10 High Growth Non-Tech Stocks That Are Profitable in 2024

3. NRG Energy, Inc. (NYSE:NRG)

5-Year Net Income Growth: 28.15%

5-Year Revenue Growth: 24.66%

TTM Net Income: $2.01 Billion

Number of Hedge Fund Holders: 56

NRG Energy, Inc. (NYSE:NRG) is an energy and home services company that sells electricity and natural gas to homes and businesses across the United States and Canada. It generates electricity from both renewable and fossil fuels and has a total generation capacity of almost 13 gigawatts.

The company is on track to meet its financial guidance and is experiencing strong performance across all business segments. In the second quarter, NRG Energy, Inc. (NYSE:NRG) achieved $935 million in adjusted EBITDA, marking a 14% increase from the previous year. This was a result of an 8% increase in home energy subscribers, a 5% increase in smart home subscribers, and a 7% growth in smart home revenue.

Management is also making significant progress on its Virtual Power Plant offerings, which aim to optimize energy use through aggregated resources. It is also enjoying strong demand from data center customers especially in Texas, which has seen over 3% weather-normalized load growth, with ERCOT projecting significant demand. Management is advancing its development of 1.5 gigawatts of natural gas projects in Texas to meet this growing demand.

NRG Energy, Inc. (NYSE:NRG) is a high-growth non-tech stock that is profitable in 2024. We say this because it not only has grown its net income by more than 28% during the past 5 years but also exhibited strong free cash flow generation during the second quarter. It grew its cash flow by $663 million, which bested the previous year’s results by $238 million.