Today we will be looking at hypergrowth stocks with the potential to 10X your investment. All but one of the stocks discussed below has achieved hypergrowth – growing by 40% or more – over the last 12 months. Each share is also priced at less than $100 with most shares well below $100.  I have chosen that price level because 10X growth is difficult if the share is priced above $100.

None of the stocks discussed below trade for less than $10. Instead, these companies tend to be relatively well established and growing rapidly. That means for the most part they represent relatively stable investments overall with high upside potential.

Most of the companies discussed here are also relatively stable from the perspective of earnings. These companies have achieved net profitability and our forecast to continue doing so. In essence, they are essentially middle market firms with strong fundamentals and strong upside. They aren’t the biggest names but those who choose to invest very well may be rewarded handsomely.

Amphenol (APH)

Record Q2 results suggest more growth on the horizon for Amphenol (NYSE:APH) and its stock. The company which creates connector and cable components that connect various electronic devices is doing very well.

The company just posted record quarterly sales of $3.61 billion during the second quarter, up 18%. That led to an increase of 11% in earnings per share which rose to 41 cents. Company also posted free cash flows of $528 million during the period. Amphenol clearly has a lot of latitude and leverage to do as it pleases moving forward.

The strong free cash flows also indicated that the company’s dividend will remain strong. The company clearly has the financial means to continue rewarding shareholders through dividends.

In fact, Amphenol  increased its dividend by 50% in the second quarter. The net effect is that the company is not only growing quickly but also rewarding shareholders and somebody in the process while maintaining substantial amounts of excess cash to grow the company further.

Vertex (VERX)

Vertex (NASDAQ:VERX) is a company and stock that doesn’t get a lot of attention but arguably deserves much more.  The company sells tax software that helps enterprises remain compliant with tax laws and regulations globally. Although a relatively boring niche, tax compliance is vital for enterprises and software itself is a high margin business. That makes Vertex attractive especially given its trajectory.

The trajectory I’m referring to is the transition from negative per share earnings to positive per share earnings. Vertex is forecast to move into the latter in 2024. It is expected that the company will produce 53 cents of earnings per share in 2024. The company reported 15 cents of earnings per share in the first quarter so it is certainly on track to reach that projection. 

In 2023, Vertex reported negative 9 cents of earnings per share. The positive transition into earnings will go a long way toward increasing the price of VERX stock. Combine that with the fact that the company grows its top line by 15 to 18% annually at a very consistent rate and you can see why the company has 10X potential.

Palantir Technologies (PLTR)

Palantir Technologies (NYSE:PLTR) is fast becoming a leader in data integration, analysis, and enterprise analytics. The company also has a strong foothold in the public sector and a blend of growth opportunities that make the stock highly attractive. 

In the introduction to this article I mentioned that most of the companies discussed here will be producing positive earnings. Palantir is one of them. The company has gained a lot of notoriety for its relatively rapid ascent into net profitability. In Q1, the company posted its sixth consecutive quarter of GAAP profitability. 

It has done so by building a highly in demand analytics platform that helps enterprise clientele make sense of the mountains of data available today. 

Revenues grew by 21% in the first quarter with commercial revenues a particular bright spot. Those revenues increased by 27%, reaching $299 million. That rate of growth is quicker than that for the public side and suggests Palantir may soon produce more commercial side revenues than public side. 

At $26 and well positioned to benefit from the AI boom, PLTR stock truly has 10X potential. 

Boston Scientific (BSX)

Boston Scientific (NYSE:BSX) just raised its annual guidance following stronger than expected results on strong  cardiovascular device demand. Medical device firms have continued to benefit from latent demand for cardiovascular and other procedures caused by the pandemic. Manufacturers of cardiovascular devices and hip and knee replacements are seeing exceptionally strong demand as customers who put off procedures during the pandemic continue to have procedures. The stock should continue to grow for that reason and more.

Boston Scientific experienced an earnings boom in 2023 as elective procedure demand grew. The result was that earnings more than doubled during the year. In 2024 earnings are expected to more than double again. 

Thereafter, Boston Scientific is expected to experience more modest double-digit earnings growth moving forward. Investors shouldn’t let that stop them from considering BSX stock. The top line is also expected to continue to grow at a predictable double digit pace. That makes sense given the aging U.S. population and commensurate increase in medical device demand.

Permian Resources (PR)

Permian Resources (NYSE:PR) is an independent oil and natural gas company that explores, develops, and produces oil and natural gas within the Permian Basin. A brief look at the company’s performance over the last few years clearly indicates the stock’s massive potential. 

Permian Resources reported  a little over a billion in revenues in 2021. That doubled in 2022. Then the company grew by another billion in 2023, reaching $3.1 billion in revenues. It is expected to grow by another 70% in 2024, eclipsing $5 billion in revenues. 

In essence, Permian Resources is a rapidly growing oil exploration and production company with a lot of potential. It’s also a company that rewards shareholders through strong income production in the form of a dividend. That dividend currently yields more than 5%. 

The company owns prime acreage in the particularly prolific portion of the Permian Basin known as the Delaware Basin. The company has also heavily relied on advanced technology and increasing its operational efficiency in the process. 

Flex (FLEX)

Flex (NASDAQ:FLEX) is sort of a do-it-all supply chain solutions firm providing various manufacturing services globally. The company has a history of providing manufacturing system solutions to its partners that improve operational efficiency. Furthermore, the company is known as a strong supply chain management firm with a heavy focus on emerging areas including 5G, electric vehicles, and cloud computing.

The true opportunity for Flex is to utilize its manufacturing and supply chain know-how and sell directly into those growing sectors.

That said, the company just released its first quarter earnings which showed a decline in revenues. However, Flex was capable of increasing its per share earnings despite slowed revenues. That’s further indication of the company’s operational prowess internally.

Although Flex certainly has a strong opportunity to serve those growth areas in the future, I would also caution investors to pay attention to the company’s use of debt relative to equity to finance growth. That ratio has grown more heavily in favor of debt over the last 12 months. So, while there is massive potential ahead it might be wise to see if Flex can increase shareholder equity moving forward and finance its growth that way before diving in. 

Nutanix (NTNX)

Enterprise cloud stocks like Nutanix (NASDAQ:NTNX) are gaining a lot of attention at the moment, and rightfully so. The firm provides software to data centers that makes it easier for firms to manage their IT infrastructure. 

That’s particularly relevant as AI chips are being heavily leveraged at data centers. A lot of the growth in AI has come from the hardware side. Firms are buying up as many of the most powerful AI chips as they can, applying them to data centers, and effectively commoditizing AI compute power. 

That creates huge opportunities for firms like Nutanix that can help manage the complex IT infrastructure through software solutions. 

That’s sort of the 10,000 foot view of why Nutanix is attractive overall. It’s also reaching a fundamental tipping point at which it shifts in net earnings-based profitability this year. Thus, it combines fundamental strength and growth opportunities at once. That’s a recipe for rapid growth overall. 

On the date of publication, Alex Sirois 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.

On the date of publication, the responsible editor did not have (either directly orindirectly) any positions in the securities mentioned in this article.