These ASX 200 shares look stronger than their share prices suggest

When ASX 200 shares fall sharply, it is easy to assume something is broken.

But sometimes the opposite is true. The share price may be weak, yet the underlying business continues to expand, win customers, and lift guidance.

Three ASX growth shares that fit this description right now are listed below. All have pulled back heavily from their highs despite their latest updates suggesting operational momentum remains firmly intact.

Life360 Inc. (ASX: 360)

Life360’s share price volatility hasn’t stopped the company from delivering record operating performance.

In its latest update, the company revealed monthly active (MAU) users climbed to 95.8 million in the fourth quarter of 2025. This represents 20% year-on-year growth, with full-year net additions of 16.2 million users. In addition, Paying Circles reached 2.8 million, marking the strongest annual subscriber additions on record.

Revenue for FY2025 is expected to grow approximately 31% to 32% year-on-year, with adjusted EBITDA margins around 18% to 19%.

But it won’t stop there. Management is guiding to 20% MAU growth in 2027. This will take it close to 115 million users.

That combination of accelerating user growth, improving monetisation, and expanding profitability hardly points to a company in decline. While sentiment toward growth stocks has softened, Life360’s core metrics continue to trend higher.

Lovisa Holdings Ltd (ASX: LOV)

Lovisa has seen its share price retreat materially today following its results release, but the business itself continues to expand at pace.

The jewellery retailer is steadily increasing its global footprint, pushing deeper into North America and Europe while maintaining strong momentum in established markets. Store rollout remains central to the strategy, and management has demonstrated an ability to execute across diverse regions.

Even in a tougher retail environment, Lovisa has maintained healthy margins and strong cash generation. The company’s model benefits from fast product cycles, vertical integration, and tight inventory control.

A business that can keep growing store numbers, lifting revenue, and expanding internationally despite macro uncertainty suggests resilience beneath the surface. The share price weakness appears more reflective of market caution than deteriorating fundamentals.

TechnologyOne Ltd (ASX: TNE)

TechnologyOne’s recent guidance update paints a particularly confident picture.

The company upgraded its FY 2026 profit before tax growth guidance to 18% to 20% and expects annual recurring revenue growth of 16% to 18%. Importantly, management explicitly stated that it does not “guide up unless we can see it in the numbers.”

Furthermore, the company highlighted the momentum of its SaaS+ model and AI-driven product enhancements as key growth drivers. This is not a business struggling to find its footing. It is one lifting its long-term growth outlook.

Despite this, the share price remains well below previous highs following the broader tech selloff.

The post These ASX 200 shares look stronger than their share prices suggest appeared first on The Motley Fool Australia.

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• Lovisa reveals higher revenue and interim dividend in FY26 half-year
• Why these buy-rated ASX shares stand out to me

Motley Fool contributor James Mickleboro has positions in Life360, Lovisa, and Technology One. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Lovisa, and Technology One. The Motley Fool Australia has positions in and has recommended Life360. The Motley Fool Australia has recommended Lovisa and Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.