ASX stocks in America: Here are 4 performing well and 4 performing poorly

You might think ASX stocks in America are doing better than peers which are not there because the USA is a much bigger market. In reality, this is not always the case.

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ASX stocks in America: Here are 4 performing well

Telix (ASX:TLX)

Yes, we know it had a couple of setbacks in the last couple of months (in the form of a Complete Response letter rather than approval for its latest imaging agent and ire from the SEC). But there’s been far more good than bad from the US market – the company has made over A$1.4bn in 2 and a half years from selling Illucix there. Illucix is a prostate cancer imaging agent that makes cancer easier to see in imaging. Since its initial approval, sales have only gone in one direction – up.

Austal (ASX:ASB)

If you want an ‘America First’ stock, you can’t do much better than a company building ships in the USA. And if you want signs investors are confident in it, look at how it has tripled this year and raised $200m right in the middle of the tariff chaos. In its recent FY25 results, the company made $1.8bn revenue (up 24%) and an $90m profit (up 503%). Its order book is $13.1bn, including options, over the next decade.

Pro Medicus (ASX:PME)

Pro Medicus is the company behind the Visage software. Visage uses networks of customers’ facilities or cloud services to quickly transfer imaging data to a specific office or computer, to subsequently view and analyse the images. During FY25, Pro Medicus generated $213m in revenue and an $115m profit, representing a >50% margin and growth of 40% from the year before. It won 7 new contracts totalling A$520m and this did not include renewals and upgraded contracts. Yet, the company claims it only has penetrated >10% of the US market and that it is growing by 3.5% per year.

Cochlear (ASX:COH)

Cochlear sells ear devices that help people hear. These aren’t stereotypical hearing aids that do nothing but amplify sounds, but they bypass damaged portions altogether and directly stimulate the auditory nerve. Cochlear does not specifically disclose US figures, but we know it is an important market as it has given running commentary to investors as to the extent to which it anticipated tariffs would impact it.

ASX stocks in America: Here are 4 performing poorly (right now)

CSL (ASX:CSL)

Once a market darling, CSL has had several issues impacting shareholder sentiment including a lack of return on the $19bn it paid for Vifor in 2021, an under-performing vaccine unit put solely down to anti-vaxxer sentiment in the US and a lack of return on other R&D activities which has caused the company to announce job cuts worth 15% of its workforce.

Reece (ASX:REH)

The plumbing materials group stood out at reporting season because it was one of several companies to openly criticise Victoria and how hard it was to do business there. In reality, the US housing market has done more damage than Jacinta Allen ever could. The US has many issues Australia has with weaker supply chains and red tape. Adding insult to injury are the standard 30-year mortgage terms – if you have a loan taken out in 2020 at 2%, why refinance now unless you have to and pay 6%? Trump’s tariffs could make things worse.

Unibail-Rodamco-Westfield (ASX:URW)

2 years ago, it made headlines for closing its mall in downtown San Francisco due to crime. At the time, the company indicated it’d be the tip of the iceberg and it would seek to exit. This has not happened, and the company reversed course, saying it would hold onto some of its top-tier malls (specifically 11). Come 2025, it sold 17 malls in the USA and reaped $3.3bn in proceeds, but has hold onto some of them – extending a $350m loan on a mall in Maryland. The irony is that one of the few top-performing malls is in Silicon Valley, thanks to new restaurant openings.

Guzman y Gomez (ASX:GYG)

Putting this company here could come back to bite us down the track. After all, it is relatively early in the USA. But it is hard to argue (if nothing else) that it is convincing investors that its growth ambitions (i.e. from <250 stores to >1,000) are realistic or perhaps just profitable. After listing at >38x EV/EBITDA, then doubling, shares have crashed back to reality. The company expects to only open 2 stores in FY26.