Strong dollar stocks

Companies that benefit operationally or financially from an appreciating US dollar. Each company is scored for exposure, with the reason and its sources.

Screened October 25, 2026. Market data as of the same day.

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Companies that benefit operationally or financially from an appreciating US dollar.

14 companies · 14 benefit · 0 hurt


FMG.AX	Fortescue Ltd	+0.90	Global Commodity Producer Outside US	$30.8B	10.3	+4.2%	17.1%	-35.1%	-30.1%	Australia	Non-Energy Minerals
Fortescue Ltd+0.90Global Commodity Producer Outside US Fortescue sells iron ore in USD and bears a substantial Australian-dollar cost base, so an appreciating USD relative to the AUD increases the local-currency value of receipts and supports margins. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. aud_export_translation_exposure · FMG.AX 2026-09-29 05:52:45 UTCOpen source Fortescue is a concentrated USD iron-ore exporter with an Australian cost base, so AUD appreciation strongly reduces translated revenue and local-currency margins.
GMEXICOB	Grupo México, S.A.B. de C.V.	+0.90	Global Commodity Producer Outside US	—	—	—	—	—	—	—	—
Grupo México, S.A.B. de C.V.+0.90Global Commodity Producer Outside US Grupo México’s mining output is priced in USD while it has local Mexican exposure, so a stronger USD can increase the local-currency value of its commodity revenue. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. peso_strength_export_import_hedge · GMEXICOB 2026-08-20 15:46:24 UTCOpen source Grupo México's globally priced, dollar-denominated mining revenue provides a strong structural hedge against Mexican domestic monetary and demand weakness.
IMPUY	Impala Platinum Holdings Limited	+0.90	Global Commodity Producer Outside US	$9.2B	5.0	+70.7%	23.2%	-35.2%	-13.2%	South Africa	Non-Energy Minerals
Impala Platinum Holdings Limited+0.90Global Commodity Producer Outside US Impala Platinum sells globally priced metals in USD while carrying a local rand cost structure, so USD appreciation against the rand supports translated revenue and operating margins. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. rand_depreciation_leverage · IMPUY 2026-07-24 15:20:47 UTCOpen source Impala Platinum's profits are tightly linked to global prices denominated in USD against its local ZAR cost structure.
MDKA	PT Merdeka Copper Gold Tbk	+0.80	Global Commodity Producer Outside US	—	—	—	—	—	—	—	—
PT Merdeka Copper Gold Tbk+0.80Global Commodity Producer Outside US MDKA’s metals sales are priced in USD while a portion of operating expenses is settled in rupiah, giving it a favorable revenue-cost mismatch when the USD appreciates against the rupiah. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. currency_mismatch_exposure · MDKA 2026-07-29 05:21:21 UTCOpen source MDKA benefits from a positive mismatch because its metals sales are priced in USD while its operating expenses are partially settled in domestic rupiah.
VALE	Vale S.A.	+0.80	Global Commodity Producer Outside US	$48.7B	26.1	+12.6%	4.9%	-6.4%	+6.5%	Brazil	Non-Energy Minerals
Vale S.A.+0.80Global Commodity Producer Outside US Vale has dollar-linked export revenues and a largely local-currency cost base, so a stronger USD relative to the Brazilian real can improve translated margins and export competitiveness. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. export_currency_buffer · VALE 2026-08-31 13:06:08 UTCOpen source Vale is explicitly identified as a listed commodity exporter that can benefit relatively from BRL weakness because export revenues are dollar-linked while much of its cost base is local.
HCLTECH.NS	HCL Technologies Limited	+0.78	IT and Business Process Outsourcer	$40.8B	21.0	+12.8%	13.3%	-12.4%	-5.8%	India	Technology Services
HCL Technologies Limited+0.78IT and Business Process Outsourcer HCLTech earns dollar revenue from offshore services while delivery costs are predominantly rupee-linked, so USD appreciation against the rupee can increase translated revenue and margins. IT and Business Process Outsourcer: Offshore technology and outsourcing vendors billing North American enterprise clients in USD with domestic-currency wage bases. offshore_fx_operating_leverage · HCLTECH.NS 2026-10-15 10:42:39 UTCOpen source HCLTech's dollar-revenue export model and rupee-linked delivery costs create a material translation and operating-margin benefit when INR depreciates.
GLOB	Globant S.A.	+0.75	IT and Business Process Outsourcer	$1.9B	17.7	-1.3%	4.6%	-32.3%	-24.5%	Luxembourg	Technology Services
Globant S.A.+0.75IT and Business Process Outsourcer Globant bills global clients in USD while paying much of its engineering workforce in Argentine pesos, so a stronger USD relative to the peso can lower labor costs in dollar terms and support margins. IT and Business Process Outsourcer: Offshore technology and outsourcing vendors billing North American enterprise clients in USD with domestic-currency wage bases. local_currency_cost_benefit · GLOB 2026-07-22 19:14:23 UTCOpen source Globant bills its global clients in USD while utilizing cost-efficient, local-currency-paid engineering talent in Argentina, translating peso weakness into relative margin benefits.
GLCNF	Glencore plc	+0.75	Global Commodity Producer Outside US	$83.9B	16.1	+22.4%	1.8%	+25.6%	+56.3%	Switzerland	Distribution Services
