Although the top growth stocks in the market focus on innovative technology players like Nvidia (US:NVDA), the main challenge for investors right now is that many of these enterprises feature incredibly hot multiples against key valuation metrics. For instance, NVDA stock trades at a trailing-earnings multiple of more than 111X. And its trailing-year sales multiple tips the scale at over 35X.

Needless to say, both stats run well above their respective norms for the underlying semiconductor industry. Still, even under the current ambiguous market environment, it’s still possible to have your cake and eat it too. Below are “sleeper” growth machines that still benefit from cheap revenue multiples.

McKesson (MCK)

Based in Irving, Texas, McKesson (US:MCK) is a global leader in various healthcare-related services. These include supply chain management, retail pharmacy, community oncology and specialty care. As well, the company provides healthcare information solutions. Presently, MCK carries a market capitalization of over $57 billion. Since the start of the year, MCK gained more than 13% of equity value.

On the top line, the healthcare giant posted revenue of $276.7 billion for the fiscal year ended March 31, 2023. That’s a relatively sizable year-over-year lift of 4.8% from the nearly $264 billion posted in fiscal year 2022. And it’s a huge gap from the $238.2 billion rung up for FY 2021.

Nevertheless, the market prices MCK at a trailing-year revenue multiple of around 0.21X. In contrast, the median value for the healthcare support services sector comes in at a much loftier 0.61X. As well, MCK trades at only 15 times trailing earnings, whereas the sector median clocks in at 32.49X.

Allstate (ALL)

Hailing from Northbrook, Illinois, Allstate (US:ALL) protects people from life’s uncertainties, per its corporate profile. To accomplish this directive, the company offers a wide array of protection programs for cars, homes, electronic devices and identity theft with more than 172 million policies in force. One of the most recognized names in the insurance business, Allstate carries a market cap of $27.5 billion.

While powerfully relevant, investors have shied away from ALL stock so far this year, with shares fading 23% since the January opener. Nevertheless, this negative print may encourage a contrarian outlook. Fundamentally, going without insurance protection represents one of the most dangerous financial actions a household or business can take.

On a financial note, Allstate posted revenue of $47.74 billion in the year ended Dec. 31, 2022. This tally represented an 8.4% lift against the prior year’s result of $44.04 billion. And it was a significant departure from the $38.17 billion rung up in 2020.

Still, ALL trades at a revenue multiple of 0.51X. In contrast, the average sales multiple for the property and casualty insurance sector stands at 1.21X.

Marathon Petroleum (MPC)

Headquartered in Findlay, Ohio, Marathon Petroleum (US:MPC) represents a leading integrated downstream energy company. Per its corporate profile, Marathon operates the nation’s largest refining system. As well, the firm’s marketing system includes branded locations across the U.S. This includes Speedway, a Marathon Petroleum subsidiary that owns operates retail convenience stores.

Since the start of the year, MPC stock gained nearly 30% of equity value. Much of the positive print came in the trailing month, which saw shares swing up over 9%. Presently, Marathon’s market cap sits at almost $58 billion with average trading volume hitting 3.4 million shares.

At the end of 2022, the hydrocarbon specialist posted $177.45 billion in revenue, up nearly 48% against the year-ago level’s tally of $119.98 billion. To be fair, its most recent quarterly sales have faded against their prior-year comparisons. However, the resurgence of the oil sector makes MPC stock intriguing.

Right now, the market prices MPC at a sales multiple of 0.42X. However, the downstream oil and gas sector’s average revenue multiple stands at 1.54X.

Archer-Daniels Midland (ADM)

Given its critical business model, food processor and commodities trading company Archer-Daniels Midland (US:ADM) practically sells itself as one of the cheap growth stocks to buy. Along with its pertinent operations, Archer-Daniels also offers passive income. Currently, its forward yield comes in at 2.23%. While not that high, its payout ratio sits at 26.94%, providing confidence regarding yield sustainability.

