After a rough outing in 2022, many of the best growth stocks are trading at bargain valuations. In fact, some are offering what some would consider a once-in-a-lifetime opportunity. The S&P 500 currently sits at a price-earnings ratio just above 19 after peaking around 40. Furthermore, many companies are reporting better-than-expected profits and are increasing their bottom line through layoffs and improved headcount efficiency. Easing inflation should also help profits as consumers will be able to spend more on discretionary products. Thus, there’s limited downside to the market right now, even during a recession. With that in mind, the following seven growth stocks are bargains that won’t disappoint if you hold them for the next 10 years:

Best Growth Stocks: Tesla (TSLA)

Tesla (NASDAQ:TSLA) is growing so fast, it should carry a higher valuation. At the time of this writing, Tesla had a P/E ratio of 44.3x after bottoming out at $113. Despite this slight recovery, there is undoubtedly a long way to go for Tesla. The stock is a bargain at its current price, with solid earnings to boot.

In fact, the company saw a net income of $1.19, which was far better than expectations for $1.13 a share. All thanks to growing demand. Better, the company plans to produce about 1.8 million cars this year, up from about 1.37 million last year. CEO Elon Musk even said that orders were outpacing production two to one. Helping, analysts at Mizuho have a buy rating on the stock, with a price target of $252. 

Best Growth Stocks: Fiverr (FVRR)

Next up on our list of best growth stocks is Fiverr (NYSE:FVRR). Sure, the company did have a bad downturn since early 2021 but is set to come back stronger as the burgeoning freelance market recovers. We also have to consider Fiverr’s customer retention is very impressive. The losses they are making now from their high marketing spend will pay off massively in the long run as these customers start spending more on the platform, something which the Fiverr business model is successfully achieving. 

Finally, while there are competitors to Fiverr, such as Upwork (NASDAQ:UPWK), their businesses use a different model. On Upwork, you need to make a post, and freelancers can apply, whereas Fiverr offers you a portfolio of specialized freelancers you can choose from. The latter is more compelling and efficient.

Best Growth Stocks: Cloudflare (NET)

With cybersecurity needs on the rise, keep an eye on growth stocks, such as Cloudflare (NYSE:NET). The company offers a range of products and features that make it the perfect choice for businesses looking to increase their website’s security, performance, and reliability. Many websites use Cloudflare’s security protection against DDoS attacks, and the company’s Content Delivery Network (or CDN)  to ensure fast loading times, which is essential for search engine optimization. 

At one time, I was bearish on the NET stock, post-pandemic. However, the consistency of the business intrigues me, especially as it has consistently grown its top line by around 50% year-on-year, even as many companies took a sharp downturn as monetary policy changed. Cloudflare’s losses are also slowly narrowing, and once the business turns profitable, I see a solid upside.

Block (SQ)

Block (NYSE:SQ) is a rapidly growing technology company with a portfolio of innovative products and services transforming fintech. The company’s stock is starting to see a steady increase in value, as revenues recover. Moreover, Block’s Cash App and Square are growing rapidly due to their functionalities. These digital payment solutions have seen a remarkable surge in popularity for both small and large businesses in recent years. With the rise of digital transactions, companies, and individuals are increasingly turning to these payment solutions, which are much more efficient than traditional methods.

As the world moves towards a more digital future, the demand for secure and efficient payment solutions will keep growing, making Block’s platforms an essential part of many businesses’ operations. Thus, we will likely see SQ stock trading at a much higher premium.

Shopify (SHOP)

E-commerce stocks are also among the best growth stocks to consider.  In fact, one of the top ones is Shopify (NYSE:SHOP). Most recently, the company grew its sales by 21.6% in Q3, and losses have narrowed substantially on a quarterly basis. Better, the business is turning a corner, and the sooner investors realize the potential, the better. Undoubtedly, e-commerce businesses will be worth much more in the future. Shopify is among the most established ones, and holding it for the next 10 years will be very rewarding. SHOP stock has already been on a sustained uptrend for the past couple of weeks. If its Q4 earnings surprise analysts again, it will likely surge.

Airbnb (ABNB)

Airbnb (NASDAQ:ABNB) has been growing rapidly since its inception in 2008. Despite short-term hiccups, its potential for growth and profitability makes Airbnb a compelling investment option. The company is already present in 200+ countries and has millions of listings, and there is potential for even more growth and expansion.

Better, with its peer-to-peer model, the company also has a high customer lifetime value and a low customer acquisition cost, making it a very attractive option for investors. This explains why Airbnb did not decline after the post-pandemic boom ended and retained profits. Furthermore, despite slower growth, Airbnb is still growing its revenue at 28.9% and net income at 45.6%. However, the most important metric to pay attention to is its remarkable 42.1% net margin, which grew by nearly 13% in Q3 2022. A profitable company with such margins should compel a much higher premium in the current environment.

PayPal (PYPL)

PayPal (NASDAQ:PYPL) was on an impressive run in 2020, with its stock rising by over 256% from trough to peak. However, the selloffs over the last two years have PYPL stock down 35.3% from pre-pandemic prices.

The company is consistently growing its top line near a 10% clip while its bottom line is almost double what it was in 2019 and is now accelerating after turning a corner. It is arguably the most established fintech company and is a household name worldwide. It also means that PayPal will be the biggest beneficiary of the burgeoning fintech industry, expected to be worth $699.5 billion by 2023. With that in mind, its current price is a bargain you should take advantage of.

On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.