With proposed Section 301 tariffs threatening to touch almost all US international trade, investors are rethinking where production happens and which stocks might benefit from a tilt toward onshoring and domestic manufacturing. The Onshoring and Domestic Manufacturing Stocks screener focuses on companies anchored in the US and other developed markets with solid balance sheets and manufacturing heavy business models. This article highlights 3 stocks that could be positively exposed to these tariff headlines and is designed to help you decide whether onshoring themed opportunities deserve a place on your watchlist as global supply chains face a fresh round of policy stress tests.

Enovix (ENVX)

Overview: Enovix is a Fremont based battery company that designs, develops, and manufactures advanced lithium ion cells for devices such as wearables, smartphones, computing hardware, electric vehicles, and other equipment for global original equipment manufacturers.

Operations: Enovix currently generates its US$34.3 million of revenue entirely from batteries and battery systems, with US$24.5 million reported from South Korea and the balance recorded as segment adjustments and other items.

Market Cap: US$1.5b

Enovix gives investors exposure to the push for secure, domestically friendly battery supply at a time when proposed Section 301 tariffs raise questions over imported energy components. Its silicon focused lithium ion technology is being positioned for high value uses such as defense, drones, smart eyewear and potential future smartphone launches, where customers may pay more for higher energy density and compliance with allied supply chain rules. At the same time, Enovix remains loss making, relies on higher risk external funding and has a price to sales ratio that is described as extremely expensive compared with peers, so results depend heavily on high volume production ramps and successful customer qualifications. For investors willing to weigh those trade offs, the coming years could be important for the development of Enovix’s business.

Enovix sits at the crossroads of high energy density batteries and onshoring, but the real story is how growth ambitions stack up against funding needs and premium P/S expectations. The 1 key reward and 1 important warning sign might change how you see the trade off.

DNOW (DNOW)

Overview: DNOW Inc. is a Houston based distributor that supplies pipes, valves, fittings, pumps and related equipment, along with supply chain and materials management services, to energy, gas utilities and a wide range of industrial customers across the US, Canada and other international markets.

Operations: DNOW generates US$3.4b of revenue from wholesale distribution activities, with roughly US$2.8b from the United States and the rest from Canada and other international markets.

Market Cap: US$2.5b

DNOW gives you exposure to the push for onshoring and more resilient domestic supply chains, supplying critical steel, valve and MRO products at a time when proposed Section 301 tariffs could reshape how US industry sources equipment. Management has openly discussed using an “inflation playbook” to pass through higher input costs, lean on largely US sourced steel and use multi sourcing to protect margins. The recent MRC Global merger has created a larger platform with broader exposure beyond upstream energy. The company is still working through ERP integration, merger related losses and past shareholder dilution, so the key question is whether its scale, cash generation history and tariff tailwinds can outweigh those execution and funding risks as the onshoring theme plays out.

DNOW’s scale, cash generation history and tariff exposure could be masking a very different risk reward profile than the headline story suggests, and the 4 key rewards and 1 important major warning sign might be the missing twist investors are overlooking.

Array Technologies (ARRY)

Overview: Array Technologies manufactures and sells solar tracking systems that help large scale solar farms tilt and follow the sun, with hardware and software products such as DuraTrack, STI H250, OmniTrack, SkyLink and SmarTrack used across the US and international markets.

Operations: Array Technologies generates roughly US$1.21b of revenue from solar tracking, with about US$1,074.6 million from Array Legacy Operations and US$130.5 million from STI Operations.

Market Cap: US$1.2b

Array Technologies sits squarely in the onshoring and domestic manufacturing theme, supplying high domestic content solar trackers at a time when proposed Section 301 tariffs could raise the bar on imported components and reward US focused infrastructure suppliers. The company has a record order book, recent product launches such as OmniTrack terrain following trackers and hail focused designs, and has already reported a recent quarter at a profit. However, it is still working through an unprofitable track record, reliance on external funding and project timing risks tied to changing tariff rules. The tension between tariff supported demand and funding and execution risks is a key factor for investors watching the onshoring story.

Array Technologies looks like a solar onshoring story that is still being priced on its past, not its order book. See how the analysis report for Array Technologies reveals where that gap could close or widen.

The three stocks in this article are just a starting point, and the full Onshoring and Domestic Manufacturing Stocks screener surfaced 42 more companies that pair solid financial profiles with onshoring focused manufacturing stories that may warrant a closer look. Use Simply Wall St to identify and analyze the exact catalysts, financial health traits and narratives that matter to you, so you can focus on the 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.