After the financial crisis of 2009, the S&P 500 index bottomed out in March. However, between 2009 and 2019, the index returned 168%. A $1,000 investment in the index would have been worth $2,680. However, at the same time, growth stocks also provided a different type of opportunity for investors.

During the same period, a $1,000 investment in Netflix (NASDAQ:NFLX) would have been worth $49,243. Similarly, a $1,000 investment in Amazon (NASDAQ:AMZN) would have been worth $22,261 by 2019.

These are just few examples of the game-changing impact growth stocks can have in your portfolio. In fact, growth stocks have the potential to significantly out-perform the index. So even for low-risk taking investors, some exposure to growth stocks can serve as a portfolio catalyst.

With all of that in mind, my focus in this column is on growth stocks that are likely to be supported by positive industry tailwinds; Not just for the next few years, but for the next decade.

Thus, let’s discuss these seven growth stocks that can deliver multi-fold returns in the coming years.

• Riot Blockchain (NASDAQ:RIOT)
• Li Auto (NASDAQ:LI)
• RADA Electronic (NASDAQ:RADA)
• Tilray (NASDAQ:TLRY)
• First Solar (NASDAQ:FSLR)
• Coupang (NYSE:CPNG)
• DraftKings (NASDAQ:DKNG)

Now, let’s dive in an take a closer look at each one.

Growth Stocks to Buy Now: Riot Blockchain (RIOT)

Over the last year, RIOT stock is still higher by nearly 900%. That said, a correction in the last two quarters provides a good entry opportunity for long-term investors. And I believe that Riot is among the top growth stocks to consider for your portfolio.

The cryptocurrency industry is still at an early-growth stage. New use cases are emerging, and these include decentralized finance, non-fungible tokens and de-centralized cloud computing, among others.

Therefore, early movers in the cryptocurrency industry have an edge. That said, Riot Blockchain is involved in Bitcoin (CCC:BTC-USD) mining. But the reason to like the company is the aggressive growth expectation.

To put things into perspective, the company had a hash rate capacity of 2.2 exahash per second (EH/s) in August 2021. The company plans to expand capacity to 7.7 EH/s by the fourth quarter of 2022. For August, the company mined 441 Bitcoins. Clearly, the company is positioned to mine over 1,000 Bitcoins on a monthly basis.

Also, an important point to note is that as of Q2 2021, Riot reported cash and equivalents of $195.4 million. As Bitcoin mining capacity ramps-up, the company is positioned to further invest and diversify.

In May 2021, the company acquired Whinstone US. The latter is the owner and operator of North America’s largest Bitcoin mining and hosting facility. Moreover, more acquisition driven growth is likely to follow as the cryptocurrency space spreads its wings with game-changing use cases.

Li Auto (LI)

There is little doubt that the electric vehicle (EV) industry is poised for sustained growth over the next decade. Of course, companies like Tesla (NASDAQ:TSLA) and Nio (NYSE:NIO) have greater investor attention.

However, I like LI stock for EV firms among growth stocks. Given the regulatory headwinds in China, LI stock has fallen slightly through the current year. However, the company’s growth has remained stellar.

It’s worth noting that in November 2019, the company unveiled its first model, the Li ONE. In turn, the SUV has continued to drive robust growth. For Q2 2021, Li reported vehicle deliveries of 17,575 as compared to 6,604 in Q2 2020.

Additionally, I like Li stock considering the company’s cash flow potential. For Q2 2021, the company delivered free cash flow (FCF) of $152.1 million. This already implies an annual FCF potential of $600 million.

The company also has a healthy cash buffer of $5.66 billion as of Q2 2021. This provides the company ample funds to invest in manufacturing expansion and new product development. So as more models are introduced, the company’s growth is likely to remain strong.

Overall, Chinese EV companies have also started to pursue geographic expansion. That being said, it seems likely that Li Auto will enter the European markets in the foreseeable future. Collectively, though, LI stock looks attractive after an extended period of sideways and lower movement.

Growth Stocks to Buy Now: RADA Electronic (RADA)

RADA stock is a small-cap name from the defense sector that seems to have a robust growth outlook. The defense sector spending increased globally even during the pandemic. And with current geo-political tensions, the sector looks positioned for steady growth.

Rada Electronic is focused on the tactical radar system, which has a potential addressable market of $6 billion. The company is on a high-growth trajectory with revenue of $44 million in 2019 and $76 million in 2020. Furthermore, the company expects to report revenue of $120 million for the current year.

As a whole, the U.S. has been the key market for Rada. However, it seems that the company is focused on global diversification for accelerated growth. Recently, Rada and Alpha Design Technologies established a joint venture in India, which is another big defense market.

It’s also worth noting that for the first half of 2021, Rada reported an order intake of $56 million. Year-over-year (YOY), that figure increased by 37%. So as the backlog swells, the company is likely to have a multi-year revenue and cash flow visibility.

RADA stock seems to be in a phase of accumulation and consolidation. If top-line growth remains strong along with a robust order intake, a break-out on the upside is imminent.

