3 Top Tech Stocks That Could Make You a Millionaire
Technological progress makes our lives more efficient, convenient, and comfortable. Hence, the technology sector has many promising growth stocks that can help you increase your wealth over the years or even decades.
The key is to be patient and hold on to these stocks as their earnings and free cash flow multiple. As these companies do well over time, their stock prices should also rise in tandem, enabling your portfolio to surge to greater heights.
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Here are three technology stocks that could help make you a millionaire.
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Veeva Systems
Veeva Systems (NYSE: VEEV) is a software-as-a-service company that serves the life sciences industry with cloud-based software that provides essential data and regulatory compliance.
Veeva has consistently increased its top line over the years while also increasing its net income. Free cash flow also grew in tandem with net profit, as shown in the table below.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $2.15 billion | $2.36 billion | $2.75 billion |
| Operating income | $459.09 million | $429.33 million | $691.43 million |
| Net income | $487.71 million | $525.7 million | $714.14 million |
| Free cash flow | $766.96 million | $885.14 million | $1.07 billion |
Data source: Veeva Systems. Fiscal years end Jan. 31.
The company continued its stellar performance for the first quarter of fiscal 2026 ended April 30. Revenue increased by 19% year over year to $759 million. Operating and net income surged 51% and 41% year over year, respectively, to $233.7 million and $228.2 million. Veeva continued to generate healthy free cash flow of $871 million for the quarter, 15% higher than a year ago.
For fiscal 2026, management projects that revenue can hit almost $3.1 billion at the midpoint of its estimates, representing year-over-year growth of about 13%. With billings expected to reach $3.3 billion for the current fiscal year, the company has a good chance of hitting this target.
It could see continued strong growth in the years ahead. The global biopharmaceutical and medical technology market is valued at $2 trillion and has a compound annual growth rate of 6%-plus.
Management has identified a total addressable market of $20 billion, which represents just 1% of this huge market. Currently, the company has reached close to 14% of this total addressable market, implying significant room for further growth.
During last year's investor day, management said that it is on track to hit its revenue target of $3 billion for fiscal 2025, which was set in 2019. Its new goal is to hit a revenue run rate of $6 billion by fiscal 2030 by expanding into new markets and looking for the right acquisitions to boost Veeva Systems' capabilities.
With a large total addressable market and an ambitious strategic vision, the company looks set to continue growing at breakneck speed.
Parsons
Parsons (NYSE: PSN) provides hardware and software for the national security and global infrastructure industries, with strengths in cybersecurity, intelligence, and missile defense. The company has enjoyed a surge in revenue, net income, and free cash flow during the past three years, as shown below.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $4.195 billion | $5.44 billion | $6.75 billion |
| Operating income | $185.67 million | $288.36 million | $428.07 million |
| Net income | $96.66 million | $161.15 million | $235.05 million |
| Free cash flow | $206.93 million | $367.3 million | $474.39 million |
Data source: Parsons. Fiscal years end Dec. 31.
The first quarter of 2025 saw a continuation of these good results. Revenue inched up 1.2% year over year to $1.55 billion while operating profit improved by 7.3% year over year to $109.2 million.
Net income (excluding a one-off exceptional expense) climbed nearly 14% year over year to $66.2 million. Free cash flow was negative for the quarter, but the company has forecast positive operating cash flow of between $420 million and $480 million for the year. Revenue is projected to be $7.25 billion at the midpoint of its estimate, translating to year-over-year growth of 7.4%.
There could be more good news to come. The business reported a total backlog of $9.1 billion, a new record. There are also about $12 billion worth of contracts that have yet to be included in this backlog, signaling potentially higher revenue.
The company also identified a $55 billion pipeline, which includes 19 opportunities, each worth more than $500 million. Parsons' growth strategy is to invest in software and integrated solutions to enable the business to move up the value chain and snag larger and more profitable contracts. It aims to become the crucial infrastructure protector for transportation, utility, and water sectors against incoming threats.
PayPal
PayPal Holdings (NASDAQ: PYPL) runs an online payment system that lets users send money securely, while also doubling as a digital wallet that links to bank accounts, credit cards, and debit cards. The company reported commendable financial numbers since Chief Executive Officer Alex Chriss took the reins in September 2023. The table below shows how the business has grown not just its top line, but also its net income and free cash flow along the way.
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $27.52 billion | $29.77 billion | $31.8 billion |
| Operating income | $3.84 billion | $5.03 billion | $5.32 billion |
| Net income | $2.42 billion | $4.25 billion | $4.15 billion |
| Free cash flow | $5.11 billion | $4.22 billion | $6.77 billion |
Data source: PayPal. Fiscal years end Dec. 31.
PayPal continued its growth streak in the first quarter of 2025 by posting a revenue increase of 1.2% year over year. Operating and net income did much better, surging 31% and 45% year over year, respectively, to $1.5 billion and $1.3 billion.
The business continued its track record of free cash flow generation, churning out $964 million for the quarter. Total payment volume increased by 3% year over year while total active accounts inched up 2% year over year to 436 million.
PayPal is leveraging its strong brand recognition to win in untapped markets and has identified about $1 trillion in total addressable markets for both offline payments and ads, commerce, and credit revenue. These markets saw a less than 1% penetration rate, suggesting significant upside for PayPal.
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*Stock Advisor returns as of June 30, 2025
Royston Yang has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends PayPal and Veeva Systems. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.
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