Tariff refunds tied to IEEPA litigation are turning into a real swing factor for US import dependent consumer and industrial companies. With billions already paid out and more still uncertain, some stocks in this screener could see balance sheets and cash flow profiles shaped by how refund rules are ultimately applied. For investors looking at tariff exposed US and Canadian businesses, this article walks through 3 stocks from the screener that appear positioned to be positively affected by the current refund backdrop and explains how the ongoing legal and administrative process might matter for their risk and opportunity profiles.

Tutor Perini (TPC)

Overview: Tutor Perini is a long established US construction and engineering company that builds large civil infrastructure such as highways, bridges, tunnels and transit systems, as well as complex buildings and specialty electrical and mechanical systems for public agencies and private customers.

Operations: Tutor Perini generates most of its revenue from Civil projects at about US$3.2b and Building work at about US$2.0b, with Specialty Contractors contributing roughly US$0.9b and the vast majority of revenue, around US$5.2b, coming from the United States.

Market Cap: US$4.1b

Investors watching tariff refund developments may find Tutor Perini interesting because it combines a large, long dated infrastructure backlog with direct exposure to imported construction inputs where IEEPA refunds could influence project economics. The company is already active on sizeable federal and defense related work, including a US$651.8m Guam electrical upgrade and major data center and university projects. At the same time, reliance on mega projects, a history of litigation swings and use of external funding mean refund timing, contract execution and legal outcomes can still affect cash flows and reported profits in ways that matter for valuation and risk.

IEEPA refunds could be the missing link in the Tutor Perini story, potentially reshaping cash flows on mega projects while litigation history still lingers. Get the full picture in the 4 key rewards and 1 important warning sign

Graham (GHM)

Overview: Graham Corporation designs and builds equipment that helps move, cool, heat, and pressurize fluids and gases for customers in industries such as chemicals, energy, defense, and space, from power plant condensers to rocket propulsion pumps. Its products often sit at the heart of complex systems, where reliability and performance are critical for customers’ operations.

Operations: Graham generates about US$245.3m of revenue from designing and manufacturing heat transfer and vacuum equipment, with around US$209.6m coming from the United States and the rest spread across Asia, Canada, the Middle East, South America, and other regions.

Market Cap: US$1.4b

Graham is attracting attention because it sits at the intersection of growing defense and energy spending, a record US$532.6m backlog, and exposure to imported raw materials where IEEPA tariff refunds could lift margins and cash generation. Management has already built in-country sourcing and contract protections to cap tariff impacts at an estimated US$1m to US$5m. Any refund outcome could therefore be upside against already guarded assumptions. At the same time, the stock trades on a very high P/E with thin net margins around 5.1% and relies heavily on external funding. This raises questions about how much growth is already priced in and how resilient returns will be if conditions turn less favorable.

Graham’s backlog and tariff shield suggest that investors may be overlooking how future contracts could reshape returns, especially given the high P/E and slim margins. See how the story stacks up in the analysis report for Graham

nVent Electric (NVT)

Overview: nVent Electric designs and sells electrical connection and protection equipment, from enclosures and bus systems to cooling and power management solutions, that keep data centers, industrial sites and infrastructure projects running safely and reliably. Its products sit inside mission critical applications like AI data centers and power networks, sold through distributors, contractors and equipment makers worldwide under brands such as CADDY, ERICO and HOFFMAN.

Operations: nVent Electric generates about US$2.98b of revenue from Systems Protection and roughly US$1.35b from Electrical Connections, with the Americas contributing around US$3.57b and Europe, the Middle East and Africa about US$606m.

Market Cap: US$27.6b

nVent Electric sits at the crossroads of AI data center build outs and grid upgrades, with earnings up 98.6% in the past year and margins improving to 11.1%. However, the stock already trades on a rich 59.4x P/E and insiders have been selling. The company has been absorbing sizeable tariff headwinds through pricing and supply chain actions, so any IEEPA refund or relief could support cash flows. At the same time, its heavy dependence on AI infrastructure, acquisitions like Trachte and EPG, and higher risk external funding leave little room for disappointment. For investors weighing premium growth against concentrated risks and tariff uncertainty, nVent’s story is compelling but far from straightforward.

nVent Electric’s rich 59.4x P/E and 98.6% earnings jump could be masking what really matters for the next leg of this story. Unpack the analyst forecasts for nVent Electric to see what might be hiding in plain sight.

The three stocks covered here are just the starting point, with the full screener surfacing 46 more companies in the US Import-Dependent Consumer and Industrial Companies screener that share similarly compelling tariff, refund and import dependent stories. Use Simply Wall St to identify and analyze the specific catalysts, refund sensitivities and balance sheet profiles that fit your own highest conviction ideas in this theme.

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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.