When building a well-diversified portfolio of stocks to hold for the long term, stocks with significant growth potential are some of the most important you can buy. Luckily for investors, the TSX is filled with a tonne of fantastic growth stocks that you can buy cheaply right now and plan to hold in your portfolio for years.

Finding growth stocks with years of potential is essential due to the incredible power of compound interest. However, when you can also buy these stocks while theyâre undervalued, their growth potential increases considerably.

So, with that in mind, if youâre looking for high-quality investments to buy right now and hold for years to come, here are two of the best growth stocks to consider today.

One of the best growth stocks on the TSX to buy right now

Ever since the pandemic ended, WELL Health Technologies (TSX:WELL), a diversified healthcare technology stock, has been trading ultra-cheap.

WELL saw a huge boost during the pandemic, and despite continuing to expand its operations rapidly and grow its revenue generation and earnings potential, the stock has consistently traded undervalued for years now.

However, after its recent investor day in June, WELL has now begun to see significant momentum, making it one of the best growth stocks to buy right now while itâs still cheap.

Not only does it have the opportunity to sell off some of its rapidly growing healthcare technology businesses to recycle capital and generate value for shareholders, but it continues to acquire healthcare clinics across Canada and is now the largest owner/operator of outpatient medical clinics in the country.

That is significant because for years WELL has demonstrated the value it can create by acquiring these clinics and improving their economics. Furthermore, its artificial intelligence-powered solutions have already begun to help improve the efficiency of the clinics and continue to create significant growth potential for the stock going forward.

So, itâs no surprise that even after years of rapid growth, WELL is still expected to expand its business rapidly throughout 2024 and 2025.

In fact, analysts are forecasting that WELLâs revenue will grow by another 25% this year. More importantly, its profitability is expected to see a significant jump as well. Analysts expect a 31% increase in normalized earnings per share (EPS) this year and another 25.3% gain in normalized EPS next year.

Itâs also not surprising that given these estimates, analysts are highly bullish on the healthcare stock. Right now, of the seven analysts covering WELL, six have awarded it a buy rating, with the remaining analyst calling it a hold. In addition, its average analyst target price of $7.18 is a roughly 50% premium to where WELL trades today.

So, if youâre looking for a fantastic growth stock to buy right now and hold for years, WELL is certainly a stock to add to your watchlist.

A top TSX stock in the midst of a recovery

Another impressive growth stock to buy now before it fully recovers in price is Aritzia (TSX:ATZ), the rapidly growing consumer discretionary stock.

As a predominantly womenâs fashion retailer, Aritziaâs rapid expansion of its network of stores across North America has been incredible, and it continues to have significant growth potential going forward.

The stock was slightly impacted in the last couple of years due to a slowdown in the economy and surging inflation. However, that already appears to be behind it.

Itâs already reported stellar earnings to begin its fiscal 2025 year, and analysts are predicting a nearly 100% jump in normalized earnings per share for the full year, giving it a forward price-to-earnings ratio of 23.5 times today, well below its five-year average of 36.4 times.

Furthermore, just like WELL, six analysts rate Aritzia a buy, with the remaining analysts calling it a hold.

So, while its average analyst target price is just $48.57, itâs already starting to see upgrades to those targets after reporting strong first-quarter earnings. It should continue to see increases to its target price if it can stay on track and continue rebounding throughout the rest of the year.

Therefore, while Aritzia remains undervalued, itâs certainly one of the top growth stocks on the TSX to buy right now.

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