3 Growth Stocks That Could Soar in 2024 and Beyond

Growth investing requires you to put your money into promising businesses with high long-term potential. You need to choose companies with proven track records, sustainable windfalls and competent management teams.

These stocks should see their share prices rise steadily over time, bringing you significant capital gains to help you achieve your retirement dreams. You just need patience to see your investments grow over years or even decades.

The technology and software-as-a-service sectors are great places to start looking for businesses that can grow their profits and free cash flow. Some of these stocks could be knocked down in the short term due to unmet expectations, making them attractive buys if you can withstand the volatility.

Here are three software companies that I think could see their stock prices rise as they continue to grow.

Image source: Getty images.

1. Snowflake

Snowflake (SNOW 0.60%) has a software-as-a-service platform that enables organizations to collect disparate data sets to perform data analytics. The company saw its stock fall sharply when it published a weak sales forecast for fiscal 2025 and announced the retirement of its CEO, Frank Slootman, who was replaced by Sridhar Ramaswamy, a veteran executive at Alphabetto Google.

Investors should look past this decline and be impressed by Snowflake’s steady growth over the years. Revenue doubled from $1.2 billion in fiscal 2022 to $2.8 billion in fiscal 2024.

Gross profit fared even better, rising from $760.9 million to $1.9 billion over the same period, while its gross margin increased from 62.4% to 68%. Free cash flow has improved dramatically over these three years, going from $81.1 million in fiscal 2022 to $778.9 million in fiscal 2024.

The numbers continued to impress in the first half of the current fiscal year. Revenue rose 30.8% year over year to $1.7 billion, while gross profit improved 30.7% to $1.1 billion. Free cash flow of $390.4 million was up about 11% from a year ago.

The software company’s remaining performance obligations (RPOs) rose 47% year over year to $5.2 billion, signaling healthy growth in the year ahead. Total customers grew 47.8% year-over-year to 5,231 in the second quarter of 2025, while customers contributing more than $1 million in product revenue rose from 399 to 510 in the same period.

Management believes that its total addressable market of $152 billion as of 2023 will more than double to $342 billion by 2028. This large market size will provide ample opportunity for Snowflake to continue its impressive revenue growth and free cash flow.

Although its shares are down 40% year-to-date, they trade at one of the cheapest price-to-sales ratios at just 11.1, offering an excellent deal for investors who have the patience and tenacity to wait for the market to recognize the quality of the business .

2. Salesforce

Salesforce (CRM 0.47%) uses artificial intelligence (AI) to deliver customer relationship management (CRM) analytics, tools and insights on its platform. The company’s stock price has remained nearly flat year to date, even as its business continues to improve.

Total revenue increased from $26.5 billion in fiscal 2022 to $34.9 billion in fiscal 2024. Operating income increased nearly tenfold from $548 million to $5 billion over the same period, while that net income nearly tripled from $1.4 billion to $4.1 billion, and free cash flow increased from $5.3 billion to $9.5 billion.

The company continued its earnings momentum in the first half of the current fiscal year. Revenue rose 9.5% year-over-year to $18.5 billion, while operating income rose 85% to $3.5 billion. Net income doubled year over year to $3 billion. Free cash flow of $6.8 billion was up 40% year over year.

Salesforce also announced a quarterly dividend of $0.40 per share for an annual dividend of $1.60. Management projects its total addressable market to grow 13% annually from 2022 to 2026 to reach $290 billion, giving it ample opportunity to expand its market share.

Earlier this month, the company acquired Own Company, a provider of data management and protection solutions, for about $1.9 billion. This acquisition aims to increase the security and availability of customer data.

Salesforce also unveiled Agentforce, a suite of autonomous AI agents designed to help employees handle mundane tasks in service, sales, marketing and commerce. The goal is to help customers improve efficiency with AI agents by analyzing data, making decisions and optimizing marketing campaigns. These software improvements should improve customer resilience and ensure that Salesforce can continue to improve customer numbers and spend.

3. UiPath

UiPath (WAY 4.08%) it’s not your typical AI company, but it’s still helping numerous organizations work more collaboratively. Its platform provides robotic process automation (RPA) to automate repetitive employee tasks.

The stock took a beating this year after CEO Rob Enslin abruptly stepped down and Daniel Dines was reappointed as CEO. Because of this corporate change, RPA stock has fallen nearly 50% year-to-date.

However, the business grew steadily. From fiscal 2022 to fiscal 2024, revenue increased from $892.3 million to $1.3 billion, while gross profit increased from $723.4 million to $1.1 billion. The first two of those three fiscal years posted negative free cash flow, but in fiscal 2024, free cash flow turned positive at $291.7 million.

In the first half of fiscal 2025, revenue and free cash flow continued to trend upward. Revenue rose nearly 13% year-over-year to $651.4 million, with gross profit of $532.8 million, up 10% year-over-year. Free cash flow increased 32% year-over-year to $143.8 million. The company recently unveiled new platform features that incorporate generative AI. UiPath Autopilot is meant to help software developers while testing their software easier and faster. These improvements, along with numerous other features built into the company’s platform, should increase customer loyalty while attracting new customers. As evidence, customers with annual recurring revenue of more than $100,000 rose from 1,930 to 2,163 in its most recent quarter.

During UiPath’s 2022 Investor Day, management projected a total addressable market of $93.2 billion. Investors should feel confident about the potential of the business and the chances of better days ahead.