There are plenty of small private companies that more or less plod along year after year--small consultancies and the like. You're not going to have the level of compensation and opportunities you have at a large profitable growing public firm but you may be OK with that. Obviously declines are bad and, in any case, compensation will probably be a fraction of Google etc.
Companies that aren't growing? I meet A LOT of companies (about ~50 or so a year) and I can tell you there is massive difference between the distressed ones and the ones who are growing. btw - even 2~5% growth is fine, it doesn't need to be 25% google scale growth...but flat or declining is bad.