What Vishay Intertechnology, Inc. told the SEC could break it.

Vishay's capacitors, resistors, inductors and discrete semiconductors consume precious and base metals (e.g., tantalum, palladium, silver, gold, copper). It estimates that a 10% increase or decrease in the costs of raw materials subject to commodity price risk would change net earnings by approximately $10.8 million (absent price pass-through or fixed-price hedges), and it sometimes buys precious-metals bullion ahead of needs to mitigate supply shortages and price volatility. It also flags that certain materials are available only from a relatively limited number of suppliers or are subject to significant price volatility. A quantified metals/raw-material commodity dependence.

“We estimate that a 10% increase or decrease in the costs of raw materials subject to commodity price risk would decrease or increase our net earnings by $10.8 million”

Vishay's manufacturing footprint, while global, is heavily weighted to geopolitically sensitive regions: its main Asian manufacturing facilities are in the People's Republic of China, Taiwan, India and Malaysia, and it has substantial facilities in Israel and Mexico. China is its single largest workforce (~6,900 of 22,600 employees) and its cash is concentrated in Singapore (27.3%), China (21.6%) and Taiwan (15.0%); ~76% of 2025 revenue is from outside the U.S. This concentrates exposure to cross-strait (China–Taiwan) tensions, US–China decoupling/export controls, and Middle East/Israel conflict — any of which could disrupt production or assets. A geopolitical manufacturing-concentration exposure.

“In Asia, our main manufacturing facilities are located in the People's Republic of China, the Republic of China (Taiwan), India, and Malaysia.”

With a global supply chain and heavy China manufacturing, Vishay is directly exposed to trade disputes: it states that in 2025 the U.S. imposed tariffs on almost all imported goods, which damaged U.S.–China trade relationships, prompted retaliatory tariffs and import/export barriers, and — though many tariffs were later reduced or paused — produced global-market volatility, economic uncertainty and increased material costs. It warns that such tariffs and supply-chain disruptions may continue to raise input costs and reduce customer demand, or push customers/Vishay to seek different sources. A specific, already-materialized trade-policy exposure on a China-heavy electronics supply chain.

“In 2025, the U.S. imposed tariffs on almost all imported goods. These tariffs negatively impacted trade relationships between the governments of the U.S. and the impacted countries, specifically the People's Republic of China.”