Tariffs on Brazilian goods have pushed more of the supply chain conversation back to North America, and that has put renewed attention on stocks tied to U.S. domestic manufacturing and onshoring. For investors watching the ripple effects of higher import costs, factory reshoring, and companies rethinking where they source machinery, equipment, and consumer goods, this shift may create both opportunities and risks. This article walks through 3 stocks from our U.S. Domestic Manufacturing and Onshoring screener that appear positively exposed to these trade tensions, helping you decide whether they deserve a closer look for your own portfolio research.

Aecon Group (TSX:ARE)

Overview: Aecon Group is a Toronto based construction and infrastructure company that builds and maintains large scale projects such as transportation systems, nuclear and industrial facilities, utilities, and public private partnership assets across Canada, the U.S., and select international markets.

Operations: Aecon generates the bulk of its CA$5.63b in revenue from its Construction segment, with a small contribution from Concessions and minor offsets from other costs and eliminations.

Market Cap: CA$3.02b

Investors watching reshoring and infrastructure spending may find Aecon Group worth a closer look because it combines a record CA$10.7b backlog and growing exposure to power, utilities, and nuclear work with direct ties to long duration programs such as mass transit and defence related projects across North America. At the same time, the company is still working through legacy fixed price contracts, carries higher balance sheet risk with heavy external borrowing, and recently reported a quarterly net loss of CA$17.92 million, so the path to stronger margins is not straightforward. The real question is whether Aecon’s contract mix, concessions exposure, and tariff driven interest in domestic industrial facilities can outweigh these execution and funding risks over the next few years.

Aecon’s record CA$10.7b backlog and exposure to power, utilities, and nuclear projects could be masking a very different risk reward profile than its recent CA$17.92m loss suggests. The 3 key rewards and 3 important warning signs might reveal what the headline numbers are not telling you yet.

On Holding (ONON)

Overview: On Holding is a Zurich based sportswear company that designs and sells premium performance footwear, apparel, and accessories for running, outdoor and everyday use. It reaches athletes and lifestyle consumers globally through both wholesale partners and its own retail and e commerce channels.

Operations: On Holding generates virtually all of its CHF3.12b in revenue from athletic footwear, with Asia Pacific contributing CHF564.5m of reported regional sales.

Market Cap: US$12.87b

On Holding stands out in the tariff reshoring story because it combines a premium global brand with clear pricing power and an explicit focus on expanding U.S. based production to reduce reliance on foreign manufacturers at a time when imported footwear faces rising duties. Management has already built tariff scenarios into its outlook, is planning selective price increases on U.S. styles, and is leaning into direct to consumer and automated manufacturing to support margins. This approach depends heavily on consumers continuing to accept higher prices and on execution in fast growing regions like Asia Pacific. For investors, the tension between strong growth ambitions, a premium P/E and exposure to shifting trade rules is a central element of the On Holding investment thesis.

On Holding’s premium P/E and bold reshoring plans could have far more room to run than many investors assume, but the real test is whether growth justifies the multiple. The analyst forecasts for On Holding might show where expectations and reality start to diverge.

Vicor (VICR)

Overview: Vicor is a U.S. based power electronics company that designs and manufactures high performance modular power components and systems that convert electricity for use in data centers, vehicles, aerospace, defense, industrial automation, and other electronic equipment worldwide.

Operations: Vicor generates its US$426.7m in revenue entirely from Advanced Products or Brick Products, with roughly US$221.5m from the U.S., US$156.6m from Asia Pacific, US$46.6m from Europe, and a small contribution from other regions.

Market Cap: US$15.1b

Vicor sits at the intersection of U.S. reshoring and fast growing demand for high power density electronics, supplying power modules used in AI data centers, electric vehicles, and defense systems at a time when tariffs are nudging customers toward domestically sourced components. The company has strong recent revenue and earnings momentum, premium gross margins, and a growing licensing stream, but also carries a very rich P/E, heavy reliance on external borrowing, lumpy one off gains, and exposure to tariff related swings in China. For investors tracking the U.S. Domestic Manufacturing and Onshoring theme, the key question is whether Vicor’s manufacturing investments and AI and automotive pipelines can justify its valuation and volatility profile.

Vicor’s premium P/E and AI exposure might be masking a very different risk reward trade off than most investors realize, and the 2 key rewards and 3 important warning signs could surface the one factor that flips the story.

The three stocks highlighted here are only a starting point. The full U.S. Domestic Manufacturing and Onshoring screener surfaced 37 more companies with equally compelling narratives across machinery, equipment, and consumer goods in the U.S. Domestic Manufacturing and Onshoring screener. Use Simply Wall St to identify and analyze the specific catalysts, balance sheet strength, and reshoring narratives that matter most to you so you can focus on your highest conviction ideas.

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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.