3 Absurdly Cheap Growth Stocks to Buy in 2026

If you want to set yourself up for good long-term returns, it's important to consider a stock's valuation. Even if you invest in great companies, if you're paying a massive premium for them, your returns may still end up limited, or you may even incur a loss.

A good way to gauge a stock's value is by looking at its forward price-to-earnings (multiple P/E), which factors in how much earnings analysts expect from the company in the year ahead. It can be more reliable than just the trailing P/E, which can be skewed by just one good or bad quarter.

Based on the forward P/E, three growth stocks that may be among the best bargains to buy right now are AbbVie (NYSE: ABBV), Micron Technology (NASDAQ: MU), and Adobe (NASDAQ: ADBE).

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AbbVie

Healthcare company AbbVie trades at a forward P/E of just under 16, which is far lower than the S&P 500 average of 22. Its longer-term price-to-earnings-growth multiple (PEG) of around 0.40 indicates that it's an even better buy when looking at the next five years. Generally, a growth stock is a good buy if its PEG multiple is less than 1 -- AbbVie is well below that.

The drugmaker has an immense pipeline that includes around 90 different compounds, devices, or indications, and roughly 60 of its programs in are in mid- to late-stage development. The company has been investing heavily into research and development over the years, giving it plenty of room to grow.

During the first nine months of the year, the company reported revenue of $44.5 billion, which was an increase of 8% from the same period a year ago, and its operating earnings were $10.5 billion. Previously, the company forecast high single-digit growth until the end of the decade, and it looks well-positioned to achieve that.

Micron Technology

Although shares of Micron Technology have surged around 250% in the past 12 months, the stock still looks like a bargain, given the potential growth analysts see from the business. Its forward P/E is 11, and its PEG ratio is 0.6.

The demand for the company's memory and storage products has been so incredible that the company has decided to exit its crucial consumer business so that it can focus on the business-to-business side. It is experiencing tremendous growth as a result of tech companies investing heavily into data centers and expanding their capabilities with respect to artificial intelligence (AI).

Over the past four quarters, the company has generated net income of $11.9 billion on revenue of $42.3 billion, which translates into an impressive profit margin of 28%. By focusing on faster-growing areas of Micron's business such as data centers, the company's financials may look even better in the future by exiting the consumer market.

Adobe

One stock that investors appear to be counting out amid all the AI-fueled hype is Adobe. Shares of the design software maker have fallen 19% over the past 12 months, and the forward P/E is only 14. Its PEG ratio is just slightly under 1, as analysts also see a lot of value with this company over the longer term.

Although investors appear to be questioning the company's ability to compete amid a flurry of more AI tools, particularly when it comes to editing photos, its financials look more than fine. In its most recent fiscal year, which ended on Nov. 28, 2025, Adobe's revenue totaled $23.8 billion, rising 11% year over year, and its net income of $7.1 billion grew by 28%.

With gross profit margins still around 90%, Adobe has plenty of room to potentially reduce prices if it needs to remain competitive in the market -- and that's great news. It isn't appearing to do that, which is a good sign of its fairly stable operations.

Investors may be overreacting to concerns about AI, as Adobe's performance doesn't indicate any cause for concern. For growth investors, this could be an ideal time to load up on Adobe, given the bearishness that's priced into its valuation.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie and Adobe. The Motley Fool recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.