Over the years of investing, I have seen stocks delivering 10x, 20x and even 50x returns. Of course, it does not come overnight. It’s about buying a good idea at the right time and sitting tight. Even if investors make 2x or 3x in a story, there is a big temptation to book profits. However, well-researched ideas with high conviction can be massive wealth creators. The focus of this column is on potential multibagger growth stocks to buy.

While I have talked about sitting tight for the long term, the risk with growth stocks is high. I would look closely at the business developments to reaffirm my conviction. I am not talking about industry headwinds. Millionaire-maker stocks are those that navigate economic and industry downturns and emerge stronger.

Let’s talk about the factors that make these growth stocks interesting to hold until 2030.

Riot Platforms (RIOT)

When Bitcoin (BTC-USD) surged in Q1 2021, Riot Platforms (NASDAQ:RIOT) stock touched highs of $75. While RIOT stock has skyrocketed by over 250% in the last 12 months, the stock trades at roughly $15 per share. I am bullish on Bitcoin making new highs this year and RIOT stock is likely to remain in an uptrend.

Crypto experts are betting on Bitcoin touching $100,000 by the end of 2024. If this scenario holds true, I expect at least 3x returns from RIOT stock. Riot Platforms has undertaken an aggressive hash rate capacity expansion plan that complements industry tailwinds.

To put things into perspective, Riot ended 2023 with a Bitcoin mining capacity of 12.4EH/s. The company expects to boost capacity to 28.8EH/s by the end of the year and further to 38.1EH/s by 2025. This would translate into robust revenue and cash flow upside with the Bitcoin rally. With a zero-debt balance sheet and a cash buffer (including digital assets) of $599 million, there are no growth financing concerns.

EHang Holdings (EH)

EHang Holdings (NASDAQ:EH) is among the hottest flying car stocks to buy for multibagger returns. After a strong rally in the first half of 2023, EH stock has remained sideways. This seems like a good accumulation opportunity as EHang prepares for solid growth in the next few years.

In a major development, the company’s pilotless passenger-carrying aerial vehicle successfully completed its debut commercial flight demonstrations in Guangzhou and Hefei. With approval from the Civil Aviation Administration of China, the company is positioned for expansion within China.

Further, the company has already conducted 39,000 demo and trial flights in 14 countries. This includes countries in Asia and Europe. In the next few years, EHang will likely get approval from different countries which can translate into stellar growth. I also don’t see financing concerns. In Q3 2023, the company raised $23 million from PIPE investment from strategic investors. The consolidation in EH stock is a good opportunity to accumulate.

Leonardo DRS (DRS)

Leonardo DRS (NASDAQ:DRS) is another stock that represents a company with exciting growth prospects. DRS stock has trended higher by 51% in the last 12 months. However, at a forward price-earnings ratio of 17, this emerging defense player looks attractive.

As an overview, Leonardo is focused on providing defense electronic products and systems. This includes advanced sensing, network computing, force protection, electric power, and propulsion.

The first point to note is that Leonardo reported an order backlog of $4.7 billion for Q3 2023. On a year-on-year basis, the backlog has increased by 50%. With higher defense spending, I expect backlog growth to be sustained. This will translate into revenue growth acceleration and cash flow upside.

It’s worth noting that Leonardo has an available credit facility of $500 million. Further, the leverage is low at 1.4x. This is important to mention as the company has included potential acquisitions as one of the growth strategies.

At the same time, Leonardo is investing in innovation. In November 2023, the company received an order for continued production of its next-generation thermal weapon sights for the U.S. Army. Innovation-driven organic growth will create value in the long term.

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