Are people disregarding the growth of companies during the pandemic?

The current sentiment seems to be that stocks have to return to pre-pandemic prices before they are even considered good buys. Until then, they’re overvalued.

But the pandemic started over 2 years ago, a lot of companies have doubled revenues, spent 3x than before pandemic on R&D. Increased spending on marketing & sales to grow their business. They’re sitting on 2x-3x the deferred revenue than before the pandemic, which should show up as income as they render services.

I’m looking at stocks like GOOGL, or even growth stocks non-profitable stocks like PANW, NET.

If these stocks ever returned to pre-pandemic prices, that would become too good of a price to be true given the growth of business.