By just about any measure, 2024 has been a good year on Wall Street. Through mid-November, the S&P 500 was up about 23% for the year, while the New York Stock Exchange rose by 16.5%. Those are strong returns in any year, but some stocks have done even better — including many that fly below the radar of most investors.
Several lesser-known stocks have seen their share price growth outpace the overall stock market in 2024, delivering tidy profits to investors. Perhaps more importantly, they are also profitable businesses, with steady earnings growth and sound fundamentals. This separates them from stocks that are soaring based more on future potential than current profitability.
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Here are five profitable stocks you might not have heard of, listed alphabetically.
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Argan Inc. (AGX)
- Year-to-date stock gain: 192.01%
Headquartered in Rockville, Maryland, Argan provides construction and related services to the power industry.
Many investors are drawn to its generous dividend program. In September, the company announced a 25% increase in its quarterly cash dividend, raising it from $0.30 to $0.375 per common share. During the second quarter of its fiscal 2025, Argan reported consolidated revenues of $227 million, up 60.6% from the same quarter the previous fiscal year. Quarterly earnings rose to $1.31 per diluted share from $0.94 a year earlier.
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Digi International Inc. (DGII)
- Year-to-date stock gain: 20.81%
Hopkins, Minnesota-based Digi International is a global provider of Internet of Things connectivity products, services and solutions.
Despite a year-over-year revenue decrease in its fiscal 2024 fourth quarter, the company demonstrated its operating efficiency by doubling its quarterly net income to $12 million from $6 million the previous year. Net income per share rose to $0.32 from $0.17 a year earlier. Full-year net income came in at $0.61 per share.
NMI Holdings Inc. (NMIH)
- Year-to-date stock gain: 26.75%
NMI Holdings is the parent company of National Mortgage Insurance Corporation, an Emeryville, California-based private mortgage insurance company that aims to help borrowers buy homes with low down payments while protecting lenders and investors against losses related to a borrower’s default.
NMI recently reported net income of $92.8 million, or $1.15 per diluted share, for the third quarter. Those figures represented a gain from $84 million, or $1 per diluted share, in the same quarter the previous year.
Sterling Infrastructure Inc. (STRL)
- Year-to-date stock gain: 104.74%
Headquartered in The Woodlands, Texas, Sterling and its subsidiaries specialize in e-infrastructure, transportation and building solutions in the U.S.
The company has logged strong profit growth in 2024, with diluted net income of $4.63 per share during the first three quarters of the year. That was up 46% from $3.17 per share the prior year. Revenue for the period increased nearly 9% to $1.62 billion.
The Bancorp Inc. (TBBK)
- Year-to-date stock gain: 43.08%
The Bancorp provides a variety of financial services through its various subsidiaries, including providing nonbank financial firms with staff, technology and processes.
Business has been good for the Wilmington, Delaware-based company. It posted net income of $51.5 million, or $1.04 per diluted share, during the 2024 third quarter. That was up from $50.1 million, or $0.92 per diluted share, the previous year.
Editor’s note: All year-to-date stock gains are through Nov. 15, 2024.
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This article originally appeared on GOBankingRates.com: 5 Profitable Stocks You May Have Never Heard Of
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