The top growth stocks below have all performed extraordinarily well over the trailing twelve months. During that time, they’ve undoubtedly created millionaires. Of course, a word of caution is warranted. Given how well they’ve performed recently, it’s likely that at least some of their momentum will deteriorate. At the same time, they’ve grown so rapidly because they are good companies. More growth is a distinct likelihood.

Notably, these top growth stocks listed below are generally relatively young. Thus, investors gain exposure to companies with true growth upside, relative to other established and mature companies focused on paying out dividends.

Even if growth slows, these are companies with valuations that support continued capital appreciation from here. If the Federal Reserve indeeds pivots and begins cutting rates, these stocks could really go on a tear.

So, without further ado, let’s dive into these top growth stocks investors should buy to join the millionaire club.

Array Technologies (ARRY)

Array Technologies (NASDAQ:ARRY) provides ground mounting systems that allow solar energy arrays to adjust and capture the sun’s energy. The company sells those mounting systems to a wide range of companies producing solar arrays. Notably, ARRY stock is underpinned by tremendous sales growth in recent years, making it a potentially lucrative investment if this growth continues.

That said, Array Technologies’ growth comes with a caveat. The company’s growth in its average revenue per share is 26.5% over the past three years. That’s among the highest growth rates of its competitors. However, Array’s share price has stagnated, to a certain extent, this year. Shares are hovering around $22 per share, but shown wild swings and volatility along the way. This is also a company with a rather hefty valuation, and price-earnings ratio that’s worse than 98% of industry competitors.

That said, investors should be intrigued by Arrays’ massive revenue growth of 25% in the first quarter. Perhaps waiting for share prices to relent slightly before buying ARRY stock might be a safer bet.

UFP Technologies (UFPT)

UFP Technologies (NASDAQ:UFPT) designs and manufactures components, products, packaging, and plastics for the medical devices market. The Massachusetts-based firm has also grown its revenues faster than 77% of industry competitors over the past 3 years. That’s one key factor that puts this company on my list of top growth stocks to buy right now.

However, I’m a particular believer in firms that create value as measured by the weighted average cost of capital (WACC) relative to return on invested capital. The formula for each calculation is complex. But essentially, firms with a higher ROIC than WACC create value for shareholders.

UFP Technologies is one such firm, with a return on investment that’s roughly double its average cost of capital.

In the first quarter, sales grew by 37%, with earnings per share nearly doubling. Those are exactly the kind of returns that create value for shareholders. Margins also increased by 530 basis points during the quarter, and net income more than doubled.

Shares of UFPT stock are nearly fully-priced currently, but could easily run higher given the company’s impressive growth and the potential for a Fed pivot that favors growth stocks in general.

Aehr Test Systems (AEHR)

Aehr Test Systems (NASDAQ:AEHR) is a relatively small semiconductor firm, but is one of the growth stocks I’m watching closely. The company provides burn-in testing on semiconductor devices. What that means is it creates components for failure testing before they are assembled into systems. It then sells and installs those test systems, with more than 2,500 installed globally.

That has led to what is another high-value-creating firm with an ROIC of 56.4%, more than double its WACC. The company’s revenue per share has grown at nearly 25% annually over the previous three years at Aehr Test Systems.

In March, the company report record bookings. Sales eclipsed $17 million, while bookings reached $33.3 million. That brought the company’s total bookings to $41 million.

Additionally, Aehr Test Systems also announced an at-the-market offering worth up to $25 million. These offerings tend to be a positive sign, as they generally aren’t dilutive.

On the date of publication, Alex Sirois 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.