Despite a fluctuating market, several Arizona-based public companies and a few lesser-known stocks made significant strides in market value growth last year. Notably, online car retailer Carvana Co. saw its market capitalization soar nearly 350% in 2024, becoming Arizona's fastest-growing public company, with a market cap surpassing $32 billion by year-end, as reported by the Phoenix Business Journal.
Carvana's rise was followed by Universal Technical Institute, with a market cap increase of 225.9%, and software firm AudioEye Inc., which experienced a growth of 223.9%. The grocer Sprouts Farmers Market Inc. and taser maker Axon Enterprise Inc. also joined the ranks, growing their market values by 155% and 140%, respectively. On a less positive note, some Arizona companies like electric vehicle maker Nikola Corp. and pool supplier Leslie's Inc. faced sharp declines in their market value.
Meanwhile, in the broader stock market, companies such as Toast, Revolve, and On Holding also saw their shares double in 2024. Toast, a financial technology stock recommended by Baird analysts early in the year, lived up to its potential, according to an insight from Nasdaq. The company's adjusted approach to operating expenses and improved net loss figures contributed to its stock's performance.
Apparel company Revolve and shoe brand On Holding similarly achieved significant market gains. Revolve enjoyed a 10% revenue jump in Q3 and with a solid active customer base, while On capitalized on open retailer shelf space to enhance its market presence. Among these, Nasdaq suggests that Toast presents an intriguing investment option for 2025, leveraging word-of-mouth growth from increased restaurant technology adoption.
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