With Federal Reserve Chair Kevin Warsh taking a tougher line on inflation and traders rapidly adjusting rate expectations, the US dollar has moved back to center stage for equity investors. A stronger dollar can reshape cost structures, import bills, and profit margins in ways that are not always obvious from the share price alone. This article looks at how the latest policy signals and yield moves connect to companies that could be helped by a firm US dollar. Ahead, you will see 3 stocks from the US Dollar Beneficiaries screener that appear positively exposed to this macro backdrop.

ODP (ODP)

Overview: ODP Corporation is a business products and services company that supplies office essentials, cleaning and breakroom goods, furniture, technology, and printing solutions to organizations of all sizes across North America through its ODP Business Solutions, Office Depot retail stores and website, and Veyer supply chain operations.

Operations: ODP generates about US$3.4b in revenue from ODP Business Solutions, US$3.1b from Office Depot, and US$4.4b from Veyer, partly offset by US$4.3b of internal sales eliminations.

Market Cap: US$843.3m

ODP stands out in a stronger dollar setting because it combines a large, mostly US-based customer base with meaningful imported product volumes. Lower import costs can feed directly into margins at a time when analysts expect earnings to grow very quickly even as revenue edges lower. The company is working to shift from low-margin retail toward higher-margin B2B services, supported by investments in digital ordering, delivery and supply chain capabilities that are already helping free cash flow and operational efficiency. At the same time, very thin recent profit margins, revenue pressure in traditional office supplies, store closures and one-off charges mean the transformation carries significant risks, which is why many investors are taking a closer look at where ODP could go next in a firm dollar environment.

ODP’s margin reset and push into higher value B2B services could be more than a simple retail turnaround. See how a firm dollar, thin margins and internal shifts come together in the 3 key rewards and 2 important warning signs

Newell Brands (NWL)

Overview: Newell Brands is a consumer products company that owns everyday household, baby, writing, cookware, and outdoor brands such as Rubbermaid, Yankee Candle, Sharpie, Graco, Calphalon, and Coleman, selling through major retailers, e commerce channels, and direct to consumers worldwide.

Operations: Newell Brands generates about US$3.7b in revenue from Home and Commercial Solutions, US$2.7b from Learning and Development, and US$734m from Outdoor and Recreation.

Market Cap: US$2.1b

Newell Brands sits at an interesting crossroads for investors watching the stronger US dollar, because it has large domestic sales, global sourcing, and a portfolio of brands that can benefit if imported input costs ease against a firm currency. The company is working to tighten costs, automate parts of its manufacturing base, and invest in areas like its €40m French network. At the same time, Newell still carries meaningful leverage, is paying a dividend that is not fully covered by earnings or free cash flow, and faces pressure from slower category demand, which means the path back to sustained profitability is far from guaranteed.

Newell Brands’ mix of global sourcing, cost cuts, and a firm US dollar could be masking a very different earnings path ahead. See how the pieces fit together in the 3 key rewards and 2 important warning signs (1 is major!)

Helen of Troy (HELE)

Overview: Helen of Troy is a consumer products company behind everyday brands like OXO, Hydro Flask, Osprey, Vicks, Braun, PUR, Hot Tools, Drybar, Revlon and more, selling kitchenware, food storage, hydration gear, beauty tools and health devices through major retailers and online channels worldwide.

Operations: Helen of Troy generates about US$832.9m in revenue from Home & Outdoor and US$953.4m from Beauty & Wellness, with around US$1.3b of its sales coming from the United States and the rest spread across EMEA, Canada, Asia Pacific and Latin America.

Market Cap: US$615.6m

Helen of Troy sits at an interesting point for investors watching a firmer US dollar because it blends high domestic retail exposure with globally sourced products. Shifts in currency, tariffs and shipping costs can meaningfully affect margins. The stock trades on a low P/S multiple while carrying forecasts for strong earnings growth. However, recent results include sizeable losses, weak interest coverage and a goodwill impairment, all alongside a securities lawsuit tied to its acquisition program. Investors evaluating whether cost savings, supply chain changes and expected profitability within three years can offset funding and legal risks may consider taking a closer look in a strong dollar setting.

Helen of Troy’s earnings story appears to be separating from recent losses and legal noise, and the full picture sits in the 2 key rewards and 1 important major warning sign

The 3 stocks covered here are just a starting point, and the full US Dollar Beneficiaries screener surfaced 23 more companies with equally interesting currency exposure stories and potential margin angles. Use Simply Wall St to identify and analyze the specific catalysts, import and revenue mixes, and narrative drivers that matter most so you can focus on the highest conviction ideas in this stronger US dollar theme.

Take Control of Your Investment Journey

If ODP or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Seeking Fresh Alternatives Before Others Do

Stock themes move fast, and the next breakout ideas often sit quietly under the radar for now. Scan these curated lists before momentum gets away.

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• Look for early compounding potential in companies with strong balance sheets through the curated list of solid balance sheet and fundamentals (48 results) while the crowd is focused elsewhere.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.