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Identifying a growing business with a long runway early in its growth path can be a very rewarding investment strategy. Dutch Bros (NYSE: BROS) and Coupang (NYSE: CPNG) are two of the more promising consumer growth stocks that have a real shot at doubling by 2031 -- especially after their recent dip.
Both have pulled back sharply this year, leaving them trading at more attractive valuations relative to their longer-term potential.
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Dutch Bros runs drive-thru shops built around specialty coffee, and a menu full of other flavorful energy drinks like Rebel Energy and Myst Energy Refreshers. The shares are down 38% year-to-date as of Oct. 9, following a lower-than-expected outlook in the second-quarter earnings report.
Management expects systemwide same-shop sales to be up 4% to 5% next quarter, slower than the 6% reported in the second quarter. It also raised capital spending plans and continues to experience higher coffee costs, which could pressure near-term earnings.
Still, nothing has changed the business's long-term growth trajectory. On the Aug. 5 call, CEO Christine Barone said the company remains well on track to reach 2,029 shops in 2029.
Revenue was $551 million in the second quarter, up 32% year over year. Importantly, adjusted operating profit still rose 28% to $114 million, despite higher coffee costs.
The company's shop-opening plan for the next three years should drive revenue growth at a high-double-digit rate. Given its strong brand, Dutch Bros saw positive comp sales growth, and profitable expansion, I expect the stock to trade around its current 2.6 price-to-sales multiple or higher by 2031, supporting a 2x or greater return over five years.
Coupang operates the dominant e-commerce store in South Korea with a growing presence in Taiwan. It is winning customers with low prices, a large selection, and fast delivery. Yet the stock has plunged 33% year to date on a data incident in 2025 that disrupted the customer experience and stalled revenue growth.
In the second quarter, revenue grew 10% year over year, excluding currency changes, down from 19% in Q2 2025. The market has re-rated the stock at a 0.8 price-to-sales multiple, down from about 1.7 a year ago.
That discount undervalues the business's long-term growth. Nothing has changed in Coupang's value proposition to consumers. On the Aug. 4 earnings call, CEO Bom Kim said its oldest group of customers, acquired 15 years ago, now spend nearly 10 times what they spent in year one.
Importantly, the majority of customers who returned after last year's data incident have resumed spending while the business continues to win new customers.
A return to the previous P/S multiple would double the stock price. A catalyst for that rerating is accelerating revenue growth, as the company laps weaker growth in recent quarters following the data incident. Analysts expect revenue to grow about 14% in 2027. If Coupang reaccelerates revenue growth next year, I believe the stock will recover and at least double over the next five years.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Dutch Bros. The Motley Fool recommends Coupang. The Motley Fool has a disclosure policy.
2 Stocks That Could Double by 2031 was originally published by The Motley Fool