Still, thanks to brewing relevancies, ADM distinguishes itself as one of the stable growth stocks. In 2022, the company posted revenue of $101.55 billion, up 19.12% from the year-ago tally of $85.25 billion. And this figure handily beat the prior year’s haul of $64.35 billion by a margin of over 32%.

So far this year, ADM stock slipped almost 10%. In the trailing one-year period, it gave up nearly 11% of equity value. At the moment, it features a market cap of $43.33 billion.

Despite the top line performance, ADM trades at a lowly revenue multiple of 0.45X. In contrast, the food-processing sector runs an average sales multiple of 1.66X.

United Microelectronics (UMC)

Based in Taiwan, United Microelectronics (US:UMC) represents a semiconductor foundry business. Specifically, it manufactures integrated circuit (IC) wafers for fabless semiconductor companies. Presently, the company owns four 300 mm fabrication facilities – one each in Taiwan, Singapore, China and Japan. With chip supplies ranking among the top concerns for global powers, UMC should be an intriguing idea for cheap growth stocks to buy.

However, its market performance belies its underlying relevance. Since the start of the year, UMC stock only gained a bit over 4%. In the past 365 days, it moved up a very modest 6%. Currently, United Microelectronics prints a market cap of $17.71 billion.

Despite obvious challenges, UMC has been a growth machine. In 2022, the company rang up $9.09 billion in revenue, up over 18% against the prior year’s result of $7.68 billion. However, recent quarterly reports have witnessed a conspicuous erosion in sales growth, leading to natural concerns. Still, the market prices UMC at a sales multiple of 2.13X, below the semiconductor market’s average sales multiple of 4.63X.

Plus, UMC trades at a forward earnings multiple of 9.86X. However, the semiconductor sector trades at an average forward multiple of 28X, presenting an awfully tempting idea.

Stellantis (STLA)

A multinational automotive manufacturing company, Stellantis (NYSE:STLA) might not be a household name. However, consumers are likely familiar with its individual brands, which include Fiat, Jeep, Opel and Dodge. Fundamentally, Stellantis’ push toward electric vehicles makes it an intriguing idea for growth stocks that feature cheap revenue multiples.

Specifically, Dodge will release its first-ever EV, marrying its muscle-car heritage with a modern zero-emissions powerplant. Featuring an audacious design that cuts through the cookie-cutter motif that Tesla (US:TSLA) is known for, the upcoming electric Dodge Charger could dramatically boost its footprint. Since the beginning of this year, STLA gained nearly 25% of equity value.

Further, Stellantis continues to ring up the top line with impressive performances. In the six months ended June 2023, the company posted $106.6 billion in revenue, up 14.57% from the $93 billion delivered in the year-ago period.

Despite the strong stats, STLA trades at only 0.28X sales, well below the auto and truck sector’s average revenue multiple of 1.32X.

Caesars Entertainment (CZR)

As a CNN Business report mentioned, major U.S. retailers warned that “consumers are strained for cash and buying less stuff, in a troubling sign of a slowing economy.” At first glance, such a backdrop wouldn’t seem to favor casino and resorts giant Caesars Entertainment (US:CZR). However, CNN’s takeaway is that consumer sentiment is nuanced, with many still opening their wallets for experiences.

To be sure, brewing concerns such as stubbornly high inflation along with corporate layoffs present natural headwinds for Caesars. Still, CZR legitimately ranks among the growth stocks that feature cheap revenue multiples. Fundamentally, the concept of revenge travel – or the desire to take pandemic-deferred vacations – continues to run hot. For speculators, then, CZR could be a tempting proposition.

Better yet, Caesars is steadily picking itself up. In 2022, the company posted revenue of $10.82 billion, up 13% against the prior year’s result. On a trailing-12-month basis, Caesars is printing $11.42 billion on the top line.

Even with this performance, the market prices CZR at a sales multiple of 0.98X. That’s much lower than the hotel and gaming sector’s average revenue multiple of 2.75X.