Parking your money in growth stocks is the best way to grow your portfolio and enjoy a happy retirement.
Luckily, growth investors can sift through the US market to find attractive growth stocks to add to their portfolios.
These companies should have a dominant market position, a recognisable brand, and a healthy track record of growing their revenue and profits.
Here are four such stocks you can consider adding to your growth stocks buy watchlist.
Spotify Technology (NYSE: SPOT)
Spotify is the world’s largest audio streaming subscription service with 675 million monthly average users (MAUs) across 184 countries and territories as of 31 December 2024.
For 2024, the company saw revenue rise 18.3% year on year to €15.7 billion.
The better results were attributed to a 4% year-on-year increase in premium subscribers to 263 million.
Ad-supported MAUs also increased by 6% year on year to 425 million.
Operating profit came in at €1.4 billion, a turnaround from the previous year’s operating loss of €446 million.
Net profit stood at €1.1 billion, reversing 2023’s net loss of €532 million.
The music streaming platform also generated a positive free cash flow of €2.3 billion for 2024, up more than threefold year on year.
Spotify has a bright outlook for the first quarter of 2025 (1Q 2025).
The company expects to add around three million net new MAUs and around two million new premium subscribers.
Total revenue is projected to be €4.2 billion, which implies a 15.5% year-on-year increase.
Garmin (NYSE: GRMN)
Garmin is a designer and manufacturer of innovative products across five business segments – fitness, outdoor, aviation, marine, and automotive OEM.
2024 saw a strong performance from the company as it reported both record revenue and net profit.
Revenue climbed 20.4% year on year to US$6.3 billion while operating profit soared nearly 46% year on year to US$1.6 billion.
Net profit stood at US$1.4 billion, up 9.4% year on year from US$1.29 billion a year ago.
The product manufacturer also churned out healthy positive free cash flow of US$1.24 billion, 4.7% higher than the US$1.18 billion generated a year ago.
In line with the strong results, Garmin declared a quarterly dividend of US$0.90 for each quarter of 2025, representing a 20% year-on-year increase over the prior year’s US$0.75.
The company continued its innovative streak with the launch of Approach R50, a portable golf launch monitor with a built-in simulator.
It also launched the Descent X50i, the company’s first large-format dive computer.
For 2025, Garmin expects to grow its revenue by 8% year on year to US$6.8 billion.
Diluted earnings per share are projected to be US$7.80, representing a year-on-year growth of 6.8%.
DexCom (NASDAQ: DXCM)
DexCom is a medical device company setting the standard for glucose biosensing.
The company’s technology is helping diabetics to manage and track their glucose levels so that they can feel more in control and live healthy lives.
DexCom reported a commendable set of earnings for 2024, with revenue rising 11.3% year on year to US$4 billion.
Operating profit inched up 0.4% year on year to US$600 million.
Net profit stood at US$576.2 million, up 6.4% year on year.
The medical device manufacturer also saw its free cash flow climb 23.2% year on year to US$630.7 million.
For 2025, DexCom expects revenue of US$4.6 billion for a year-on-year growth of 14%.
This increase will be driven by steady international growth, coupled with access wins and its successful product portfolio strategy.
The company is also advancing on its Stelo product features and improving channel distribution.
Its new G7 CGM (continuous glucose monitoring) product launch, which will last for 15 days, is slated for the second half of this year.
New York Times (NYSE: NYT)
The New York Times, or NYT, is an American daily newspaper covering domestic, national, and international news topics.
The paper comes in both physical and digital formats, and the company also publishes opinion pieces and investigative reports.
For 2024, total revenue rose 6.6% year on year to US$2.6 billion, led by the addition of 350,000 net digital-only subscribers in the final quarter of last year.
This addition brings the total number of paid subscribers to NYT to 11.43 million.
Operating profit leapt 27.1% year on year to US$351.1 million while net profit increased by 26.4% year on year to US$293.8 million.
Free cash flow improved by 12.8% year on year to US$381.3 million.
The board approved a US$350 million share repurchase programme and also increased the company’s quarterly dividend from US$0.13 to US$0.18.
For 1Q 2025, total subscription revenue is estimated to rise by 7% to 10% year on year.
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Disclosure: Royston Yang does not own shares in any of the companies mentioned.
