You don't have to be rich already to get your money working for you in the stock market. In fact, just $200 is enough to buy multiple shares of a pair of companies that could grow your investment to many times its initial size over time.

These two fast-growing businesses boast strong profit margins and advantages over competitors that will help them maintain those margins over the long run. If you have some extra cash that you won't need in the short term for paying bills or to build up your emergency fund, investing it in these exceptional growth stocks could be a brilliant move.

Smart investor looking at stock charts.

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Palantir

After falling by more than 60% in 2022, Palantir (PLTR -0.40%) has nearly tripled this year, but recently, you could still scoop up shares for less than $20 apiece. The enterprise artificial intelligence (AI) company rebounded thanks to a bottom line that swung out of deep losses in 2022 and has been in positive territory for four straight quarters.

In a nutshell, Palantir's software allows organizations to analyze data from multiple sources that typically don't communicate with each other. Its most famous examples involve cross-referencing data from transportation departments with CIA and FBI databases to prevent terrorist attacks.

Companies scrambling to leverage the power of the latest AI applications have made Palintir's recent commercial expansion a successful one so far. In the third quarter, its U.S. commercial customer count rose by 37% year over year to 181 customers.

The Palintir Artificial Intelligence Platform it launched this spring is attracting new customers at an encouraging pace. Once an organization trains its employees on how to generate valuable insights with Palantir's software, switching to a competitor's offering becomes the type of daunting task that most organizations prefer to avoid.

Palantir generated $502 million in adjusted free cash flow over the past 12 months, which worked out to a healthy 25% of its total revenue. With clients that are essentially locked into their subscriptions, we can reasonably expect the company to maintain healthy profit margins in the years ahead.

Before you throw every spare dollar at Palantir, however, it's important to recognize that the stock could tank if the AI-driven demand it's experiencing now fizzles out too soon. Shares have been trading at nosebleed-inducing valuations above 85 times trailing free cash flow. It's a great stock to buy now, but only for investors who can tolerate the risk.

Shopify

Shares of Shopify (SHOP -3.50%) recently surged upward by more than 20% in response to its positive third-quarter results. Investors were pleasantly surprised by what the sale of its logistics business did for its bottom line.

Earlier this year, Shopify ditched its unpopular plan to become a logistics provider itself and sold that part of its operation to Flexport, in which it now holds a large stake, and which is now its dedicated logistics provider. Outsourcing its logistics services quickly had a positive effect on the company's bottom line. The company generated $276 million in free cash flow in the third quarter compared to a steep loss in the prior-year period.

Shopify has long presented itself as a one-stop shop for small retail businesses that want turnkey e-commerce solutions. Recently, it has taken aim at Block's primary market with new point-of-sale hardware and a new subscription plan aimed mainly at brick-and-mortar businesses.

Shopify's revenues rose 25% year over year in the third quarter, and its profit margins improved. Before buying this stock, though, investors should recognize that at least several more years of growth at this pace are already baked into its stock price. Shares now trade at a nosebleed-inducing multiple of 89 times forward earnings expectations.

As retail businesses grow, switching e-commerce software providers becomes a more daunting task. This advantage could allow Shopify to continue growing its bottom line rapidly for many years and overcome its steep valuation.