These 5 US Growth Stocks Are Breaking New All-Time Highs: Can They Sizzle Up Your Portfolio?

Royston Yang
·5-min read

The US market has been on a tear this year as major indices have repeatedly hit new all-time highs.

Sentiment stayed high after Donald Trump won the Presidential Election as investors are expecting business-friendly policies to boost businesses across the board.

If you are looking for suitable growth stocks to add to your portfolio, it pays to look for those whose businesses have performed well.

A strong business will cause its share price to perform well.

Here are five solid US stocks that are cracking their previous highs and could sit well in your buy watchlist.

Salesforce (NYSE: CRM)

Salesforce offers a customer relationship management software-as-a-service (SaaS) platform.

The company allows companies to connect with their customers using CRM, data, and artificial intelligence on one unified platform.

Salesforce’s share price touched its all-time high of US$348.86 recently and shares are up 33.2% year-to-date (YTD).

The CRM specialist reported a strong set of earnings for the first half of fiscal 2025 (1H FY2025) ending 31 July 2024.

Revenue rose 9.5% year on year to US$18.5 billion while operating profit surged 85% year on year to US$3.5 billion.

Net profit doubled year on year from US$1.5 billion to US$3 billion.

The business also generated a healthy free cash flow of US$6.8 billion for 1H FY2025, 40% higher than the prior year.

Management has maintained its FY2025 revenue guidance of US$37.7 billion to US$38 billion, up around 8% to 9% year on year.

It has also identified a total addressable market of around US$290 billion by 2026 that is growing at 13% per annum, giving the company ample opportunities for further growth.

Duolingo (NASDAQ: DUOL)

Duolingo offers a mobile learning platform through its app and has become one of the most popular ways to learn languages.

The company provides learners with a fun, engaging and effective learning experience through its Duolingo app.

Duolingo’s share price hit its all-time high of US$330 recently, and its shares are 46.6% higher YTD.

The business reported a solid set of earnings for the third quarter of 2024 (3Q 2024).

Revenue jumped 40% year on year to US$192.6 million.

Operating profit came in at US$13.6 million, reversing the operating loss of US$4.7 million last year.

Net profit shot up more than eightfold year on year to US$23.4 million.

The company also generated US$183.5 million of free cash flow in the first nine months of 2024 (9M 2024), up 93.4% year on year.

Duolingo reported a 54% year-on-year surge in daily active users to 37.2 million for 3Q 2024.

Its paid subscriber base climbed 47% year on year to 8.6 million.

Total bookings rose 38% year on year to US$211.5 million.

Fortinet (NASDAQ: FTNT) 

Fortinet is a cybersecurity company with an integrated portfolio of over 50 enterprise-grade products.

The company’s solutions are deployed in more than half a million customers’ premises.

The cybersecurity company’s shares hit their all-time high of US$99.51 recently and have shot up 71.6% YTD.

Fortinet reported a sparkling set of earnings for 9M 2024.

Revenue climbed 10.4% year on year to US$4.3 billion while operating profit jumped 43.7% year on year to US$1.2 billion.

Net profit stood at US$1.2 billion, up 45.7% year on year.

The business also generated a positive free cash flow of US$1.5 billion.

Management sees its worldwide total addressable market growing from US$183 billion in 2024 to US$284 billion in 2028 for a 12% growth per annum.

This large and growing market ensures that Fortinet can continue to grow its top and bottom lines for the foreseeable future.

Palantir (NYSE: PLTR)

Palantir is a software company that uses artificial intelligence to engineer solutions for their customers.

The company’s platform helps to perform big data analytics for customers such as large corporations and government organisations.

Palantir’s share price has been on a tear this year, rising 261% YTD after hitting its all-time high of US$62.

The company announced an impressive set of earnings for 9M 2024 as revenue climbed 26.1% year on year to US$2 billion.

Operating profit leapt more than fivefold year on year from US$54.2 million to US$299.4 million.

Net profit stood at US$383.2 million, more than triple the US$116.4 million in the previous year.

Palantir also generated a healthy positive free cash flow of US$684 million for 9M 2024, up 70.7% year on year.

For 2024, management raised its revenue guidance to between US$2.8 billion to US$2.81 billion.

Mastercard (NYSE: MA)

Mastercard is a payment company that helps to make payments safe and efficient between vendors and customers.

Shares of Mastercard hit their all-time high of US$534 recently, and are up 25.4% YTD.

The company had 3.4 billion debit and credit cards in issue for 3Q 2024, up 6% year on year.

The payments company reported a robust set of earnings for 9M 2024.

Revenue increased by 11.5% year on year to US$20.7 billion while operating profit rose 9.5% year on year to US$11.6 billion.

Net profit improved by 13.4% year on year to US$9.5 billion.

Mastercard also churned out a positive free cash flow of US$9 billion for 9M 2024, 28% higher than a year ago.

The gross dollar volume of transactions stood at US$2.5 trillion for 3Q 2024, up 10% year on year and demonstrating healthy spending by consumers.

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Disclosure: Royston Yang owns shares of Mastercard.

The post These 5 US Growth Stocks Are Breaking New All-Time Highs: Can They Sizzle Up Your Portfolio? appeared first on The Smart Investor.

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