Glencore plc+0.75Global Commodity Producer Outside US Glencore’s export-oriented Bolivian mining assets generate dollar-linked revenue while many operating costs are local, creating a favorable mismatch when the USD strengthens against the local currency. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. export_currency_cost_hedge · GLCNF 2026-09-18 20:24:57 UTCOpen source Glencore’s export-oriented Bolivian mining assets generate dollar-linked revenue while many operating costs are local, creating a strong natural hedge against boliviano weakness.
TCS.NS	Tata Consultancy Services Limited	+0.60	IT and Business Process Outsourcer	$96.5B	17.7	+9.9%	18.2%	-21.3%	-17.2%	India	Technology Services
Tata Consultancy Services Limited+0.60IT and Business Process Outsourcer TCS earns substantial dollar revenue while bearing predominantly rupee-linked delivery costs, so a stronger USD against the rupee can increase translated revenue and margins. IT and Business Process Outsourcer: Offshore technology and outsourcing vendors billing North American enterprise clients in USD with domestic-currency wage bases. rupee_depreciation_operating_sensitivity · TCS.NS 2026-08-18 14:22:44 UTCOpen source TCS earns substantial dollar revenue while bearing predominantly rupee-linked delivery costs, so INR depreciation increases translated revenue and margins.
ITMG	PT Indo Tambangraya Megah Tbk	+0.50	Global Commodity Producer Outside US	—	—	—	—	—	—	—	—
PT Indo Tambangraya Megah Tbk+0.50Global Commodity Producer Outside US ITMG receives USD-priced coal export revenue against a largely domestic cost base, so a stronger USD relative to the rupiah can support translated margins. Global Commodity Producer Outside US: Resource extraction and mining companies selling dollar-denominated commodities globally with local-currency extraction costs. rupiah_exposure · ITMG 2026-09-17 10:04:45 UTCOpen source ITMG is a strong relative beneficiary of rupiah depreciation because U.S.-dollar coal export receipts are matched with a largely domestic cost base.
TGT	Target Corporation	+0.50	US Domestic Importer	$69.4B	15.8	+1.9%	4.1%	+56.0%	+62.4%	United States	Retail Trade
Target Corporation+0.50US Domestic Importer Target’s imported merchandise costs can fall when the USD appreciates against suppliers’ currencies, providing potential margin relief or room for lower prices. US Domestic Importer: US-focused retailers, distributors, or wholesalers that purchase inventory from overseas in foreign currencies and benefit from purchasing power gains. forward_tariff_relief_vs_import_competition · TGT 2026-09-12 13:02:00 UTCOpen source Target's imported merchandise costs fall and its price-sensitive retail model can convert relief into margin or lower prices.
COST	Costco Wholesale Corporation	+0.45	US Domestic Importer	$445B	48.3	+10.1%	3.0%	+16.5%	+6.1%	United States	Retail Trade
Costco Wholesale Corporation+0.45US Domestic Importer Costco relies heavily on imported merchandise, so a stronger USD can reduce the domestic-currency cost of foreign-sourced goods, although its broad merchandise mix moderates the benefit. US Domestic Importer: US-focused retailers, distributors, or wholesalers that purchase inventory from overseas in foreign currencies and benefit from purchasing power gains. section_122_cost_exposure · COST 2026-02-21 00:03:48 UTCOpen source High reliance on imported merchandise for its warehouses; 10% is a significant margin headwind for high-volume retail. Costco Wholesale Corporation 2026-10-16 13:04:02 UTCOpen source Costco’s imported general-merchandise assortment is exposed to higher landed costs as import prices accelerate. Its scale and food-heavy mix provide diversification, but higher merchandise costs can still pressure gross margin or require retail-price increases that affect demand.
AMZN	Amazon.com, Inc.	+0.45	US Domestic Importer	$2.7T	19.9	+15.8%	17.4%	+7.2%	+13.2%	United States	Retail Trade
Amazon.com, Inc.+0.45US Domestic Importer Amazon has retail and private-label import exposure, so USD appreciation can reduce the domestic-currency cost of imported consumer goods; competitive pricing and marketplace mix dilute the retained margin benefit. US Domestic Importer: US-focused retailers, distributors, or wholesalers that purchase inventory from overseas in foreign currencies and benefit from purchasing power gains. tariff_relief_exposure · AMZN 2026-09-03 00:37:41 UTCOpen source Amazon has retail and private-label import exposure, but competitive pricing and marketplace mix dilute the retained margin benefit.
DG	Dollar General Corporation	+0.35	US Domestic Importer	$29.3B	17.2	+4.8%	3.9%	-0.1%	+28.2%	United States	Retail Trade
Dollar General Corporation+0.35US Domestic Importer Dollar General is identified as a discount importer, so a stronger USD may reduce the cost of imported merchandise, but the retrieved evidence does not quantify its import share or currency sensitivity. US Domestic Importer: US-focused retailers, distributors, or wholesalers that purchase inventory from overseas in foreign currencies and benefit from purchasing power gains. imported_merchandise_exposure · DG 2026-08-27 11:00:35 UTCOpen source Dollar General is a discount importer with tariff-refund relevance, but the retrieved evidence does not quantify its import share or gross-margin sensitivity.