These 5 Stocks Grew More than Bitcoin Over the Last Year

Fact checked by Vikki VelasquezFact checked by Vikki Velasquez

While Bitcoin’s 130% surge grabbed headlines this past year, a select group of stocks outpaced the cryptocurrency behemoth. AppLovin (APP), MakeMyTrip (MMYT), NVIDIA (NVDA), Powell Industries (POWL), and TG Therapeutics (TGTX) all rode waves of market demand to deliver eye-popping returns.

These five companies found remarkable success in their sectors, from AI breakthroughs to fronting an industrial boom. Moreover, their stellar performance wasn’t just a flash in the pan. Standing behind their stock price increases are robust fundamentals and impressive metrics like revenue growth and return on equity (ROE), which suggest these stocks could keep outshining Bitcoin, one of the most volatile assets. Below, we dig into how they did it.

Key Takeaways

• APP, MMYT, POWL, NVDA, and TGTX outperformed BTC’s approximately 151% gain over the last year from September 27th, 2023, to September 27th, 2024.
• NVDA has benefited from strong AI demand, particularly in data centers and gaming.
• TGTX’s strong revenue growth was driven by the success of its Briumvi therapy for multiple sclerosis.
• POWL capitalized on increased industrial project activity, leading to solid revenue and margin growth.
• APP and MMYT leveraged innovations in mobile marketing and travel services to achieve their performance.

Bitcoin’s 12-Month Performance

Over the past year, BTC has had one of its best years, more than doubling in price. This was driven by the start of trading for spot bitcoin exchange-traded funds (ETFs), market sentiment, and other major financial catalysts.

In late October 2023, BTC pierced the $30,000 level in a rally spurred by anticipation of the U.S. Securities and Exchange Commission approving the spot BTC ETFs. The approval of ETFs from BlackRock and Fidelity significantly increased the institutional demand for BTC, increasing demand for the cryptocurrency. By January 2024, BTC’s price surged to $49,000. There was also anticipation for the upcoming BTC halving event.

However, the cryptocurrency didn’t climb upwards all year. In late January 2024, BTC corrected, dipping 20% to a low of $38,500. This was only a pullback, and by mid-February 2024, the cryptocurrency had rallied past $50,000. The BTC spring halving was another major catalyst for the cryptocurrency, as halving events reduce BTC’s supply by cutting mining rewards in half, usually leading to a spike in its price.

By mid-March 2024, BTC reached an all-time high of $73,835, fueled by solid demand, particularly from ETFs. Despite this peak, BTC began consolidating, trading between $49,000 and $73,895 for the following months.

In the preceding 12 months, the price of Bitcoin rose approximately 151%.

Criteria for Selecting the Top 5 Stocks

The gauges for the stocks selected below are as follows:

• Market capitalization greater than $300 million
• Trailing 12-month (TTM) revenue growth more than 25%
• TTM return on equity (ROE) more than 15%
• A price-to-book (P/B) ratio greater than 5
• One-year rise in the stock price of greater than 150%

Below, we discuss the criteria further, but let’s get to our analysis first:

Ticker	Name	Market Cap.	1-Year Price Return	TTM Revenue Growth	TTM ROE	P/S	P/B	GICS Sector	Industry	Exchange
APP	Applovin Corp	42.50 Bn	227.56%	37.31%	70.66%	10.91	52.15	Technology	Technology Services	NASDAQ
MMYT	MakeMyTrip Ltd	11.84 Bn	182.05%	29.87%	22.20%	14.44	10.67	Consumer Discretionary	Technology Services	NASDAQ
NVDA	NVIDIA Corp	2.86 Trn	180.74%	194.69%	123.77%	30.41	49.29	Technology	Electronic Technology	NASDAQ
POWL	Powell Industries, Inc.	2.58 Bn	179.72%	44.78%	34.24%	2.49	5.90	Industrial	Producer Manufacturing	NASDAQ
TGTX	TG Therapeutics Inc.	3.73 Bn	160.09%	1341.63%	87.78%	11.62	21.02	Health Care	Health Technology	NASDAQ

Among the top performers, APP led the pack with an impressive one-year return of 227.6%, supported by robust revenue growth of 37.3%. NVDA was close on its heels, delivering a 180.7% price return, kickstarted by extraordinary revenue growth of 194.7%. This was primarily thanks to surging demand in AI and data center sectors.

