Patiently holding the right growth stocks can lead to significant gains over the long term. Some leading consumer goods brands are trading well off their recent highs, despite continued business momentum. This sets up a good buying opportunity for patient investors.
Here's why Dutch Bros (BROS 3.97%) and On Holding (ONON 2.59%) are on track for long-term growth.
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Dutch Bros
Dutch Bros is expanding its store footprint into a nationwide drive-thru chain. Its range of coffee, smoothies, energy drinks, and sparkling sodas is resonating. The business's long-term growth trajectory makes the stock a promising investment.
The macroeconomic environment has experienced choppy consumer spending behavior over the past few years. Dutch Bros has skated through it, maintaining positive same-store sales. It recently posted its fifth consecutive quarter of transaction growth, and sales could continue to strengthen as the economy improves.
NYSE: BROS
Key Data Points
Dutch Bros has plenty of room to expand. It ended the recent quarter with 1,081 shops open in 24 states, leaving half the U.S. open for more locations. The stock has already returned 55% over the past three years, yet management plans to roughly double its shop base by 2029, which could fuel further gains for investors.
While the stock looks expensive, trading at a high price-to-earnings (P/E) multiple, it's already fallen 36% from its recent highs. The current valuation is reasonable for a business targeting 7,000 shops over the long term. It can indeed open thousands of shops since these drive-thru locations don't require much square footage. Assuming management continues to stay disciplined in profitably expanding, as it has so far, patient investors will be well rewarded.
On Holding
On Holding is giving the big footwear brands a run for their money. Its award-winning cushioning technology has driven explosive sales growth in recent years. In the third quarter of 2025, sales grew 35% year over year on a constant-currency basis.
NYSE: ONON
Key Data Points
The best sign of the Switzerland-based brand's long-term opportunity is the momentum in Asia-Pacific, where sales surged 94% year over year last quarter. This region now accounts for approximately 20% of the company's business, making it a meaningful contributor to forward growth.
International growth signals that On Holding has significant growth ahead. It's still seeing new stores break sales records. Its new Ginza (Tokyo) store generated the highest monthly sales across its global store base in October, while a new store in Bangkok earned the highest daily opening sales in the company's history.
Given On's global opportunities, this growth stock is worth buying on dips. The stock's recent 31% drop from its highs has brought its forward P/E down to a more reasonable multiple of 25, making it a compelling buy right now.
