Compare growth fairly
Raw growth over several years hides how steady or lumpy it was. CAGR smooths it into a single yearly rate, as if the business grew by the same percentage every year, which is the fair way to compare one period against another.
It works for any value: turnover, profit, customers, or stock. A clear CAGR is also a strong line in a loan or investor conversation, because it states your growth in one credible number.