Some stocks outpace the market and reward investors who hold onto their shares for many years. While these types of stocks tend to fall the hardest during corrections, they also roar back with incredible might when the economy starts rolling again.

Some stocks have more than tripled within the past five years, and some stocks will likely achieve that same feat in the following five years. It’s possible to turn $100 into $300 without taking high risks, using leverage or engaging in 0 DTE options trading.

Patient investors can reap the rewards of stocks with strong financials. These three winning stocks performed well in 2023 and seem poised to do well in 2024 and beyond.

Perion (PERI)

Perion (NASDAQ:PERI) is an advertising platform that allows businesses to capitalize on digital ad placements. The company offers advertising services for search, social and display ads. That segment includes the rapidly growing connect-TV advertising industry.

Perion stock slowed down in the second half of 2023 but is still up by 11% year-to-date. Shares exhibit a more impressive 941% gain over the past five years. Despite the rally, shares are still cheap. Perion stock currently trades at a 12 P/E ratio.

Perion is profitable and regularly posts double-digit earnings and revenue growth rates. The advertising company did not disappoint in the third quarter and reported 17% year-over-year revenue growth. Net income increased by 28% year-over-year.

The company’s new WAVE (Waveform Audio Voice Engine) expands its product offering and can lead to more customers. WAVE uses artificial intelligence (AI) to help advertisers create personalized audio messages that “adapt in real-time to parameters such as weather, location, daypart and many others.” 

Perion’s low valuation and appealing financials make it a serious contender for investors who want to turn $100 into $300 within a few years.

Fortinet (FTNT)

Fortinet (NASDAQ:FTNT) stock has come under hard times in recent months. Shares traded above $80 apiece in July but now hover in the low $50s. Back-to-back earnings reports forecasting lower growth resulted in big price drops. Shares are now more than 36% below their all-time high.

Just like Perion, Fortinet has given up most of its 2023 gains and is only up by 6% year-to-date. A longer timeframe paints a better perspective, as shares are up by 252% over the past five years. Those long-term gains give investors a better perspective on how to navigate the current headwinds.

Billings growth has come to a screeching halt in 2023 and was only up by 5.7% year-over-year in the third quarter. It’s normally up by over 30%. That translated into 16.1% year-over-year revenue growth, a departure from growth rates normally in the high 20s and low 30s.

Even with decelerating revenue growth, the company still posted 39.4% year-over-year net income growth. Although the stock price has fallen considerably, the stock’s P/E ratio has dropped as well. Fortinet trades at a 36 P/E ratio at the moment, historically low for the company. Its P/E ratio normally hovered in the 50s and 60s.

The company has been GAAP profitable and free cash flow positive for every year since 2009. Once the headwinds clear, Fortinet will go back to rewarding long-term investors. The dip presents a long-term buying opportunity that can turn $100 into $300 in a few years.

Symbotic (SYM)

If you bought Symbotic (NASDAQ:SYM) at the start of the year, you would have already turned $100 into $300. In fact, that $100 would have turned into roughly $450. There are a few reasons to believe Symbotic can once again reward investors and turn $100 into $300 in the next few years.

The company specializes in artificial intelligence software and robots for logistics facilities. Walmart (NYSE:WMT) is a large investor in the company and uses the company to increase efficiency in its warehouses. While Walmart is the linchpin to this company’s success, Symbotic also works with some of the largest corporations in addition to the retail chain. The company primarily serves retail, wholesale and food & beverage companies.

SYM narrowed its net losses and is closing in on profitability. Growth hasn’t been an issue for the company. The AI firm posted 98% year-over-year revenue growth for the full fiscal year 2023.

The company projected $350 million to $370 million in revenue to start fiscal 2024. The midpoint represents 74.5% year-over-year revenue growth. It’s an acceleration compared to a 60.3% year-over-year growth rate in the most recent quarter. The company also aims to have its second quarter of positive adjusted EBITDA. Strengthening revenue growth and profits on the horizon make SYM a viable stock to consider for long-term investors.

On this date of publication, Marc Guberti held long positions in PERI and FTNT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.