Top 5 ASX growth shares to watch in November 2025

What are ASX growth shares?

ASX growth shares are companies that reinvest profits to fuel rapid expansion rather than pay dividends (most of the time). The five stocks in this article prove the point – they've delivered returns of up to 28.93% in just three months, and while four stocks on our list pay dividends, these are small enough that the companies can reinvest the majority of their profits to drive growth.

These companies typically trade at high price-to-earnings (P/E) ratios because investors pay a premium for future growth. For example, Pro Medicus currently trades at a P/E of 256.32, while HUB24 sits at 118.93 – both reflecting expectations of continued expansion.

The top ASX growth shares often dominate niche markets through proprietary technology. This is true in the case of Pro Medicus’s medical equipment and Seek’s use of AI-driven tech to improve job matching.

The trade-off, though, is that growth shares can fall as fast as they rise. Miss quarterly expectations by even a small margin, and share prices can tumble rapidly.

How growth shares compare to other share types

What are the advantages and disadvantages?

The stocks featured in this article exemplify the volatility inherent in growth shares. Take Zip Co, for instance, which experienced a respectable 28.93% surge in just three months. In contrast, HUB24 achieved a more modest (but certainly not laughable) 9.28% gain, highlighting the diverse range of outcomes within this category.

Growth shares occupy a middle ground between high-risk penny stocks and the more stable blue-chip dividend stocks. They offer the potential for substantial gains without the extreme volatility of speculative plays.

However, the risk lies in how these companies typically reinvest profits rather than distribute dividends, meaning investors rely mostly on share price appreciation. Failure to meet growth targets can result in share prices falling as dramatically as they rise.

What makes ASX growth shares special right now?

Several powerful catalysts are driving solid ASX growth share performance in 2025, with our featured stocks gaining up to 28.93% in just three months.

• AI boom: Seek uses AI tech to improve job recommendations
• Tech growth: Pro Medicus provides proprietary medical equipment globally, largely capturing the market
• Finance overhaul: Companies like Steadfast Group and HUB24 are transforming the way the finance sector operates, doing away with traditional, legacy technology

Australia's stable regulatory environment and strong tech sectors provide a perfect launchpad for these growth stories to unfold.

Top 5 ASX growth shares to watch in November 2025

These five stocks delivered solid returns between July and October 2025. Here's what each company offers and why traders are paying attention.

Our selection criteria

• Performance: Up to 28.93% gains in three months (July – October 2025)
• Volatility: For CFD traders, volatility presents opportunities to take a position
• Growth focus: Profits reinvested in R&D and expansion
• Sector diversity: Tech, finance and medical coverage

Past performance doesn't guarantee future returns – all investments and trades carry risk.

All figures are accurate as of 28 October 2025.

1. Seek Limited (ASX: SEK)

Industry: Technology services

Market cap: A$9.89 billion¹

P/E ratio: 40.33²

Seek Limited is one of Australia’s leading online employment marketplaces, connecting millions of job seekers with employers across the Asia-Pacific region. The company also provides education and workforce analytics services, making it a key player in the evolving digital recruitment space.

Seek has delivered steady revenue growth thanks to strong demand for talent-matching and recruitment solutions, particularly in Australia and Southeast Asia. Its investments in AI-driven job recommendations and international expansion – especially through its stake in Chinese job platform, Zhaopin – underline its growth potential.

Seek’s P/E ratio is relatively high compared with traditional ASX companies, reflecting investor confidence in its ability to maintain earnings momentum. Share traders sometimes see Seek as a proxy for employment trends and the broader economy, so its performance tends to rise during strong job markets.

Highlights:

• Its sales revenue for the FY25 period was A$1,097 million – up 1% from the previous year³
• Total expenditure was down 2%⁴
• Over the past three months, its share price has increased by 15.81%

2. Pro Medicus Limited (ASX: PME)

Industry: Health services

Market cap: A$29.49 billion⁵

P/E ratio: 256.32⁶

Pro Medicus develops advanced medical-imaging software used by hospitals and radiology clinics worldwide. Its key products, Visage 7 and Visage Ease, enable doctors to process and view high-resolution medical images quickly, improving diagnostic efficiency.

PME’s success lies in its premium software and recurring revenue model. The company has consistently secured large contracts with US healthcare networks, fuelling strong earnings growth and global recognition. It has one of the highest P/E ratios on the ASX – often well above 100 – signalling strong faith in its continued expansion.

While its margins are exceptional and cash generation strong, the valuation leaves little room for error. Even small slowdowns in contract wins could cause sharp share-price moves.

