More than US$100b in tariff refunds is now on the table after the Supreme Court struck down IEEPA tariffs, and that kind of cash reshuffle can quietly reshape which large importers come out stronger. Investors watching liquidity, compliance strength and trade exposure may not want to sit this one out. This article walks through 3 large cap U.S. importers exposed to the ruling and how the news could matter for their stocks.

The stocks below are just a starting sample, and the full screen surfaced 37 more large cap U.S. importers with equally compelling narratives that are not covered in this article. To go deeper, identify your own angles, and analyze the trade exposure and balance sheet strength that matter most to you, head straight into the Large-Cap U.S. Importers screener.

ATI (ATI)

ATI is a specialty metals producer that supplies titanium, nickel and cobalt alloys, advanced powders and precision components for aerospace, defense, energy and medical customers worldwide. The company’s US$30.5b market cap reflects its scale across high performance materials, from ingots and forgings to complex machined parts used in jet engines and naval nuclear programs.

ATI is positioned in high specification materials that global aerospace and defense customers rely on, with a record US$4.4b order backlog and growth in areas such as naval nuclear alloys and next generation engine components. The Supreme Court tariff refund ruling could return cash quickly to ATI as a large importer with strong compliance systems, supporting liquidity and funding for capital intensive projects. At the same time, the stock carries high debt and an elevated valuation, so the key question for investors is whether earnings quality and defense backed demand are sufficient to justify that pricing power over the long term.

ATI’s tariff refund upside, record order backlog and high debt make the story feel incomplete without seeing how the cash flows and balance sheet line up. Start with the ATI financial health report

Build your own ATI-style trade and balance sheet screener

ATI and the two other stocks in this list came out of a single screen, but the real edge is in building filters that match how you think about trade exposure, valuation and balance sheet strength. Put our flexible Screener to work for your own ideas, or start with any of our curated Investing Ideas.

Sensata Technologies Holding (ST)

Sensata Technologies Holding builds sensors and electrical protection systems that sit inside mission critical equipment from cars and trucks to aircraft, industrial machinery and data centers. It generates about US$2.1b of revenue from Automotive, roughly US$790 million from Industrials, and about US$860 million from Aerospace, Defense, and Commercial Equipment. The company has a market cap of roughly US$6.7b.

Investors watching the tariff refund story may want Sensata Technologies Holding on their radar because it sits at the intersection of global supply chains, electrified vehicles and aerospace, yet has been carrying high tariffs, high debt and a rich P/E. Management has indicated tariff costs near US$12 million per quarter and over US$40 million paid last year, much of it IEEPA related, with potential refunds not yet in guidance. At the same time, Q2 2026 brought stronger free cash flow, lower net leverage and growth in higher margin areas like data centers and aerospace. The tension between these positives and risks such as leverage, one off losses and modest revenue growth is exactly where tariff refunds and tighter customs rules could tip the balance for the stock.

Tariff refunds, stronger free cash flow and high leverage make Sensata Technologies Holding feel like a story that is only half priced in. Get the missing context in the 2 key rewards and 2 important warning signs

Generac Holdings (GNRC)

Generac Holdings is an energy technology company best known for home standby generators, but it also sells portable power equipment, battery storage, smart home energy devices and large commercial and industrial generator systems around the world. It generates most of its revenue in the United States at about US$3.6b, with around US$870 million coming from international markets. The company has a market cap of roughly US$12.5b.

Generac Holdings sits at the crossroads of grid reliability concerns, data center growth and stricter trade rules, which makes it an interesting tariff refund story in 2026. The company has been building a large commercial and industrial backlog tied to data centers and microgrids, while earnings are still working through past pressure from residential solar and outage sensitive products. Management commentary shows the Supreme Court ruling on IEEPA tariffs and the CAPE refund process are material enough to affect gross margin and EBITDA guidance, yet trade assumptions in forecasts remain cautious. That mix of improving profitability, meaningful import exposure and still elevated P/E expectations gives investors plenty to weigh up in terms of upside from refunds versus ongoing policy and execution risks.

Generac Holdings sits at the intersection of data center demand, grid reliability and tariff refunds, yet the real story may be how expectations and earnings could decouple from here. Get the full picture in the analyst forecasts for Generac Holdings

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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.