2 Stocks That Could Double by 2030
Key Points
Amazon's Prime-powered retail and booming cloud business should keep revenue growing and margins rising.
On's premium brand momentum is driving fast revenue growth and expanding operating margins.
Doubling your money by 2030 is realistic if you stick with the right businesses. Owning proven brands with clear runways for growth can be a smart way to aim for big returns without making reckless bets with your savings.
Amazon (NASDAQ: AMZN) and On Holding (NYSE: ONON) are both delivering high-double-digit revenue growth, and analysts expect earnings to rise around 20% annually in the years ahead. Yet each stock trades at a reasonable forward earnings multiple -- setting up a credible path to a potential 2x return by 2030.
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Amazon
Amazon looks well-positioned for long-term growth. Its massive base of Prime members supports repeat purchases and steady subscription revenue. On top of that, its fast-growing cloud business generates strong margins, which can translate into above-average earnings growth and better returns for shareholders.
Through the second quarter of 2026, trailing 12-month revenue climbed 16% year over year to $775 billion. E-commerce is picking up steam, with sales up 15% year over year in the second quarter. Amazon Web Services (AWS) is seeing strong demand for artificial intelligence (AI) tools, pushing cloud revenue up 37% year over year.
AWS is now at a $169 billion annualized revenue run rate and delivering a sizable share of the company's profits. Ongoing efficiency gains, better capacity use, and lower-cost custom chips could help drive meaningful profit growth at AWS over the next several years.
Management expects increases in capital spending to support AI demand to drive healthy long-term margins. Analysts project earnings to grow about 20% annually in the coming years. With the stock trading at a reasonable forward price-to-earnings (P/E) ratio of 22, that kind of growth could plausibly support a 2x gain by 2030.
On Holding
On Holding still appears to be a potential global leader in athletic wear. It's building a premium brand around its popular Cloud running shoes. Yet the stock is down 51% from its all-time high, giving investors a chance to buy a fast-growing business at a much better price.
Revenue has tripled on a trailing 12-month basis since 2022. Management says new flagship stores in Europe are off to a strong start. Revenue rose 22% year over year on a constant-currency basis in Q2, suggesting the stock has fallen out of sync with the company's momentum.
Profitability is improving, too. Operating profit jumped 63% year over year on a trailing 12-month basis, indicating expanding margins and pricing power. That kind of margin progress is often a sign that the brand is getting stronger. Management also noted that customers under 34 now account for more than a third of its customer base.
Co-CEO David Allemann summed up the mindset behind the results: "We are not sprinting for short-term volume. We are deliberately engineering for the multi-decade value of a premium brand."
That long-term approach can reward patient investors. With the stock trading at what looks like an overly low forward P/E of 18, continued execution -- and something close to the consensus view of 25% annualized earnings growth -- could be enough to power a double by 2030.
John Ballard has positions in Amazon. The Motley Fool has positions in and recommends Amazon and On Holding. The Motley Fool has a disclosure policy.