Sure, there are exceptions. But many acquisition strategies crumble over time. The dot-coms got away with profitless growth until investors wised up and drove their prices into the ground. The best source of earnings growth comes from sales growth. As a company earns more substantial profits, the rate will generally fall in line with the rate of revenue growth.
Companies can get earnings growth other ways.
The calculation is easy. Return on capital is net income divided by total capital, which is debt plus equity. The standard varies by industry. That indicates it may be using debt to amplify growth. If it is overleveraged, a company will take a hit during a credit crunch or a recession.