Acquired growth costs capital and carries integration risk, and serial acquirers can manufacture EPS growth indefinitely while destroying value — check goodwill growth against revenue growth. Price-led growth in an inflationary period may reverse; flat volume with price-driven revenue is a demand warning dressed as growth.
In subscription models, net revenue retention above 100% means the existing base grows without new sales spend; below 100% the business must run to stand still. Backlog, bookings, remaining performance obligations and book-to-bill all turn before revenue does.
Growth is only valuable when funded at returns above the cost of capital and without ever-larger dilution. Compute revenue growth per diluted share: a company whose revenue rises 20% while share count rises 15% is growing the pie and giving it away.
Educational, not investment advice.