A company's growth can tell investors a lot. Companies that grow their revenue at high rates over a long period of time typically deliver superior returns to the broad market.

And this kind of robust revenue growth has sent the stocks of energy drink maker Celsius Holdings (CELH -3.73%) and emerging cosmetics brand e.l.f. Beauty (ELF -3.79%) up 80% and 140%, respectively, over the last year. Here's what's fueling these companies' momentum and why I wouldn't hesitate to buy shares right now.

Celsius Holdings

Emerging beverage brand Celsius has used a lucrative distribution agreement with PepsiCo to gain market share in the $159 billion energy drink market. The strong demand for its products is fueling the same level of rapid expansion that sent Monster Beverage stock up over 50,000% in the last 20 years.

Celsius started as a pre-workout dietary supplement over 10 years ago, but it's now expanding its presence across retail stores thanks to PepsiCo. The two companies struck an agreement in 2022 that allows PepsiCo to be the company's primary distribution supplier, and Celsius is set to begin expanding internationally in Canada this quarter, which could open the floodgates for additional growth.

Celsius is distinguishing itself from industry leaders like Monster Energy and Red Bull with its focus on "better-for-you" marketing. It makes drinks to assist with weight loss and features no sugar or artificial ingredients. That approach has resonated with consumers as its revenue surged 104% year over year through the first nine months of 2023.

Management sees significant potential for the brand over the next five years, which justifies the stock's high forward price-to-earnings (P/E) ratio of 55. The company's market-share gains in a massive energy drink market should send the stock to new highs over the next few years and beyond.

e.l.f. Beauty

Another fast-growing consumer brand is e.l.f. Beauty. It's an emerging leader in a $600 billion personal care and beauty market. E.l.f. stock climbed 140% over the last 12 months as it hits new all-time highs thanks to its latest business update.

Following three consecutive quarters of at least 75% revenue growth last year, the company's revenue rose 85% in its fiscal 2024 third quarter (ended Dec. 31). During the period, e.l.f. also acquired skincare brand Naturium for $333 million, which extends the company's growth opportunity.

The acquisition of Naturium is part of management's plan to leverage its brand momentum in skincare, where e.l.f. is already growing about 10 times faster than competitors.

In cosmetics, e.l.f. continues to win big through its partnership with Target, where its value-priced products are outselling established cosmetics brands. Management is focused on replicating the Target strategy with other retailers.

The stock's forward P/E of 59 is expensive, but the company's impressive trajectory makes a strong case for the stock. Analysts have been raising their growth estimates and now expect earnings to grow over 30% annually over the next three to five years. Even with the stock reaching new highs, there's enough fuel in the tank for e.l.f to deliver market-beating returns.