3 Dividend Growth Stocks to Turn $10,000 Into $50,000 by 2035

If you wish to turn $10,000 into $50,000 by 2035, you’re looking at a 400% gain over a 10-year horizon. In the past decade, the S&P 500 has gained 194%, and the Nasdaq has gained 312%. The past five years have been tremendously bullish for the Nasdaq in particular, with tech stocks surging by triple digits. Even that hasn’t led to 400%-plus gains.

However, this doesn’t mean it’s impossible for you to get such multibagger gains in the next decade. Distressed dividend stocks and fast growers can deliver very aggressive gains that outpace the market significantly. I wouldn’t bet the entire portfolio here, but the strategy is to bet a smaller portion of your portfolio in these stocks to boost your low-upside dividend portfolio.

Here are three to look into:

Novo Nordisk (NVO)

Novo Nordisk (NYSE:NVO | NVO Price Prediction) is one of the two biggest weight loss drugmakers. The stock initially moved almost neck and neck with Eli Lilly (NYSE:LLY) but then declined significantly in the second half of 2024. NVO stock is down 51% in the past year.

This is due to trials for Novo Nordisk’s next-generation obesity drug underperforming expectations. It showed a 22.7% average weight loss over 68 weeks compared to the anticipated 25%. Updated data in early March 2025 showed even lower efficacy at 15.7%. In contrast, Eli Lilly’s drugs continued posting good trial results.

On top of that, the CEO of Novo Nordisk resigned in May, and ended its partnership with Hims & Hers (NYSE:HIMS) the next month.

The sellout seems overdone at this point, and the stock may have bottomed out in April. There are still promising trends going forward. The CEO left to make way for a leadership overhaul to reposition the company to improve the drug pipeline again.

In the meantime, the existing weight loss drugs have continued seeing blockbuster demand. Novo Nordisk’s sales grew 19.49% and EPS grew 14.96%, both beating estimates. Analysts see almost 30% EPS growth and 28% sales growth for all of 2025. The weight loss industry is growing fast enough to allow Novo Nordisk to keep posting double-digit growth in the coming decade with its existing pipeline.

The lower stock price means you can also lock in a 2.34% dividend yield. The 3-year dividend growth rate is at 28.4% annually. Novo Nordisk also does routine buybacks, with a 3-year average share buyback ratio of 1.3%.

Innovative Industrial Properties (IIPR)

Innovative Industrial Properties (NYSE:IIPR) is a cannabis “industrial” properties real estate investment trust. They buy properties and then they lease them to cannabis businesses for cultivation, and this is a business that could soar in the coming decade, especially as interest rates inevitably go down.

The cannabis business is very restricted in the United States, with businesses in the industry struggling to get traditional financing from banks or properties. As a result, Innovative Industrial Properties is one of the only places they can turn to. The company has locked in high rental rates with licensed cannabis producers in states where medical or recreational cannabis is allowed.

These restrictions cut both ways for IIPR, since the company has reported several defaults by tenants, including one from its biggest tenant late last year. IIPR managed to reach an agreement with the tenant and used security deposits to cover the default, and started transitioning to other tenants. Plus, higher interest rates aren’t conducive to growth for most REIT businesses.

The business could make a turnaround as interest rates come down and growth picks up again. The top and bottom lines have been stagnant in the past 24 months, but you get a solid entry point that gives you a 13.54% dividend yield. The balance sheet has $220.8 million in liquidity, which is enough to wait out the storm. Analysts expect growth to turn positive starting next year.

The 3-year dividend growth rate is at 9.5% annually.

Lamb Weston (LW)

Lamb Weston (NYSE:LW) is a food processing company, and this stock has also been languishing. It is down 53.3% from its June 2023 peak, but several positive catalysts are ahead that could cause it to pull off a triple-digit recovery rally.

Tariff fears and global restaurant traffic softening are mostly to blame for the stock underperforming. A record number of Americans are ditching restaurants to eat at home; in turn, Lamb Weston’s potato products have seen a slowdown.

You should keep in mind that the current slowdown is preceded by stellar performance. Revenue rose from $3.671 billion in FY 2021 to $6.468 billion in FY 2024. Higher interest rates are also to blame, since net interest losses were $135.8 million vs. pre-tax income of $929.5 million.

North American volumes have ticked up by 12% in Q3 FY 2025. Once interest rates come down and the economic pendulum swings the other way, it could lead to a reversal as consumers eat out more and interest rates come down.

In the meantime, the stock comes with a 2.88% dividend yield and a 3-year dividend growth rate of 11.2%. The dividend payout ratio of 38.67% leaves lots of room for more growth.