By Philip van Doorn and Tomi Kilgore
There are many U.S.-based companies that derive most of their sales from overseas
MarketWatch readers have been asking a very good question in light of President Donald Trump's announcement of new tariffs on goods imported from dozens of countries: Which U.S. companies might be most affected by reciprocal tariffs or by other trade restrictions?
If only this were an easy question to answer.
Trump's 25% tariffs on imported cars illustrate how complicated a simple idea can be. These particular tariffs apply to cars whose final assembly is done outside the U.S. But even cars assembled within the U.S. are likely to have high percentages of parts made in other countries. And those parts are likely to be subject to Trump's tariffs.
One way to look at the question of which U.S. companies might be most affected if other countries respond to Trump's actions is to list companies based in the U.S. that have the highest percentages of revenue derived from customers in other countries.
A caveat to this approach is that we cannot tell if a U.S. company's revenue from overseas is sourced locally and not subject to tariffs or other trade restrictions. Then again, companies producing in local markets in other countries could still be affected by retaliatory moves by the other countries.
For example, Atlanta-based beverage giant Coca-Cola Co. (KO) generated about 61% of its 2024 revenue outside of the U.S. That said, as Chief Executive James Quincey explained in the latest earnings call with analysts, import tariffs aren't really a problem, because the company mostly operates as a local business, by producing where it sells.
"The vast majority of everything that's consumed in the U.S. is made in the U.S.," Quincey said, according to an AlphaSense transcript. "Similarly, we've merged every country around the world. And so while it's a global business, it's very local."
Still, FactSet compiles geographical breakdowns of companies' revenue based on annual reports. Another caveat is that companies take different approaches in how they report revenue by geography.
Most U.S.-based companies in the S&P 500 SPX break out U.S. revenue. But some only report sales for North America including the U.S., while others report combined sales for the U.S. and Canada together, but not separately for those countries.
Among the companies in the S&P 500 index, 478 are headquartered in the U.S.
Since Trump has specifically targeted Mexico and Canada for high tariffs, we excluded companies from the list that didn't break out U.S. revenue. So the initial list for non-U.S. revenue breakdowns was reduced further to 446 companies. This means a company such as Nike Inc. (NKE), which reports combined sales for North America but not for the U.S., was excluded from the list.
Among the 446 companies, these 20 had the highest percentages of revenue coming from outside the U.S. during their most recent full fiscal years, according to data compiled by FactSet:
Company Ticker Based in % of annual sales coming from outside the U.S.Industry
Monolithic Power Systems Inc. MPWR Kirkland, Wash. 97.5%Semiconductors
Lam Research Corp. LRCX Fremont, Calif. 92.6%Industrial Machinery
Booking Holdings Inc. BKNG Norwalk, Conn. 89.5%Other Consumer Services
Teradyne Inc. TER North Reading, Mass. 86.7%Electronic Production Equipment
Applied Materials Inc. AMAT Santa Clara, Calif. 86.0%Industrial Machinery
Schlumberger Ltd. SLB Houston 85.4%Contract Drilling
Newmont Corp. NEM Denver 84.7%Precious Metals
Albemarle Corp. ALB Charlotte, N.C. 83.2%Chemicals
Jabil Inc. JBL St. Petersburg, Fla. 82.5%Industrial Machinery
ON Semiconductor Corp. ON Scottsdale, Ariz. 81.5%Semiconductors
Viatris Inc. VTRS Canonsburg, Pa. 76.7%Pharmaceuticals
Intel Corp. INTC Santa Clara, Calif. 75.5%Semiconductors
Qualcomm Inc. QCOM San Diego 75.1%Semiconductors
Estee Lauder Cos. Inc. Class A EL New York City 75.0%Household/ Personal Care
Broadcom Inc. AVGO Palo Alto, Calif. 75.0%Semiconductors
Microchip Technology Inc. MCHP Chandler, Ariz. 75.0%Semiconductors
Mondelez International Inc. Class A MDLZ Chicago 74.0%Food
Baker Hughes Co. Class A BKR Houston 73.5%Contract Drilling
Bunge Global SA BG Chesterfield, Mo. 73.3%Agricultural Commodities/ Milling
Western Digital Corp. WDC San Jose, Calif. 72.4%Computer Peripherals
Source: FactSet As noted above, a company might technically be based in the U.S. but book nearly all of its revenue from outside the country. An example is Monolithic Power Systems (MPWR) of Kirkland, Wash., a semiconductor manufacturer that derives most of its revenue from customers in Asia. Since most of the company's products are also produced in Asia, it's uncertain how much of that revenue will be affected by other countries' responses to new U.S. tariffs.
Also read: China has announced retaliatory tariffs, and these stocks are getting hit the hardest
In case you are wondering, Apple Inc. (AAPL) didn't make the list because only 36.4% of the iPhone maker's revenue for its most recent full fiscal year came from outside the U.S. And Nvidia Corp. (NVDA) generated 53% of its revenue from overseas in its latest fiscal year, while 51% of Tesla Inc.'s (TSLA) revenue was from outside the U.S.
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-Philip van Doorn -Tomi Kilgore
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04-04-25 1220ET
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