Growth stocks have become more expensive this year as investors gained confidence that the U.S. economy will avoid a recession in the near future. The Nasdaq Composite, home to many of these high-flying investments, is up nearly 30% so far in 2023. That spike has boosted the valuations of many attractive stocks, likely limiting future returns.

Yet sometimes it makes sense to pay a premium for a business that's growing quickly and generating higher annual earnings. While they aren't exactly secrets on Wall Street, these stocks might still surprise investors with their operating successes in the coming years.

1. Lululemon

Lululemon Athletica (LULU 1.70%) had a great run when consumers were eagerly spending in 2021 and 2022, and its momentum has continued into the post-pandemic period. Revenue in the most recent quarter was up a blazing 20% after accounting for currency exchange rate swings.

That spike was powered by rising market share and a booming international segment. Executives said in late August that these successes illustrate the "significant runway ahead" as the brand pushes into new countries, new demographics, and new product categories.

The athleisure specialist continues to impress on profits, too, with its operating margin rising above 20% of sales compared to Nike's 12% rate. It's worth paying a bit more for that type of industry-leading performance.

2. Okta

Okta (OKTA -0.76%) has been giving investors plenty to celebrate in 2023. The cybersecurity and digital identity management company just posted a 23% sales increase that was powered by a growing customer base plus larger average contract sizes. "Both new and existing customers are getting tremendous value from the Okta platform," management said in late August.

It's true that Okta isn't generating net profits right now. But operating losses in Q2 improved to 29% of sales from 46% of sales a year earlier. The software-as-a-service company is generating positive cash flow, too, and there's room to expand on that success in 2023 and beyond. Executives are projecting a 15% free cash flow margin this year, in fact.

Despite an 18% surge in 2023, the stock isn't much more expensive than it was at the start of this year. Investors can own Okta shares for an attractive 6 times annual sales today.

3. Roku

Investors shouldn't let Roku's (ROKU 1.29%) lack of profitability scare them away from this growth stock. The streaming video company is seeing excellent engagement, after all, with hours watched jumping by 4 billion to cross 25 billion last quarter. Management is predicting faster revenue gains in Q3 as well thanks to a recovery in the digital advertising market.

Investors should be even more excited about how the platform will become more valuable to content owners, advertisers, and viewers in the coming years. Roku demonstrated some of that potential with a recent partnership with Shopify to allow for direct purchases through streaming ads. Look for many more such innovations ahead.

Meanwhile, a recently announced cost-cutting program will likely speed up Roku's return to profitability even assuming a sluggish advertising market stretching into 2024. The company is diversifying its revenue streams right now by monetizing its huge data sets and pushing into more smart home devices. These projects will take some time before they start boosting annual earnings, but patient investors are still likely to benefit from holding shares over the next several years.