Growth boosts valuation multiples, but it doesn’t always last forever. Companies that cannot maintain it are often penalized with large declines in market value, a lesson ingrained in investors who lost money in tech stocks during 2022.

Deciphering which businesses can sustain their high growth rates is a challenge for even the most seasoned professionals, which is why we started StockStory. Keeping that in mind, here are two growth stocks with significant upside potential and one whose momentum may slow.

One Growth Stock to Sell:

AAON (AAON)

One-Year Revenue Growth: +20.1%

Backed by two million square feet of lab testing space, AAON (NASDAQ: AAON) makes heating, ventilation, and air conditioning equipment for different types of buildings.

Why Does AAON Fall Short?

1. Day-to-day expenses have swelled relative to revenue over the last five years as its operating margin fell by 3.7 percentage points
2. Incremental sales over the last two years were much less profitable as its earnings per share fell by 21.5% annually while its revenue grew
3. Free cash flow margin dropped by 14.3 percentage points over the last five years, implying the company became more capital intensive as competition picked up

At $80.05 per share, AAON trades at 40.1x forward P/E. Read our free research report to see why you should think twice about including AAON in your portfolio.

Two Growth Stocks to Watch:

Ollie's (OLLI)

One-Year Revenue Growth: +16.6%

Often located in suburban or semi-rural shopping centers, Ollie’s Bargain Outlet (NASDAQ: OLLI) is a discount retailer that acquires excess inventory then sells at meaningful discounts.

Why Are We Positive On OLLI?

1. Rapid rollout of new stores to capitalize on market opportunities makes sense given its strong same-store sales performance
2. Same-store sales growth averaged 3.2% over the past two years, showing it’s bringing new and repeat shoppers into its stores
3. Expected revenue growth of 13.4% for the next year suggests its market share will rise

Ollie's is trading at $99.99 per share, or 22.7x forward P/E. Is now a good time to buy? Find out in our full research report, it’s free.

Incyte (INCY)

One-Year Revenue Growth: +21.2%

Founded in 1991 and evolving from a genomics research firm to a commercial-stage drug developer, Incyte (NASDAQ: INCY) is a biopharmaceutical company that discovers, develops, and commercializes proprietary therapeutics for cancer and inflammatory diseases.

Why Could INCY Be a Winner?

1. Market share has increased this cycle as its 18% annual revenue growth over the last two years was exceptional
2. Share buybacks catapulted its annual earnings per share growth to 75.7%, which outperformed its revenue gains over the last five years
3. Free cash flow margin grew by 7.3 percentage points over the last five years, giving the company more chips to play with

Incyte’s stock price of $90.79 implies a valuation ratio of 12.6x forward P/E. Is now the right time to buy? See for yourself in our in-depth research report, it’s free.

High-Quality Stocks for All Market Conditions

WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don't just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses.

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Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+354% five-year return). Find your next big winner with StockStory today.