What Dentsply Sirona Inc. told the SEC could break it.

Precious-metal dental alloys expose Dentsply to gold/platinum/palladium/silver prices; it held ~17,000 troy ounces (~$49M market value) on consignment at 7.4% average annual carrying rate.

“At December 31, 2025, the Company had approximately 17,000 troy ounces of precious metal, primarily gold, platinum, palladium and silver on consignment for periods of less than one year with a market value of $49 million.”

Tariffs were a cited driver of the 2025 gross-margin decline; a significant share of dental equipment sold in the U.S. is made in Europe (plus some China-sourced components), exposing imports to tariffs and retaliation.

“Currently, a small portion of the products, materials, and components used in our products are imported from China, and a significant share of the dental equipment that we sell in the United States is manufactured in Europe.”

A large number of Dentsply's products are made in facilities that are the sole source of those products, and certain raw materials come from single-source suppliers (some of which also compete with it) — concentrating both production and input supply.

“Although we maintain multiple manufacturing facilities, a large number of the products manufactured by us are manufactured in facilities that are the sole source of such products.”

Russia/Ukraine were ~3% of net sales with $94M net assets; $56M of cash in Russia is available for local use but limited in its ability to be transferred out due to Russian control measures.

“The balance as of December 31, 2025 includes $ 56 million of cash and cash equivalents located in Russia which is available for use in local operations but limited in its ability to be transferred out of the country due to control measures currently in place by the Russian government.”