Growth stocks are back in vogue as Wall Street closes out a solid year. The tech-heavy Nasdaq Composite soared over 40% through mid-December compared to a 23% rise in the broader S&P 500. Many growth stocks outpaced those gains, of course, and others were left completely out of the rally.

Below, I'll highlight one promising stock from each of these categories for investors to consider owning in 2024 and beyond. Read on for some good reasons to like Coca-Cola (KO -0.43%) and Shopify (SHOP 3.45%) stocks right now.

Coca-Cola is sparkling

You might be surprised to learn that Coca-Cola is posting excellent operating results these days. Its shares have fallen 8% year to date, after all, putting the beverage giant among the worst-performing members of the Dow Jones Industrial Average.

There's no good reason for that slump. In late October, Coke announced that organic sales were up a blazing 11% in the Q3 period thanks to solid demand across its global portfolio. Sure, consumers are less enthusiastic about some traditional soda brands. But Coke has a firm footing in high-growth beverage areas like sparkling waters and energy drinks as well. And its financial efficiency is excellent, with profit margin of roughly double PepsiCo's figure. Its management team recently raised its 2023 outlook following the solid third-quarter sales and earnings boost.

Coke's stock is valued at a discount compared to what investors were paying just a year ago. Its price-to-sales and price-to-earnings ratios have each declined since early 2023. Add in a dividend that's yielding 3.1%, and you've got all the ingredients you need for solid long-term returns from here.

KO PS Ratio data by YCharts

Shopify is worth it

Shopify sits on the other side of the stock performance spectrum, but investors shouldn't let its high valuation keep them away from this attractive business. That's because the e-commerce platform provider is checking all the right growth boxes today. Sales were up 25% last quarter and profits expanded at an even faster rate.

The aggressive cost cuts that management started making about a year ago are paying off in spades today. Shopify generated $122 million of operating profit this past quarter, or 7% of sales, compared to a loss of $346 million, or 25%, a year ago. Investors can reasonably expect this profit margin figure to keep climbing, too, given the strong growth the company is seeing in cash flow today.

SHOP Free Cash Flow Chart

SHOP Free Cash Flow data by YCharts

Shopify has a long growth runway ahead as it deepens its relationship with existing merchants and brings new users into the platform. Recent partnerships with companies like Amazon are extending its reach to many more buyers and sellers. And Shopify's services are also becoming more valuable thanks to artificial intelligence technology.

It's true that you'll have to pay up for exposure to these positive trends. Shopify shares are trading at 15 times annual sales, up from around 8 times revenue back in early 2023.

This higher price raises the risk around buying Shopify today, to be sure. But growth stock investors should still consider owning this business for the long term. Shopify has a good shot at expanding on its significant market share over time. And shareholder returns should be amplified by rising profit margins in 2024 and beyond.