If you had invested $30,000 in (NYSE: ORCL) 30 years ago and consistently reinvested your dividends, your investment would be worth a whopping $2.43 million today. From fiscal 1993 to fiscal 2023 (which ended this May), the database software giant's annual revenue grew at a compound annual growth rate (CAGR) of 12% from $1.5 billion to $50 billion, while its net income increased at a CAGR of 16% from $98 million to $8.5 billion.

Three strategies drove Oracle's steady growth. First, it maintained its early mover's advantage and dominance of the database software market. Second, it bounced back from some bad business decisions in the 1990s (including a misguided bet that network computers would overtake personal computers) by expanding its ecosystem through big acquisitions. Lastly, it transformed its on-site software into cloud-based services.

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