US tariffs on Vietnam have quietly shifted, and that change is already reshaping where companies source everything from T shirts to steel coils. Higher duties and tougher compliance can squeeze import heavy business models, while producers closer to home may see fresh interest. This article walks through 3 stocks that screen as potential beneficiaries of this onshoring trend so you can judge whether any deserve a closer look.

These three stocks are only a starting sample, and the full screen surfaced 19 more companies with equally compelling onshoring narratives that are not covered in this article. To go deeper, identify your own shortlist and analyze potential onshoring beneficiaries directly inside the North American Onshoring-Oriented Apparel, Footwear and Metals Producers screener.

NIKE (NKE)

NIKE is a global sportswear giant that designs and sells footwear, apparel and equipment under brands such as NIKE, Jordan and Converse across North America, Europe, the Middle East, Africa, Greater China and the rest of Asia Pacific and Latin America. Most revenue comes from the NIKE brand, led by North America at about US$20.5b, Europe, Middle East and Africa at about US$12.6b, Asia Pacific and Latin America at about US$6.2b and Greater China at about US$5.8b, with Converse contributing about US$1.2b. NIKE’s market cap stands at roughly US$60.4b.

NIKE sits at the center of the new Vietnam tariff story. As a top U.S. duty payer with outsourced manufacturing, it is already reallocating production across countries and using its scale to blunt higher costs, while still leaning on a wide brand moat, high recent ROIC and an A2 credit rating. At the same time, weak earnings in recent years, a high uncertainty label and fresh growth headwinds in China mean the stock is not a simple quality at any price story. The interest for investors is whether a slower earnings profile and margin pressure today can eventually set up a cleaner, onshoring friendly sourcing model and healthier valuation tomorrow.

NIKE’s sourcing reset, slower earnings and China uncertainty could be masking a sharper story. Get the 2 key rewards and 1 important warning sign that lays out what might really matter next for this onshoring pivot.

Build your own onshoring and brand moat shortlist

NIKE and the two other stocks in this article all surfaced from a single Simply Wall St screener, and you can run the same kind of search in a way that fits your own checklist. Use our flexible Screener to mix filters such as valuation, balance sheet strength and risk, or start with our curated Investing Ideas that group stocks around clear, research driven themes.

Deckers Outdoor (DECK)

Deckers Outdoor is a footwear and apparel company best known for UGG boots and HOKA running shoes, supported by smaller brands like Teva and Koolaburra, and sells through retailers, distributors and its own stores and websites worldwide. Revenue is split mainly between UGG wholesale at about US$2.8b and HOKA wholesale at about US$2.6b, with other brands adding roughly US$100 million. The company has a market cap of about US$12.7b.

Investors looking at tariff pressure on Vietnamese footwear might find Deckers Outdoor interesting because its strongest assets are brands with pricing power, a growing direct to consumer channel and very high recent returns on equity that sit against a P/E below the US luxury industry average. The company is clear that higher US tariffs on Vietnam could add up to US$185 million to its cost of goods sold in fiscal 2026 and that price increases may not fully cover this, which points to near term margin pressure. The bigger question is whether Deckers can lean on brand heat at UGG and HOKA, tighter cost control and share buybacks to offset that drag and keep compounding value once tariff costs settle into the baseline.

Deckers Outdoor’s brand momentum at UGG and HOKA could be masking a bigger story about what investors are really paying for growth versus tariff risk. Walk through the full picture in the analysis report for Deckers Outdoor

Electra Battery Materials (TSXV:ELBM)

Electra Battery Materials is a Toronto based company focused on acquiring and exploring cobalt, copper and silver projects in North America, along with running a hydrometallurgical cobalt refinery aimed at supplying the electric vehicle battery chain. The company has a market cap of about CA$85 million.

Electra Battery Materials sits at the center of the US push to onshore critical metals processing, which is gaining extra momentum as tariff pressure increases on imported Asian metal products. The stock appears deeply discounted against some valuation models and is now moving from concept to execution, with recent net income, refinery construction awards and supportive policy moves on US battery feedstock. At the same time, it carries significant risk given its history of losses, reliance on external funding and shareholder dilution. For investors who can tolerate that volatility, the next phase of refinery ramp up and US project studies could be what separates a potential rerating story from another capital intensive mining investment that does not meet expectations.

Electra Battery Materials could be where tariff pressure and US policy support are quietly resetting expectations. See how the refinery plans, losses and funding risks fit together in the analysis report for Electra Battery Materials

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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.