TGTX stood out with its remarkable revenue growth of 1,341.6%, though its one-year price return of 160.1% was comparatively modest. POWL Industries and MMYT had consistent performance, with one-year returns of 179.7% and 182.1%, respectively. POWL’s growth was particularly noteworthy at 44.8%.

Regarding profitability and valuation metrics, NVDA emerged as a leader with an impressive return on equity (ROE) of 123.77% and a strong price-to-sales (P/S) ratio, indicative of its market dominance.

TGTX was also quite strong, with a high ROE of 87.8%, though its P/B ratio at 21.0 was more modest. AppLovin’s ROE of 70.7% was solid, but its particularly high P/B of 52.2 suggests investors are placing a significant premium on its expected growth.

POWL appears lower in risk as a stock, given its P/B of 5.9 and steady ROE of 34.2%. MakeMyTrip rounded out the group with an ROE of 22.2% and a relatively high P/S of 14.4, reflecting a balanced growth trajectory and investors’ optimism about its future in the expanding Indian travel market.

1. AppLovin Corp. (APP)

• Market capitalization: $42.50 billion
• TTM revenue growth: 37.31%
• TTM ROE: 70.66%
• P/S ratio: 10.91
• P/B Ratio: 52.15

AppLovin Corporation specializes in mobile app development and marketing products. The company provides a platform where developers can review metrics on their growth, work to increase user engagement, and review their mobile app revenues.

Key Business Segments

1. AppDiscovery: A user acquisition platform that helps developers find and attract new users for their apps.
2. MAX: An in-app bidding solution that optimizes ad revenue for developers.
3. Adjust: A mobile measurement and fraud prevention platform.
4. SparkLabs: An in-house game development studio.

Recent Performance

AppLovin has demonstrated strong growth, with its stock price increasing by 228% over the past year. Several factors have driven this performance:

1. The success of AXON, AppLovin’s AI-based platform, contributed significantly to revenue growth and improved margins.
2. An uptick in mobile advertising budgets has benefited AppLovin’s core business.
3. The improved performance of AppLovin’s real-time bidding platform has contributed to revenue growth.
4. The solid second quarter of 2024 earnings report exceeded expectations, driven by growth in its software platform business.
5. Positive outlook for the mobile app market and AppLovin’s position as a leading player.
6. Strategic partnerships and acquisitions expanded its reach and offerings.

Industry Position and Risks

AppLovin’s high P/B ratio suggests that investors are placing a premium on the company’s assets, likely because of its strong growth prospects and market position in the mobile app industry. That said, the company is in the highly competitive mobile technology sector. Its suite of tools and strong AI capabilities have positioned it as a leader in helping developers monetize their apps, particularly game developers.

Holders of APP shares should be aware of potential risks:

1. The firm is highly dependent on the mobile app market’s continued growth.
2. As always, there’s intense competition in the ad-tech space.
3. Potential regulatory changes affecting data privacy and mobile advertising
4. Technological shifts that could disrupt its business model.

Despite these potential drawbacks, AppLovin’s recent performance and strategic position have made it a standout in app development, allowing it to outpace even the impressive gains seen in cryptocurrencies like bitcoin over the past year.

2. MakeMyTrip Ltd. (MMYT)

• Market capitalization: $11.84 billion
• TTM revenue growth: 29.87%
• TTM ROE: 22.20%
• P/S ratio: 14.44
• P/B ratio: 10.67

MakeMyTrip is a major online travel company primarily serving the Indian market. Founded in 2000 and based in Gurgaon, India, the company offers the typically comprehensive range of travel-related services travelers expect from today’s major platforms.

