Amazon has been one of the best stocks to own ever. It could still be an excellent addition to your portfolio, but it doesn't offer the same early-stage opportunities for growth that it did 20 years ago.

If you're looking for early Amazon-style gains, consider Toast (NYSE: TOST), Dutch Bros (NYSE: BROS), and On Holding (NYSE: ONON) -- three newer growth stocks that are capitalizing on incredible market opportunities.

Capturing the restaurant market

Toast makes software for the restaurant industry. It touts itself as offering a comprehensive selection of services to make restaurants work better, all available in a single platform that combines all parts of the process. This can lead to serious cost savings and efficiency at every level. Toast further claims that its offerings are purpose-built for this industry, in contrast with some of its competitors that offer software for various industries.

Toast has a large market opportunity in elevating the current status of legacy restaurants that have hopped on to some new technology, like point-of-sale devices, but still do other things the old way, like paper-and-pen ordering. It already has a nice chunk of the U.S. market, which it counts as 860,000 locations, but there's plenty more for the taking. The global opportunity is still largely undertapped, with 22 million restaurant locations.

The company is demonstrating high growth as it expands its footprint in these markets. Annualized recurring revenue, a standard top-line metric for software-as-a-service companies, increased 35% year over year to $1.2 billion in the fourth quarter. Gross profit increased 43% to $226 million, with a 21.8% margin, more than 1 percentage point higher than last year. Net loss contracted from $99 million to $36 million, and it generated $81 million in free cash flow after a $29 million outflow last year. Total locations served increased by 34% year over year to 106,000.

Toast trades at a price-to-sales ratio of 3.4, which is a bargain for a high-growth stock with huge potential.

Fun coffee = big opportunity

Dutch Bros is a coffee shop chain headquartered in Oregon, but it's expanding across the U.S. While not substantively different than any other chain in terms of its offerings, it focuses on speed and a friendly atmosphere, and its largely drive-thru concept is resonating with coffee lovers in the 16 states where it operates.

What's exciting about this story is that Dutch Bros is still in its infancy. It had 831 stores as of the end of 2023, but that's a large enough sample to demonstrate that this is a viable concept that can be expanded. Management sees the opportunity to open as many as 4,000 stores in the coming years, and it's planning to open 165 this year. It recently brought in a new CEO with experience in the food and coffee industries to bring it to the next level, leveraging its popular name and solid execution to scale up and capitalize on its opportunity.