Tilray (TLRY)

The worst seems to be over for the cannabis industry in terms of stock downside and cash burn. Additionally, there is an impending tailwind in the form of a possible Federal level legalization of cannabis. Thus, TLRY stock seems like an attractive pick from among growth stocks in the industry.

After the completion of the merger with Aphria, the company is positioned to benefit from multi-year industry tailwinds. Estimates suggest that the legal cannabis market size is expected to be worth $70.6 billion by 2028. However, Tilray believes that global cannabis is a $186 billion opportunity.

A key benefit of the merger with Aphria is that the company now has strong international presence. Besides Canada and the United States, a key growth market for cannabis is Europe. Tilray already has presence in Germany, France, United Kingdom and Spain, among others.

Moreover, it’s worth noting that for fiscal year 2021, Tilray reported revenue of $513.1 million. That said, the company recently talked about a revenue plan of $4 billion by 2024. Therefore, the next few years are likely to be associated with strong top-line growth.

Additionally, Tilray has also continued to deliver positive adjusted EBITDA. And considering the growth guidance for the next few years, EBITDA margin expansion seems likely.

Growth Stocks to Buy Now: First Solar (FSLR)

With focus on the non-renewable energy sector, it’s important to have few solar and wind energy stocks in your portfolio. With that in mind, FSLR stock is a quality name among growth stocks in the renewable energy sector.

Currently, solar energy is responsible for 3% electricity generation in the United States. Nonetheless, Joe Biden and his administration “wants solar power to be 40% of electricity generation by 2035….” Clearly, there is big growth potential in the next decade, and First Solar seems well positioned to benefit.

From a backlog perspective, First Solar reported expected module shipment of 11.8GW as of December 2020. However, module shipment pipeline has increased to 17.1GW as of July 2021. Additionally, the company has 9.2GW is mid to late-stage opportunities. This provides a clear revenue and cash flow visibility.

First Solar is also undertaking manufacturing capacity expansion. The 3GW factory in Ohio is expected to be completed by 2023. And there is another expansion in capacity by 3GW in India, which is expected in 2024.

First Solar has also guided for cash and equivalents of about $1.4 billion by the end of 2021. Therefore, there is ample financial flexibility to pursue aggressive growth. Overall, order intake for the company is likely to remain robust. This will ensure steady growth and potential margin expansion on economies of scale.

Coupang (CPNG)

At current levels of $28.50, I consider CPNG stock as an attractive contrarian pick. The stock has remained depressed for an extended period, but it seems that the selloff is overdone. CPNG stock is an attractive name among growth stocks with the company pursuing expansion beyond South Korea.

For Q2 2021, Coupang reported revenue of nearly $4.5 billion, which was higher by 71% YOY. And while the company’s EBITDA loss widened, it’s not a concern as long as user acquisition and top-line growth remains robust.

Furthermore, the core commerce business is profitable at the EBITDA level. It’s the grocery offering, Rocket Fresh, and food delivery offering, Coupang Eats, that negatively impacted the adjusted EBITDA. These businesses are still at an early stage and are likely to deliver long-term value.

In terms of international expansion, Coupang has already entered Japan. The company is also targeting expansion with entry into Taiwan and Singapore. It’s likely that Coupang will pursue entry into the high-growth Southeast Asian markets.

As of Q2 2021, Coupang reported almost $4.3 billion in cash and equivalents. Therefore, there is ample financial flexibility to pursue organic and acquisition driven growth.

Overall, it’s too early to write-off CPNG stock. The company’s healthy top-line growth has sustained. International expansion can possibly ensure that the company maintains a high-growth trajectory.

Growth Stocks to Buy Now: DraftKings (DKNG)

The digital sports and entertainment business also has a multi-year tailwind. It’s estimated that the U.S. sports betting revenue will increase to $19 billion if it’s legalized in all 50 states. And on that same note, online casino and poker revenue has a $20.8 billion potential. Therefore, there is a $40 billion market opportunity here. And DKNG stock looks attractive with a medium to long-term investment horizon.

For Q2 2021, DraftKings reported revenue of $297.6 million, which was higher by 319.6% YOY. However, the company’s EBITDA level losses widened to $95 million.

Nonetheless, this was primarily due to significant increase in sales and marketing expenses. Additionally, the company’s average revenue per user (ARPU) also increased YOY. This is a positive trend in terms of long-term EBITDA and cash flow outlook.

Recently, the company announced the acquisition of Golden Nugget Online (NASDAQ:GNOG). The acquisition was for an implied equity market valuation of $1.56 billion. At maturity, the acquisition is expected to deliver $300 million in synergies. Inorganic growth will help DraftKings in further cementing its market position in the high-growth industry.

Overall, DKNG stock looks attractive at current levels. In fact, in the past month, the stock jumped just 1.5%. Considering the growth outlook, though, further upside seems likely.

On the date of publication, Faisal Humayun did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.