Key Business Segments

1. Airline ticketing: Domestic and international flight bookings
2. Hotels and packages: Accommodation reservations and holiday packages
3. Bus and rail ticketing: Inter-city transportation bookings
4. Ancillary services: Car rentals, visa processing, travel insurance, and foreign currency exchange

Recent Performance

MakeMyTrip has shown significant growth, with its stock price increasing by 182% over the past year. Several factors have driven this performance:

1. The resurgence in Indian travel: The strong recovery in domestic and outbound travel post-pandemic has boosted MMYT’s bottom line.
2. India’s growing tourism sector: There have been increased investments in Indian tourism and rising global interest.
3. MMYT’s international expansion: The company has seen steady growth in global travel bookings, surpassing industry averages. This has been a significant driver of revenue growth​.
4. The company’s shift to higher-margin segments: MakeMyTrip has focused its growth on higher-margin hotel and bus booking segments, which has contributed to its improved profitability.

Industry Position and Risks

MakeMyTrip is a dominant player in India’s online travel space, benefiting from the country’s large and growing middle class, increasing internet availability, and rising disposable incomes. The company’s strong brand recognition and wide service offerings have helped it maintain a leading position in a competitive market.

The company’s high P/S and P/B ratios suggest that investors are optimistic about its future growth in the rapidly expanding Indian travel market. However, investors should consider the following risks:

1. The intense competition in the online travel sector
2. MMYT’s dependence on the overall health of the Indian economy
3. Potential regulatory changes affecting the travel industry
4. Exposure to global events that could impact travel patterns (e.g., pandemics, political tensions)

Despite these risks, MakeMyTrip’s strong market position and the robust growth of India’s travel sector have contributed to its impressive stock performance,

3. Nvidia Corporation (NVDA)

• Market capitalization: $2.86 trillion
• TTM revenue growth: 194.69%
• TTM ROE: 123.77%
• P/S ratio: 30.41
• P/B ratio: 49.29
• One-year price return: 180.74%

NVDA is one of the dominant companies producing advanced computer graphics processors, chipsets, and multimedia software. Founded in 1993 and based in Santa Clara, California, the company plays a significant role in AI, autonomous technology, and high-performance computing, helping to shift the evolution of visual computing and AI.

Key Business Segments

1. Graphics processing unit (GPU) production: Caters to gaming, AI, and big data markets with brands like GeForce and Tesla.
2. Tegra processors: Power autonomous vehicles, drones, and mobile devices.
3. All others: Manages non-product activities such as stock-based compensation and corporate expenses.

Recent Performance

NVIDIA has achieved record-breaking quarters recently, which has been driven by several key factors:

1. Continued dominance in the AI chip market, fueled by the growing demand for GPUs for artificial intelligence and machine learning applications.
2. Significant adoption of AI-powered data centers, with revenue from this sector surging 409% year-over-year (YoY).
3. Solid performance in the gaming sector, with a 56% YoY growth in gaming revenue.
4. It expanded cloud partnerships for its DGX Cloud.
5. Robust demand for the NVIDIA Hopper GPU platform and AI infrastructure.
6. The strong second quarter of 2025 earnings results that surpassed Wall Street estimates, highlighting the company’s robust financial performance.

Industry Position and Risks

NVIDIA is dominant in the GPU market, particularly in AI and high-performance computing. The company’s technology is driving advances in many industries, including autonomous vehicles, healthcare, and scientific research. However, investors should be aware of potential risks:

1. There’s intense competition in the semiconductor industry, particularly from companies like Advanced Microdevices Inc. (AMD) and Intel Corporation (INTC).
2. NVIDIA depends on the cyclical nature of the semiconductor market.
3. As seen in recent years, there’s always the potential impact of global supply chain disruptions for production and delivery.
4. There are regulatory challenges, especially in strategic markets like China.
5. Rapid technological changes require constant innovation and substantial capital for research and development.