Highlights:

• The company reported profit after tax of A$115.2 million over FY25, up 39.2% from the preceding year⁷
• Pro Medicus is debt-free and claims a strong pipeline of upcoming revenue⁸
• Its share price has fallen over the past three months by 12.11%, but year-to-date (YTD), it’s up 15.66%⁹

3. Steadfast Group Limited (ASX: SDF)

Industry: Finance

Market cap: A$7.01 billion¹⁰

P/E ratio: 20.88¹¹

Steadfast is Australia’s largest general-insurance broker network, linking over 400 brokerages and agencies under one umbrella. The group earns revenue through commissions, service fees and equity stakes in partner businesses.

Unlike traditional insurers, Steadfast doesn’t take on underwriting risk directly. Rather, it operates as a broker network, earning steady income from premiums written by its member companies. This model has proven resilient and scalable, driving consistent profit growth in recent years.

Its P/E ratio, though not as extreme as pure tech stocks, still signals that share traders expect continued earnings growth as the group expands its network and leverages data analytics to improve efficiency.

Insurance remains a defensive sector, so Steadfast appeals to those seeking growth with relative stability.

Highlights:

• Its FY25 report indicates underlying net profit after tax (NPAT) of A$295.5 million – up 17.2% from the previous year[3]
• Its share value has increased by 12.76% over the past three months

4. HUB24 Limited (ASX: HUB)

Industry: Technology services

Market cap: A$9.28 billion¹³

P/E ratio: 118.93¹⁴

HUB24 operates a fast-growing investment and superannuation platform, enabling financial advisers and investors to manage diversified portfolios efficiently. It’s part of Australia’s booming ‘wealth-tech’ sector, which focuses on technology-driven financial services.

The company’s platform funds under administration (FUA) have surged over the past five years, driving strong revenue growth and share trader enthusiasm. This performance has given HUB24 a high P/E ratio, reflecting expectations that its scalable model will continue to capture market share from legacy systems.

Its edge lies in its innovation, with advanced reporting tools, integration with adviser networks and data-driven portfolio management. However, competition from other fintechs remains intense, and valuations leave little margin for error.

Highlights:

• It hit record financial results with underlying EBITDA of A$162.4 million in the FY25 period¹⁵
• HUB24 managed a 68% increase of A$79.5 million statutory NPAT on FY24¹⁶
• The company’s share price has seen a 9.28% increase over the past three months

5. Zip Co Limited (ASX: ZIP)

Industry: Finance

Market cap: A$5.27 billion¹⁷

P/E ratio: 67.05¹⁸

Zip Co is one of Australia’s leading buy-now, pay-later (BNPL) providers, offering customers flexible payment options and giving merchants a fast, digital alternative to traditional credit. Over the past few years, the company has expanded beyond its home market into regions such as the US, where its brand and technology are gaining traction.

After navigating a challenging period of rising interest rates and tighter consumer credit conditions, Zip has staged an impressive turnaround. Streamlined operations, disciplined lending and a renewed focus on profitability have helped restore share trader confidence.

The business is now seen as a more mature and scalable fintech rather than a purely speculative growth story.

Its high valuation reflects optimism that this new phase of expansion will continue, particularly as it targets sustainable earnings and broader international reach. While competition remains intense and regulatory changes are an ongoing consideration, Zip’s technology platform and improving fundamentals place it in a strong position to capture future growth opportunities.

Highlights:

• FY25 has seen excellent growth – 23.5% increase in total income on FY24, hitting A$1,081.1 million¹⁹
• It claims 6.3 million active customers as of FY25, a 4.6% increase on the previous year²⁰
• Its share price has grown 28.93% over the past three months
  

How to trade ASX growth shares with IG Australia

CFDs

1. Open a CFD trading account with IG AU
2. Search for ASX growth shares on the IG platform
3. Decide whether to go long (buy) or short (sell)
4. Choose your position size
5. Set stop-loss and limit orders
6. Place your trade and monitor it

Share trading

1. Open a share trading account with IG AU
2. Search for ASX growth shares
3. Choose the stock you want to buy
4. Determine how many shares you want to purchase
5. Place your order
6. Monitor your investment 

FAQs about growth shares 

Footnotes
 

1. TradingView, October 2025
2. TradingView, October 2025
3. Seek, August 2025
4. Seek, August 2025
5. TradingView, October 2025
6. TradingView, October 2025
7. Pro Medicus, August 2025
8. Pro Medicus, August 2025
9. TradingView, October 2025
10. TradingView, October 2025
11. TradingView, October 2025
12. Steadfast, August 2025
13. TradingView, October 2025
14. TradingView, October 2025
15. HUB24, August 2025
16. HUB24, August 2025
17. TradingView, October 2025
18. TradingView, October 2025
19. Zip Co, October 2025
20. Zip Co, October 2025