Although the U.S. stock market (as measured by the benchmark S&P 500 index) remains near its all-time high, I have been adding (or plan to add) to my stakes in 10 of my favorite growth stocks in November.
A mix of richly valued stocks firing on all cylinders and discounted, "buy-the-dip" opportunities that are facing short-term challenges, this basket of 10 incredible growth stocks should have something for any Foolish investor.
Regardless of whether each company's share price is currently rising or falling, all 10 offer market-beating potential that retail investors shouldn't ignore.
NASDAQ: RKLB
Key Data Points
1. Rocket Lab
Operating in a quasi-duopoly with Elon Musk's SpaceX, Rocket Lab (RKLB 5.09%) is quickly becoming one of the more interesting companies of our generation.
Not only are its rocket launch and space operations growing tremendously, with sales up 48% in the last quarter, but its next-generation Neutron rocket's first launch may occur in the first quarter of 2026.
The larger Neutron would make Rocket Lab a stronger direct competitor to SpaceX and would open the company up to immense growth optionality.
Whether it would be supporting solar-powered data centers, in-orbit manufacturing, national defense applications, or even space-based solar power stations that beam energy to Earth, Rocket Lab's theoretical potential is almost impossible to imagine.
With a market cap of "just" $25 billion, Rocket Labs' No. 2 position in a burgeoning space industry projected to be worth more than $1 trillion by 2035 makes it a fun long-term holding.
2. Rubrik
Whereas most cybersecurity stocks focus on preventing attacks, Rubrik (RBRK 1.90%) is a leader in cyber resilience.
Integrated with all the major cloud providers and cybersecurity behemoths, Rubrik helps with cloud, data, and identity resilience, enabling its customers to recover as soon as possible after an attack.
The company has become the No. 1 player in this niche, holding a "leader" designation from research firm Gartner. It also has earned an incredible +80 Net Promoter Score from its customers, which ranks it among the top 1% of enterprise software companies.
While Rubrik grew sales by 55% in the last quarter, it trades at 79 times free cash flow (FCF), and is still distributing an immense volume of stock-based compensation, so interested investors should build their stakes in it over time in small batches.
Image source: Dutch Bros.
3. Dutch Bros
Hand-crafted coffee and energy drink chain Dutch Bros (BROS 2.74%) continues to take the U.S. by storm. However, despite growing sales by 25% in the last quarter, its stock has dropped by 33% from its all-time high as revenue growth decelerated and it failed to live up to Wall Street's lofty expectations.
I think this is a perfect "buy the dip" opportunity for investors. Dutch Bros wants to grow to 2,029 total shops by 2029 -- doubling today's total -- and is now building stores using its own cash from operations, rather than diluting shareholders.
Trading at 36 times cash from operations, Dutch Bros looks reasonably priced considering its store expansion plans and steady same-store sales growth.
4. Halozyme Therapeutics
Halozyme Therapeutics (HALO +2.02%) holds a near monopoly on subcutaneous (SC) drug deliveries. In simplest terms, Halozyme's technology provides "rapid, SC delivery of large-volume biologics previously limited to IV injections."
This technology cuts many hours-long IV processes down to mere minutes, providing immense time savings for patients, hospitals, and their staff alike.
Receiving royalties for each medicine maker it partners with, Halozyme has become a steadily growing cash machine. Increasing sales by 38% annually over the last decade, yet only trading at 15 times FCF, Halozyme might be my favorite growth stock to buy right now.
5. Global-e Online
Global-e Online (GLBE 1.16%) helps solve all the complexities involved with brands selling to foreign countries.
To get an idea of just how valuable its platform is in regard to solving the innumerable intricacies involved with selling globally, consider that e-commerce behemoth Shopify uses Global-e's technology to help its merchants sell worldwide.
Though the company's sales growth has slowed to "just" 28% in the last quarter, prompting its share price to drop 40% from its all-time high, Global-e remains the dominant force in its niche.
Currently trading at 42 times FCF -- and with a tariff-sized tailwind reminding the market of the importance of its offerings -- Global-e Online could offer investors decades of steady growth at a fair valuation.
6. Wingstop
After growing its same-store sales for 84 consecutive quarters, buffalo wing franchisor Wingstop (WING 0.10%) reported back-to-back quarters of comps declines, and in response, the market sent its stock down 37%.
However, I'd argue that this was more a product of Wingstop previously being priced for perfection than the business being in decline. Furthermore, while same-store sales did dip, I believe that was due more to macroeconomic, industrywide issues across the fast-casual space than to anything specifically wrong with Wingstop.
Ultimately, management believes the company still has the potential to quadruple its store count. Furthermore, with the company's average unit volume at each store yet to reach a peak (even on its oldest 2013 locations), Wingstop should continue producing double-digit sales growth for years to come.
7. The Trade Desk
It has been a brutal year for investors in The Trade Desk (TTD 2.60%) as the stock has plummeted 69%.
NASDAQ: TTD
Key Data Points
The walled gardens continued to encroach upon The Trade Desk's advertising technology niche. The company also fumbled the rollout of its new AI-powered Kokai platform, prompting negative reactions from advertising agencies.
Worse yet, its results underperformed management's guidance for the first time since it became a publicly traded company.
However, despite these issues, The Trade Desk still grew sales by 26% over the last year, and continued to increase its market share.
With Kokai adoption rates improving last quarter -- and with long-term tailwinds in place from connected TV, audio, shopper marketing, and international expansion -- The Trade Desk could prove to be a steal at 25 times forward earnings.
8. Kinsale Capital
Kinsale Capital (KNSL +0.03%) specializes in hard-to-place excess and surplus (E&S) insurance lines. For years, it has held a best-in-class combined ratio, and delivered 45% annualized net income growth over the last decade.
The insurer was simply on fire -- to the point where founder and Chief Executive Officer Michael Kehoe stated for multiple years on earnings calls that eventually, things would normalize and slow down in the E&E insurance niche.
Those slower-growth days may finally be upon us -- its gross written premium growth slowed to 8% in the last quarter. Happy not to throw good money after bad like some of its peers, Kinsale has prioritized maintaining a top-tier combined ratio of 75% as opposed to chasing after growth in a cutthroat pricing environment.
Now trading at its lowest-ever P/E ratio of 19, Kinsale remains a great buy as one of the best insurers out there.
9. SPS Commerce
SPS Commerce (SPSC 0.23%) is the leading supply chain cloud services provider for retailers, third-party logistics providers, and suppliers.
It has delivered 99 consecutive quarters of sales growth, but only guided for 8% sales growth in 2026, and the stock got punished heavily for this conservative guidance.
Now down 59% from its 52-week high, SPS trades at a mere 21 times free cash flow -- well below its five-year average of 54. As supply chains transition from legacy platforms to cloud-based, AI-infused systems like those provided by SPS Commerce, this industry leader seems like a no-brainer buy at today's valuation.
NASDAQ: MELI
Key Data Points
10. MercadoLibre
Since its initial public offering in 2007, Latin American e-commerce and fintech leader MercadoLibre (MELI +0.54%) has been a 76-bagger.
Despite these incredible returns, the company is still growing sales at a blistering rate, such as the 39% increase it delivered in its last quarter.
With 77 million active e-commerce buyers and 72 million fintech users, MercadoLibre has become a core player in the Latin American economy, and it offers powerful growth optionality.
Whether it is expanding to new countries, growing business-to-business sales, diving further into advertising, or building out its fintech and credit offerings, MercadoLibre has the potential to become a once-in-a-generation investment.
Though it's trading at 52 times forward earnings, that valuation isn't ridiculous considering its lengthy track record of growth.
