There's never a bad time to own a quality long-term stock, but there's also no denying that some stocks perform better in certain environments. Whereas defensive names like Kroger or Procter & Gamble often thrive on bearishness, other tickers do notably well in bull markets.

With that as the backdrop, here's a deeper dive into three tremendous stocks that could soar in a bull market -- presuming that bullishness is built on economic strength.

1. Shopify

It's possible you've already used Shopify's (SHOP -1.91%) service without even realizing it. The company offers e-commerce tools to merchants and brands that don't want to rely on the likes of Amazon or eBay to maintain an online presence, but don't want to build an online shopping platform from scratch either. And businesses of all sizes are still jumping at the chance for such self-sufficiency.

Although the company itself no longer publishes a firm figure, estimates put the total number of Shopify-powered stores in a range of 4 million to 6 million. Meanwhile, we do know for sure that Shopify facilitated the sale of $49.6 billion worth of goods and services during the quarter ending in March, up another 15% year over year.

Shopify's revenue jumped 25% during the same quarter, with many of its merchants opting to purchase subscription-based e-commerce solutions. That growth simply extends a long-standing trend.

SHOP Revenue (TTM) Chart

SHOP Revenue (TTM) data by YCharts

Nevertheless, a bull market could prove even more fruitful for this particular stock. The key is the number of businesses that aren't yet online, but could be. A survey performed by Digital.com indicates that 29% of the United States' small businesses (and 23% of retail businesses) don't even have a website, while roughly two-thirds of small business aren't actually making online sales, according to data from Zippia.

That's a huge opportunity for Shopify to add new client companies to its roster. Rekindled consumerism sparked by a bull market -- and its corresponding economic growth -- could easily push a huge number of these businesses online and into the e-commerce arena.

2. Topgolf Callaway Brands

Golf can be a fickle business. For decades, it was a somewhat elitist sport, yet still managed to find plenty of paying customers.Cultural changes, a lack of time, and limited budgets, however, have finally caught up with the sport. The National Golf Foundation reports the total number of amateur rounds played last year fell 4% from 2021's pandemic-prompted record. Interest in watching professional golf is running into a similar headwind.

Yet, the golf industry may be slowly but surely fixing what ails it. It's difficult to see if you're not specifically looking for it, but it's there. The game (clubs, courses, media, accessories, etc.) is adapting. Not only is it backing off of its traditional stodginess, the industry is finally accommodating the next generation of golfers' preferences and budgets.

Enter Topgolf Callaway Brands (MODG -3.88%). Even non-golfers have likely heard of the Callaway brand of golf clubs, but Topgolf? That's the chain of driving ranges and virtual golf facilities that also offer a completely casual dining experience. Think Dave & Buster's, but swap its video games with golfing without sweating the score. In addition to Topgolf and Calloway, the company owns golf apparel and accessory brands Travis Mathew and Jack Wolfskin, as well as the online golfing video game World Golf Tour.

This mix of profit centers puts Topgolf Callaway in almost every facet of the business except golf courses, giving the company every opportunity to appeal to how consumers want to engage the sport. This diversity and potential for cross-marketing is going to help keep the business alive.

While last year was a lackluster one in the U.S. in terms of total rounds of golf played, the National Golf Foundation reports there were still more active players than there were in 2021. They just played a little less often. That's why Coherent Market Insights still believes demand for golf equipment will remain strong enough to drive 4.2% annualized growth through 2030, boding well for Topgolf Callaway.

A healthy bull market could provide just the nudge the stock needs.

3. Carnival

Last but not least, add Carnival (CCL -0.06%) (CUK 0.18%) to your list of stocks that could perform well in a bull market. It's already doing fine despite recent market-wide choppiness. Shares have more than doubled since April's low, driven higher by an incredible post-pandemic recovery in demand for this form of leisure travel. Last quarter's revenue reached a record-breaking $4.9 billion, more than doubling the year-earlier top line; the previous quarter's sales were also more than twice the comparable figure from a year earlier.

More of the same incredible growth is in the cards too. Total bookings for future trips also broke records during the three-month stretch ending in May, as did total customer deposits of $7.2 billion. And that's all despite budget-busting inflation continuing to pinch consumers' pocketbooks. People really want to start traveling again, regardless of the cost of doing so. 

Now imagine how much more demand might perk up if inflation continues to cool and the economy remains healthy.

There is the not-so-slight issue of debt. The company's got a ton of it thanks to measures taken to survive the impact of COVID-19-prompted shutdowns. Its current balance sheet is bogged down by $32 billion worth of long-term obligations that are costing it more than $2 billion per year in interest payments. For an organization that remains in the red, that's a concern.

Be forward-thinking here, however. The company's operating cost increases are finally starting to cool at the same time that demand is insatiable. Analysts are calling for a big swing back to a profit next year, and shares are only priced at about 10 times that per-share earnings projection. That's a bargain by any standard, but it's a huge opportunity, given the circumstances.