People saving for retirement often dream of crossing the $1 million milestone. While it is far from obvious that this amount is enough to live out the rest of one's life comfortably, it is still a laudable goal to aim toward. And investing in stocks can help. Turning $250,000 into $1,000,000 in 10 years is no easy task -- it requires a compound annual growth rate (CAGR) of almost 15%.

However, some companies are capable of pulling that off. Let's consider three stocks that could: Vertex Pharmaceuticals (VRTX 2.84%), DexCom (DXCM 1.52%), and Amazon (AMZN -0.89%). There are no certainties in life, but these three have a reasonable shot at pulling off a 15% CAGR through the next decade. 

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1. Vertex Pharmaceuticals

Vertex Pharmaceuticals is doing great things. The biotech company is known for developing several medicines to treat cystic fibrosis (CF), a rare disease that affects internal organs, especially the lungs, and reduces patients' life expectancies. The company faces no competition in this area because it markets the only drugs that address the underlying causes behind CF.

One of the drugmakers that was closest to entering this market with competing products recently threw in the towel. Vertex Pharmaceuticals' most crucial medicine is Trikafta, whose patent protection still has about 14 years before it expires. So even with a relatively small population of 88,000 patients, there is still plenty of room to grow for Vertex.

Elsewhere, the company is gearing up for the approval of exa-cel, a potential rare blood disease gene-editing therapy with a massive opportunity. Exa-cel alone could bring in as much revenue as its CF franchise in several years. But Vertex Pharmaceuticals is also working on other programs. It has several mid- and late-stage candidates, some of which will likely earn approval in the next five years.

Due to its excellent prospects, Vertex Pharmaceuticals has delivered a market-beating performance in the past 12 months. But the company still looks to be in an excellent position to produce outsize returns in the next 10 years. 

2. DexCom

DexCom is a medical device expert focusing on diabetes. It develops and markets continuous glucose monitoring (CGM) systems that track patients' blood glucose levels. These machines are convenient for those with diabetes since they eliminate the need for pesky, painful, and inconvenient fingersticks. They also lead to better health outcomes, and that's why CGM specialists like DexCom are gaining traction.

The company is currently launching its latest device, the G7.

DexCom has been aggressively marketing its CGM technology lately. It has partnered with celebrities, including actor/musician Nick Jonas and soccer player Jordan Morris. There is a good reason for that: The CGM market remains under-penetrated in the U.S. and especially abroad. DexCom is one of the leaders in this market, and it started the year with an installed base of about 1.7 million customers.

That's a mere fraction of the 37 million diabetes patients in the U.S. alone and the 422 million worldwide. In the next decade, DexCom should be able to grow its revenue and earnings at a good clip as it continues to make headway in this lucrative space. That's why the healthcare company can provide the returns it needs to turn $250,000 into a million dollars by 2033. 

3. Amazon 

Amazon needs no introduction. The e-commerce and cloud computing giant has been a habitual market-beater over the past 20 years. In 2022, the tech titan experienced a slowdown fueled by broader macroeconomic problems. Amazon even reported an ultra-rare net loss last year. But these issues are merely temporary. Businesses that decreased ad spending, and those that cut down on cloud expenses, should reverse course once the economy improves, and that will benefit Amazon.

Amazon's high-margin cloud business, where it is the industry leader, is especially promising. Cloud solutions help companies increase their productivity while cutting down on expenses -- a win-win for any business. E-commerce will continue to grow, too, providing another vital tailwind for Amazon. Elsewhere, the company's video and streaming platforms are among the leaders in the space.

Then there is Amazon's ability to find new and lucrative growth opportunities. The company is currently trying to make its mark in healthcare. Amazon's stock has rebounded this year. Whether it can sustain this performance through the end of 2023 remains to be seen. But with multiple long-term growth avenues, Amazon could handsomely reward shareholders, and could potentially quadruple in market value over the next decade.