Despite these risks, NVIDIA’s strong market position and growing demand for AI and high-performance computing products have contributed to its exceptional stock performance, outpacing even the significant gains seen in cryptocurrencies like bitcoin over the past year.

4. Powell Industries Inc. (POWL)

• Market capitalization: $2.58 billion
• TTM revenue growth: 44.78%
• TTM ROE: 34.24%
• P/S ratio: 2.49
• P/B ratio: 5.90
• One-year price return: 179.72%

Powell Industries, Inc., based in Houston, Texas, develops, designs, and manufactures custom-engineered systems and products for the energy and industrial sectors. The company is known for providing engineered products for electrical power infrastructure.

Key Businesses

1. Integrated power control room substations
2. Custom-engineered modules and electrical houses
3. Arc resistance and traditional distribution switchgear
4. Medium voltage circuit breakers and control gear
5. Monitoring and control of communication systems
6. Motor control centers and bus duct systems

Recent Performance

Powell Industries has seen significant growth driven by several factors:

1. Strong project activity in core industrial sectors, with oil, gas, and petrochemical markets having revenue growth of 66% and 93%, respectively.
2. Growing demand for its equipment in the electrical utility sector.
3. The massive increase in infrastructure funding from the U.S. federal government.
4. Growth in commercial and industrial markets.
5. More efficient operations.
6. Strong backlog of orders, indicating a healthy pipeline of future revenue.

Industry Position and Risks

The company’s focus on custom products for critical infrastructure has helped it maintain a competitive edge. However, investors should consider the following risks:

1. The energy and industrial sectors are cyclical and face major fluctuations in demand.
2. Dependence on large-scale projects, potentially causing revenue volatility, especially should infrastructure investments be curtailed.
3. There are competitive pressures from domestic and international players in the electrical equipment market.
4. There are always risks associated with the execution of large, complex projects.

Despite these risks, Powell Industries’ strong performance in recent quarters and its strategic position in essential infrastructure markets have contributed to its impressive stock performance.

TG Therapeutics (TGTX)

• Market capitalization: $3.73 billion
• TTM revenue growth: 1341.63%
• TTM ROE: 87.78%
• P/S ratio: 11.62
• P/B ratio: 21.02
• One-year price return: 160.09%

TG Therapeutics, Inc., founded in 1993 and based in North Carolina, is a biopharmaceutical company that acquires, develops, and brings to market therapies for B-cell malignancies and autoimmune diseases.

Key Products in the Pipeline

1. Briumvi (ublituximab): An anti-CD20 monoclonal antibody approved for multiple sclerosis (MS)
2. TG-1801: An anti-PD-L1 monoclonal antibody
3. TG-1701: A Bruton’s tyrosine kinase (BTK) inhibitor
4. Umbralisib: A PI3K delta inhibitor

Recent Performance

TG Therapeutics has had excellent growth, driven by several key factors:

1. Successful launch of its multiple sclerosis drug, Briumvi, with strong sales growth in the second quarter of 2024.
2. Launched Briumvi in Europe.
3. Expanded its marketing strategies and reach.
4. Invested in patient awareness and access programs.
5. Positive developments in its R&D pipeline, including initiation of new clinical trials and regulatory approvals.
6. Improved financial position, including a new credit facility and a share repurchase program that boosted investor confidence.

Industry Position and Risks

The company’s focus on novel therapies for B-cell-mediated diseases positions it well in areas where critical medical needs are unmet. However, investors should be aware of the following risks:

1. Dependence on the success of Briumvi and potential challenges in expanding market share
2. Intense competition in the MS and autoimmune disease markets
3. Regulatory risks associated with ongoing clinical trials and potential future approvals
4. Potential pricing pressures and reimbursement challenges in the healthcare sector
5. Reliance on partnerships for international commercialization
6. Typical biotech industry risks, such as clinical trial failures and patent expirations

Despite these risks, TG Therapeutics’ recent commercial success and strong pipeline have contributed to its impressive stock performance.

