It's been a tough year for the overall stock market, but an even tougher year for many growth stocks. Shares of The Trade Desk (NASDAQ: TTD), a provider of a data-driven digital-ad buying platform, are among the stocks that have taken severe beatings. Year to date, shares have slid about 45%, as of this writing.

Just because a stock is down sharply doesn't automatically make it a buy. Many growth stocks arguably deserved their beatings -- particularly those that aren't profitable yet. After all, higher interest rates mean the cost of capital is higher, and lower stock prices mean raising equity is much more difficult. Many growth stocks, therefore, should be trading substantially lower than they were earlier this year.

But this macroeconomic environment also sheds light on how companies that are able to fund business growth through cash from operations have significant advantages over their unprofitable peers today. The Trade Desk's financials are extremely healthy, making it one of those advantaged companies. Not only does it generate substantial free cash flow, but it also has no debt. This, combined with the company's strong market leadership, makes its shares look attractive at this level.

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Source Fool.com