The last few years have been a rollercoaster for investors, with many companies' stocks reaching record heights during the COVID-19 pandemic, then crashing back down in 2022 amid an economic downturn. This year has been a time of recovery for many companies as the drastic highs and lows are seemingly in the past. However, there remains uncertainty among analysts about whether we're currently in a bear or bull market.
As a result, now is a smart time to load up on solid growth stocks with a history of consistent gains. Doing so can fortify your holdings against any temporary market declines that may be on the horizon.
Here are three growth stocks that could be huge winners in the next decade and beyond.
1. Apple
Apple (AAPL 0.02%) has proven time and time again its stock is one of the most reliable stocks available, often outperforming the market. In fact, the chart below illustrates how Apple was one of the few tech companies to outperform the Nasdaq Composite index amid last year's sell-off.
Data by YCharts
The company has continued to follow this trend into 2023, with its stock up 40% year to date compared to the Nasdaq Composite's rise of 28%.
Apple's consistent growth is largely thanks to the popularity of its products and services. The company boasts leading market shares in smartphones, tablets, and smartwatches, attracting consumers with its user-friendly design language and focus on quality. The iPhone maker has climbed to the top of each of these markets despite being the most expensive option in most of these product categories.
As a result, Apple's recent debut of its virtual/augmented reality headset, the Vision Pro, has only strengthened its long-term outlook. The new device has alienated many consumers with its price of $3,500. However, the innovative leaps the device has taken could see Apple dominate the market once it can make the technology more affordable. A leading position could be a huge win in an industry projected to develop at a compound annual growth rate of 45% through 2029.
Alongside a history of reliable growth, Apple has massive potential over the next 10 years and beyond.
2. Costco
Costco Wholesale (COST 0.34%) has gradually become one of the most reliable ways to invest in retail. The chart below shows the company's stock has far surpassed other U.S. retailers' five-year stock growth.
Data by YCharts
The company has attracted millions of consumers worldwide with its unique strategy of selling low-cost items in a wholesale setting and only to those paying an annual subscription fee. This retail model has seen Costco's annual revenue rise by 60% over the last five years, with operating income up by 74%. The last figure is especially impressive as operating income has actually decreased over the last five years for Walmart, Target, and Amazon.
Moreover, Costco will likely retain its position as a growth stock thanks to its expanding global presence. The company has locations in 14 countries, adding more on an almost annual basis. Meanwhile, Costco is increasing its stores within several countries. For instance, the retail giant opened its first store in France in 2017. Its success has led to a second location and plans to have 15 stores in the country by 2025.
Costco's growth history and prospects in other countries make its stock an excellent long-term investment.
3. Comcast
Comcast (CMCSA -0.25%) has had a challenging few years alongside the consistently declining linear cable industry. However, its pivot to content development and wireless services makes it an attractive stock to hold for the next decade and beyond.
With its subsidiary NBCUniversal, Comcast is home to lucrative film franchises such as Jurassic Park, Back to the Future, Fast & Furious, and more. Meanwhile, its library of sitcoms includes hits like The Office, Parks and Recreation, and Brooklyn Nine-Nine. Sitcoms have proven to be an asset for growing streaming subscribers, with Comcast's Peacock reporting a 60% rise in members in the first quarter of 2023 and a 45% increase in revenue.
Comcast's Illumination film studio also saw a monster success this year with the release of the Super Mario Bros. Movie, earning $1.3 billion worldwide. Its performance has led to rumors that the company's partnership with Nintendo could expand to adaptations of other popular game franchises like Zelda. Additionally, the Super Mario film was released shortly after Comcast unveiled a Nintedo-themed area at its Universal Studios theme parks. Further collaboration could boost park attendance and make the company a true rival to the likes of Walt Disney.
Moreover, Comcast stock is trading at a bargain with its forward price-to-earnings ratio of 11, making now an excellent time to consider investing in its growing entertainment business.
