, and that's been exaggerated by inflation. But it has posted several quarters of positive net income, although it posted a net loss in the 2022 fourth quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) has been steadily increasing over time. 

Dutch Bros stock is down 40% over the past year, and it's only up 6% so far this year. Shares trade at only 2 times trailing 12-month sales, which is a compelling entry point for a high-growth stock that could skyrocket.