In the fast-paced world of investing, growth stocks stand out as promising candidates to build wealth. These companies can grow their revenue and earnings at a much faster pace than their competition. Without hesitation, we can say these are three growth stocks you’ll regret not buying.

While they may not show you dividends like their income-focused counterparts, growth stocks hold the allure of capital appreciation. This exponential growth potential has made them a magnet for investors seeking to outperform the market. But remember, the path to building wealth is rarely even smooth. Mainly because growth stocks are prone to higher volatility and risks, demanding level-headedness and thick skin. 

With the economy set for a rebound, these three companies have tremendous untapped potential in 2024.

Novo Nordisk (NVO)

Novo Nordisk (NYSE:NVO) is a leading European multinational pharmaceutical company headquartered in Bagsværd, Denmark. Their business aims to defeat chronic diseases including diabetes, obesity, rare blood diseases, and endocrine disorders. Wall Street is turning increasingly bullish, as investors assess the long term market opportunities for their diabetes drug, Ozempic. 

Novo Nordisk is primarily known for developing the first long lasting human insulin. The company also pioneered glucagon-like peptide-1 (GLP-1) therapies, typically used to address diabetes and other chronic diseases. However, Ozempic has been the talk of the street lately, with its growing use case to address weight loss treatment. While it is not an FDA approved drug for weight loss, Novo Nordisk has another therapy called Wegovy, to address weight management and obesity for adults. 

In FY23, revenue skyrocketed 31% YOY to $232.26 billion. Net income increased to $83.68 billion, with EPS up 52% to $18.62 per share. GLP-1 therapies grew 52% YOY with obesity care sales up an astonishing 154% from the year prior. Furthermore, FCF swelled to $83.1 billion in FY23 while holding a 54.8% market share in the GLP-1 segment. This makes them one of the best growth stocks to buy for 2024.

Caterpillar (CAT)

Caterpillar (NYSE:CAT) is the world’s largest construction equipment manufacturer. The company closed off a monster 2023 fiscal year, and 2024 could see continued growth with more favorable financial conditions. 

Caterpillar had a strong year in 2023, despite the ongoing interest rate risks and supply chain headwinds. Construction activity slowed across the globe, as the appetite for risk was much lower than 2021 and 2022. Yet, Caterpillar was still able to deliver impressive revenue, EPS and FCF growth. Now might be a good time to look out to the next few years, with the prospects of lower interest rates and a general boost in infrastructure investment. 

In FY23, Caterpillar’s revenue increased 13% YOY to $67.1 billion. Operating margin hit 19.3%, as compared to 13.3% in 2022. However, what investors should pay attention to is their EPS and FCF. Full year EPS increased 59% YOY to $20.12 per share, with FCF hitting a record $10.57 billion. This is truly tremendous numbers during the 2023 slump, and end markets are likely to see a swift recovery. The 2023 fiscal year laid the foundation, and Caterpillar is set for accelerated growth through 2024.

First Solar (FSLR)

First Solar (NASDAQ:FSLR) is an American solar panel manufacturer headquartered in Tempe, Arizona, United States. While the broader solar and energy storage industry suffered in 2023, First Solar has continued to grow and make key investments. Most notably, the company has increased their generating capacity by expanding their manufacturing footprint in the United States. 

There have been a number of different solar companies like Enphase who have had an extremely tough year. Consumers have largely cut back on discretionary spending, and solar panels are ultimately a luxury item for those who can afford them. However, even when looking at larger commercial solar projects across North America, tightening financial conditions crushed demand. 

First Solar finished off a strong Q3 2023, with revenue and EPS up 27% and 643%, respectively. The company has committed $2.8 billion in CAPEX to new solar projects, and invested $1.1 billion into its fifth manufacturing facility in the US. They plan to reach 25 GW of generating capacity by 2026, and once fully online their revenue could skyrocket. Management did a great job managing costs in the 2023 fiscal year, despite slower demand and higher interest rates. With the solar and energy storage markets in recovery mode, investors can remain optimistic about revenue and EPS growth in FY24. 

On the date of publication, Terel Miles did not have (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.