More on the Selection Criteria of the 5 Stocks

In identifying the stocks that outperformed bitcoin in the past year, we used measures that would highlight companies with strong growth potential, financial health, and market performance. By focusing on the key indicators below, we pinpointed stocks that showed both impressive past performance and had the strength in fundamentals to continue their upward trajectory:

Market Capitalization Greater Than $300 million (Small Cap and Higher)

Companies with the market capitalization described above are established but still have significant potential for growth. Small-cap and mid-cap stocks often outperform larger companies because of their potential for rapid revenue growth while still being large enough to withstand some economic changes. This ensures that the stock is less prone to extreme volatility when compared with microcaps, which can be highly speculative.

In addition, larger companies provide more liquidity, making buying and selling shares easier.

TTM Revenue Growth More Than 25%

Consistent high revenue growth is a crucial indicator of a company’s ability to expand its market share, innovate, and meet consumer demand. Revenue growth of more than 25% yoy indicates that the company is rapidly increasing its earnings. Strong revenue growth often leads to growth in earnings and stock price increases.

TTM ROE Greater Than 15%

ROE measures a company’s profitability relative to its equity. An ROE of over 15% is an excellent figure, showing that management effectively turns shareholder equity into profits. High ROE companies are typically well-managed, competitive, and able to reinvest earnings effectively.

P/B of 5 and Above

A high P/B typically signals that investors are willing to pay a premium for the company’s assets because they believe it will continue to generate superior returns. While a lower P/B is considered more value-driven, a higher P/B reflects increased expectations for growth and market confidence in the company’s future performance.

In high-growth stocks, a P/B of 5 or more suggests the company is well regarded for its potential.

1-Year Performance of More Than 150%

A one-year price appreciation of over 150% demonstrates strong momentum, indicating that the stock has significantly outperformed the broader market. High performance over a year is often driven by strong earnings, revenue growth, and positive investor sentiment, all of which are necessary when selecting stocks that could outpace BTC’s gains.

How can Investors Identify Stocks That Might Outperform Cryptocurrencies like Bitcoin?

Investors should focus on strong and consistent revenue growth and profitability metrics such as return on assets and ROE to identify stocks that may outperform cryptocurrencies like BTC. You should also review valuation ratios that show market confidence in future growth, such as high P/E or P/B ratios. Targeting industries with disruptive potential, such as AI or green energy, and selecting stocks with strong momentum and positive analyst reports are also worthwhile when selecting high-growth investments.

What Are the Risks of Investing in Stocks That Might Outperform Bitcoin?

Indeed, investing in stocks that could outperform BTC carries several risks, such as above-average market volatility. Valuation risks can also arise when stocks with high P/Es or P/Bs become overvalued. Industry-specific risks, such as regulatory challenges in sectors like technology and biotech, may hinder growth.

In addition, stocks are sensitive to economic shifts like changes in interest rates and inflation. Company-specific or idiosyncratic issues, such as poor management or legal challenges, increase risk, requiring investors to look carefully before investing and diversifying their portfolios once they do.

What Are Some Strategies for Diversifying an Investment Portfolio To Include Cryptocurrencies?

To diversify an investment portfolio with stocks and cryptocurrencies, investors should pick their holdings based on risk tolerance. Most investors will want to hold much of their portfolios in stable blue-chip stocks and other safer assets, with only a small portion for volatile cryptocurrencies.

The Bottom Line

Over the past year, APP, MMYT, NVDA, POWL, and TGTX have had exceptional growth, outpacing even the stellar 150% rally in bitcoin’s prices. Key drivers for these companies include strong revenue growth, high ROE, and market momentum.

NVDA, in particular, capitalized on AI demand, while TGTX succeeded with its Briumvi therapy. APP and MMYT leveraged strategic new products, and POWL benefited from industrial sector growth, positioning these stocks as strong performers with robust fundamentals across very different sectors of the economy.

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