In this piece, we will take a look at the 5 Most Profitable Growth Stocks Now. For more such companies, go to the 15 Most Profitable Growth Stocks Now.
5. Arista Networks, Inc. (NYSE:ANET)
Net Income (TTM) as of March 17, 2023: $1.35 billion
Arista Networks, Inc. (NYSE:ANET) is a network equipment company based in the United States. The company develops and sells extensible operating systems, switches, cables, and routers. Moreover, the company provides cloud networking solutions, electronic trading solutions, hybrid cloud solutions, media and entertainment solutions, and security solutions. Arista Networks, Inc. (NYSE:ANET) offers its products and services to cloud service providers, internet companies, entertainment companies, and financial service organizations.
On February 13, 2023, the company announced its fourth-quarter 2022 results. The revenue was reported at $1.28 billion, beating market estimates by $74.53 million. The Normalized EPS stood at $1.41, surpassing market expectations by $0.20.
4. BYD Company Limited (OTC:BYDDF)
Net Income (TTM) as of March 17, 2023: $1.39 billion
Headquartered in Shenzhen, China, BYD Company Limited (OTC:BYDDF) is a conglomerate that manufactures automobile products. The company offers a broad range of battery-electric passenger vehicles and commercial vehicles such as taxis, buses, forklifts, and sanitation vehicles. Other businesses of the company include the production of batteries and electronic products for automobiles and consumer electronics.
3. Daqo New Energy Corp. (NYSE:DQ)
Net Income (TTM) as of March 17, 2023: $1.86 billion
Daqo New Energy Corp. (NYSE:DQ) is a photovoltaics company based in China. The company manufactures and sells polysilicon and silicon wafer. These products are used in ingots, cells, wafers, and modules for solar power solutions. The company’s manufacturing facility in Xinjiang has an annual production capacity of 70,000 metric tons of polysilicon.
On February 28, 2023, the company reported its fourth-quarter 2022 results. The revenue for the quarter stood at $864.25 million, falling short of market expectations by $12.56 million. The Normalized EPS stood at $5.11, missing market estimates by $0.56.
2. Nutrien Ltd. (NYSE:NTR)
Net Income (TTM) as of March 17, 2023: $7.66 billion
Nutrien Ltd. (NYSE:NTR) is a fertilizer company based in Canada. The company engages in the production and distribution of nitrogen, potash, and phosphate products for industrial, agricultural, and feed customers. Additionally, the company offers services to growers directly through a network of farm centers in South America, North America, and Australia.
Joshua Spector, an analyst at UBS, keeps a price target of $103 on Nutrien Ltd. (NYSE:NTR) with a Buy rating on the company’s shares. The analyst believes that the springtime seasonal peak in demand will boost prices and serve as an upside driver.
1. Tesla, Inc. (NASDAQ:TSLA)
Net Income (TTM) as of March 17, 2023: $12.56 billion
Tesla, Inc. (NASDAQ:TSLA), is a multinational Electric Vehicles (EV) manufacturer and clean energy corporation based in the United States. The company is known for its innovative electric vehicle designs and currently offers several car models, including the Model S, Model X, Model 3, Model Y, and Cybertruck. Tesla, Inc. (NASDAQ:TSLA) also engages in the production and sale of energy generation and storage products (from residential to grid-scale), solar roof tiles, and solar panels, as well as offering charging and vehicle accessories, apparel, and lifestyle products.
On January 25, 2023, Tesla, Inc. (NASDAQ:TSLA) announced its fourth-quarter results for the fiscal year 2022. The company reported a revenue of $24.32 billion, beating market estimates by $17.21 million. The Normalized EPS stood at $1.19, exceeding market estimates by $0.08.
Here is what Worm Capital, LLC had to say about Tesla, Inc. (NASDAQ:TSLA) in its 2022 annual investor letter:
Even as rates rose and the macro environment devolved, we believed Tesla, Inc. (NASDAQ:TSLA) was best positioned to grow and thrive, even through a period of extreme uncertainty. They are the market leader in rapidly growing end markets and have spent the past decade growing their competitive advantages and building out physical infrastructure with worldwide reach. While we believe we were right regarding the direction of fundamentals, this was overcome by a vast array of factors we didn’t anticipate that negatively impacted the price.
By and large, Tesla had amazing execution in 2022. They managed to achieve 40% YOY delivery growth. In addition, revenue growth should exceed 50% and profit growth should exceed 120% YOY once Q4 numbers are released. This was accomplished while navigating a myriad of difficulties including a prolonged shutdown at their most productive plant in Shanghai. They scaled two factories on different continents while maintaining industry-leading margins and continued to make advanced progress in transformational technologies that have fast future cash flow potential like AI, software, and manufacturing. Through all the noise a lot of remarkable progress was made… (Click here to read the full text)
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