10 Best High Growth Stocks Outside Big Tech

In this article, we will take a look at the 10 Best High Growth Stocks Outside Big Tech.

The market’s growth leadership has become abnormally concentrated in a small number of mega-cap technology stocks, leaving investors with fewer obvious opportunities to find rapid earnings growth outside of the AI trade. Ten AI-related stocks currently account for over 40% of the S&P 500’s market capitalization, with NVDA, AAPL, and MSFT accounting for approximately 21.7% of the index. That concentration has made non-tech growth stocks more appealing, but also more selective: a company can generate strong revenue growth while struggling to justify its valuation if margins, debt, customer concentration, or capital intensity are all trending in the wrong direction. The opportunity comes from identifying businesses with long-term growth that can support multiples rather than merely riding the broader AI story, something we previously covered in our 10 High Growth Stocks Outside Tech Analysts Are Bullish On article.

The case for looking beyond mega-cap technology is that large tech companies haven’t stopped growing. Their valuations already account for much of the predicted AI-driven earnings acceleration, while a number of healthcare, industrial, consumer, finance, and energy companies are growing at rates that may surprise investors.

According to Russell Investments, analysts anticipate the “Magnificent Seven” to increase third-quarter earnings by 20.3% year over year, while the other 493 companies in the S&P 500 are expected to grow by 27.7%. In other words, earnings momentum is broadening beyond the largest tech firms, potentially offering up opportunities for companies outside the AI trade.

The idea is to avoid using “growth” as a single metric. A company that grows revenue at 30% per year could still be a bad investment if it burns cash, relies on a small number of customers, or funds expansion through repeated dilution. Netskope is a good example: the cybersecurity company announced second-quarter fiscal 2027 revenue of $220.5 million, up 29.2% year-over-year, but trailing EBITDA remained negative at $721 million, and the stock traded at about 9x sales. That is, investors are paying a premium for ongoing top-line momentum as they wait for more proof that growth can translate into durable profits. In contrast, a company growing earnings in the high teens or low twenties can be appealing if it has pricing power, recurring revenue, a strong balance sheet, and a clear path to margin improvement.

The issue is that some companies have already been rerated as “AI adjacent,” even though their underlying earnings haven’t yet justified the premium. That’s why the best opportunities are typically identified where growth is still undervalued, rather than where the AI label has already done the majority of the work.

The sector has expanded beyond construction, mining and machinery cycles to include companies that benefit from data-center power needs, grid modernization, automation and infrastructure spending. Caterpillar, for example, reported record second quarter sales of $20.5 billion, up 24% year-over-year, with its Power Generation division up 29% to $3.10 billion on demand for large reciprocating engines and turbines used in data centers. Despite AI taking up a lot of the news in the market, Mario Gabelli’s fund has an industrial stock in its second biggest position, highlighting the idea that there can be interesting growth opportunities outside of the tech industry.

Analyst estimates can help identify expectations, but they should not be used in place of company-specific evidence. A stock with a high consensus growth rate and a high valuation may be more exposed to a modest guidance miss than a cheaper company with a less exciting but more consistent growth profile.

Our Methodology

For this list, we screened for non-tech stocks with a market cap of more than $20 billion that report a 5-year EPS growth rate of at least 25%. We have also mentioned hedge fund ownership numbers for Q2 2026 to provide insight into smart money sentiments around each stock.

Note: A 5-year EPS growth rate is useful for comparing how quickly earnings are expected to compound, though it is not always the most reliable metric as estimates can change sharply with commodity prices, interest rates, clinical trial results, and other macroeconomic conditions.

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10. Revolution Medicines, Inc. (NASDAQ:RVMD)

EPS Growth Over the Next 5 Years: 26.05%

Hedge Fund Holders: 105

Revolution Medicines, Inc. became a commercial-stage company on August 26, when the FDA approved Rasonque for adults with metastatic pancreatic cancer who have had prior treatment. This is the first approved medicine to broadly target the RAS pathway in the the disease.

Revolution Medicines’ overall asset base grew significantly, reaching $4.32 billion by mid-2026. The surge was driven by a stronger capital position, which included gross proceeds of $2.225 billion from concurrent April public offerings of common stock and convertible notes, as well as a $250 million royalty tranche from Royalty Pharma. The company finished the quarter with $3.9 billion in cash, cash equivalents, and marketable securities, with an additional $1.5 billion available under milestone-based Royalty Pharma funding arrangements. Moreover, the RVMD’s premium P/B ratio has settled at 15.31x as of October 28, reflecting the significant forward-looking growth premium priced into the shares.

The risk to the company’s Rasonque comes in the form of ramp, because a price exceeding $477,000 per year draws prior authorization disputes and payer pushback. You can read more on whether patient access can match the clinical breakthrough here.

9. Cameco Corporation (NYSE:CCJ)

EPS Growth Over the Next 5 Years: 29.36%

Hedge Fund Holders: 75

Cameco Corporation is one of the world’s largest uranium producers. The company reported second-quarter net earnings of $25 million, adjusted net earnings of $77 million, and adjusted EBITDA of $391 million, while first-half net earnings totaled $156 million.

The company’s uranium segment generated $252 million in adjusted EBITDA in the second quarter, down from $352 million in the previous year, owing mostly to reduced expected sales deliveries under its contracting discipline. However, Cameco maintained its 2026 uranium production forecast of 19.5 million to 21.5 million pounds of U3O8 on its share basis despite operational delays at Key Lake, McArthur River and Cigar Lake.

Valuation is the key issue. CCJ trades at over 141x trailing earnings and 45.87x forward earnings, with an EV/EBITDA multiple of 63.43x. The premium valuation reflects the assumption that today’s higher uranium prices will eventually flow through Cameco’s long-term contract book. The next major test will be Cameco’s third-quarter report, which is due October 30. Analysts estimate Q3 revenue of approximately $753.9 million and normalized EPS of $0.27, though forecasts range significantly from $0.08 to $0.38, indicating the uncertainties surrounding mine performance and uranium deliveries.

Cameco also owns 49% of Westinghouse Electric, the reactor technology company it acquired alongside Brookfield in 2023. Westinghouse has confidentially filed for an IPO in the US, with Bloomberg reporting that it may seek a valuation of more than $50 billion. In that case, Cameco’s holding would be worth approximately $24.5 billion at that level, before any offering-related dilution. We previously examined whether Cameco is a buy ahead of the Westinghouse listing here.