U.S. Onshoring Stocks Investors May Be Missing Right Now

With US–Canada trade talks breaking down and fresh 50% US tariffs hitting a wide range of Canadian goods, the story for North American manufacturing is changing fast. Cross border supply chains face more friction, which may push more production and investment onshore. For investors, that shift could benefit those who identify potential opportunities at an early stage. This article examines three stocks exposed to this news and explains why they may deserve a closer look now.

The three stocks highlighted below are just a sample from this onshoring theme, and the full screen surfaced 35 more U.S.-listed manufacturers and suppliers with equally compelling stories that are not covered in this article. To go wider and identify your own highest conviction ideas, head straight into the U.S. Onshoring and Domestic Manufacturing Beneficiaries screener.

TTM Technologies (TTMI)

Overview: TTM Technologies is a U.S. based manufacturer of printed circuit boards, RF components, and complex electronic systems used in aerospace and defense, data centers, automotive, medical, industrial, and networking equipment, with significant mission critical production inside North America that fits directly into the onshoring and domestic manufacturing theme. The company also offers design support, quick turn manufacturing, testing, and thermal management services that help large customers keep sensitive electronics production closer to home.

Operations: TTM Technologies generates about $2.0b from its Commercial segment and $1.4b from Aerospace & Defense, with around $1.7b of revenue coming from the United States out of roughly $3.4b total.

Market Cap: US$12.0b

Investors looking at onshoring in electronics may consider TTM Technologies because it combines sizeable U.S. manufacturing for PCBs and RF assemblies with exposure to two demand pools: AI heavy data centers, and aerospace and defense. Recent moves such as the Syracuse Ultra HDI PCB facility and the planned Epiq Solutions acquisition deepen its role in secure, domestic supply chains as tariffs and trade friction push some customers to source more inside the U.S. At the same time, TTM carries execution and balance sheet risk from capital intensive expansions and higher U.S. operating costs. The company’s progress on its growth and margin ambitions could influence how investors view the current setup compared with a surface level read of the headlines.

TTM Technologies is quietly becoming a bigger piece of secure U.S. electronics supply chains, yet the real story sits in the tension between its growth push and balance sheet strain. Before assuming the headline onshoring theme tells you everything, take a few minutes to scan the TTM Technologies financial health report to understand what the expansion plans might mean when conditions turn less forgiving.

Build your own onshoring manufacturing shortlist

TTM Technologies and the other two stocks in this article all came from a single screener, but the real advantage is creating one that fits your approach. Use our customisable Screener to mix filters like valuation, growth, balance sheet and risks, or start with any of our curated Investing Ideas.

LightPath Technologies (LPTH)

Overview: LightPath Technologies designs and manufactures optical components and infrared camera systems in the United States, supplying the kind of precision optics that electronics, industrial, and defense customers increasingly want sourced onshore to avoid cross border disruptions. Its lenses, infrared optics, and camera modules are used in areas like border and perimeter security, night vision, medical devices, and machine vision, which ties directly into demand for reliable domestic suppliers as tariffs and trade friction rise.

Operations: LightPath Technologies generates about $62.8 million from its Optics segment, with roughly $31.0 million of revenue coming from the United States and about $25.0 million from Europe.

Market Cap: US$864 million

LightPath Technologies provides direct exposure to U.S. based production of high value optical components at a time when customers are rethinking reliance on foreign suppliers, especially for defense and security uses. The shift toward higher value systems and cameras, supported by the G5 Infrared acquisition and recent orders such as the $11 million counter UAS camera deal, may offer a path to better margins if the company executes its strategy effectively. At the same time, the company is still loss making, has relied on equity raises to fund its expansion, and faces supply chain risks around specialized materials. For investors who can tolerate volatility and funding risk, the combination of domestic manufacturing, defense exposure, and a move up the value chain may warrant closer study.

LightPath Technologies is shifting toward higher value infrared systems, and fresh defense orders hint at an inflection investors may be underestimating. Scan the 1 key reward and 2 important warning signs (2 are major!) and see what the recent funding and supply decisions might really signal.

Vishay Intertechnology (VSH)

Overview: Vishay Intertechnology manufactures semiconductors and passive electronic components that sit inside everything from cars and industrial equipment to data centers and consumer devices. It has a global footprint that includes U.S. production capacity suited to onshoring trends. Its broad catalog of diodes, MOSFETs, optoelectronics, resistors, inductors, and capacitors makes it a key supplier to manufacturers that want reliable domestic or nearshore sources rather than relying solely on imports.

Operations: Vishay Intertechnology generates around $703 million from MOSFETs, $654 million from diodes, $804 million from resistors, $381 million from inductors, $567 million from capacitors, and $240 million from optoelectronic components, with total reported segment revenue of roughly $3.3b after adjustments.

Market Cap: US$4.9b

Vishay Intertechnology provides exposure to the electronics components used in onshoring, supplying core parts to automotive, industrial, AI related, and power equipment customers that increasingly value U.S. and allied country manufacturing. The company is investing in capacity and higher value products such as new power resistors, safety capacitors, inductors, and sensors, and recently reported rising revenue, a large backlog, and guidance that incorporates tariff pass throughs rather than absorbing those costs. The flip side is that heavy capex, past margin pressure, and reliance on some legacy products leave limited room for disappointment if demand or pricing softens. That balance between expansion and execution risk may make the current situation worth a closer look for patient investors.

Vishay Intertechnology looks like a classic capacity build story in which heavy capex, tariff pass throughs, and a broad components portfolio may be masking the real risk reward skew. The 3 key rewards and 2 important warning signs could be the missing twist in that story

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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.

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