DGX
Quest Diagnostics Inc.
stock NYSE

**TL;DR: 500 US-listed companies of the 2600 odd I track have direct Middle East exposure through subsidiaries, facilities, or supply chains. Zero have subsidiaries in Iran. Israel has 224 companies with 396 subsidiaries mostly tech. Saudi Arabia and UAE are packed with everyone from defense contractors to Krispy Kreme.**
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## The Method
I extracted subsidiary lists, facility disclosures, supplier relationships, and geographic segments from 10-K and 10-Q filings (Exhibit 21, Item 2, risk factors) from 2600 odd companies. This isn't "revenue by region" estimates these are actual legal entities registered in these countries, disclosed to the SEC.
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## Iran:
**Zero companies have subsidiaries in Iran.** Out of 234,000+ subsidiary records across 2,600 companies, not a single one is incorporated in Iran. Sanctions are working at least on paper.
The only connection I found: **LivaNova (LIVN)** discloses supply chain links to "non-governmental organizations in Iran" in their filings. That's it. One company. One indirect link.
**What this means:** Direct asset seizure risk from an Iran conflict is essentially zero for US equities. The risk is indirect oil prices, shipping lanes, regional contagion.
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## Israel: 224 Companies, 396 Subsidiaries The Tech Dependency Most even in media miss
Israel is the second most exposed country after UAE. Here's what surprised me: it's not just "Israeli companies listed in the US." These are subsidiaries of major American corporations.
**Big Tech's Israel R&D footprint:**
| Ticker | Company | Israel Subsidiaries |
|--------|---------|-------------------|
| INTC | Intel | Intel Electronics Ltd., Hampton Acquisition Ltd, Intel Israel (74) Limited + 1 more |
| NVDA | NVIDIA | Mellanox Technologies, Ltd |
| MRVL | Marvell | Marvell Israel (M.I.S.L) Ltd. + leased facilities |
| AMAT | Applied Materials | Applied Materials Israel Ltd., Sage Design Automation |
| LRCX | Lam Research | Lam Research (Israel) Ltd., Lam Research Services Ltd. |
| KLAC | KLA Corp | 7 Israeli subsidiaries including Frontline P.C.B. Solutions |
| TXN | Texas Instruments | Texas Instruments Israel Ltd. |
| CDNS | Cadence | Cadence Design (Israel) II, Cadence Design Systems (Israel) |
| NXPI | NXP Semiconductors | NXP Israel Ltd. |
| MCHP | Microchip Tech | 3 Israeli subsidiaries |
That's the backbone of the US semiconductor supply chain with physical operations in a country at war.
**Cybersecurity almost the entire sector:**
| Ticker | Company | Israel Entity |
|--------|---------|--------------|
| CRWD | CrowdStrike | Flow Security Ltd., CrowdStrike Israel R&D Ltd., Bionic Stork Ltd. |
| PANW | Palo Alto Networks | Athens Strategies Ltd., Palo Alto Networks (Israel Services) |
| S | SentinelOne | Sentinel Labs Israel Ltd |
| FTNT | Fortinet | Fortinet Security Israel Ltd. |
| ZS | Zscaler | Avalor Technologies LTD, Zscaler Israel LTD |
| TENB | Tenable | Ermetic Ltd., Eureka Security Ltd., Tenable Israel Ltd. + 1 more |
| OKTA | Okta | Spera Cybersecurity Ltd. |
| RPD | Rapid7 | IntSights Cyber Intelligence Ltd. |
| VRNS | Varonis | Varonis Systems Ltd. |
The US cybersecurity industry's R&D is disproportionately located in an active conflict zone. If you're long cybersecurity ETFs, you have Israel exposure whether you know it or not.
**Other names that surprised me:**
- **ISRG** (Intuitive Surgical) Intuitive Surgical Israel Ltd., Orpheus Medical Ltd.
- **PLTR** (Palantir) Palantir Engineering Israel Ltd.
- **CRM** (Salesforce) 5 Israeli subsidiaries including ClickSoftware and Datorama
- **SNOW** (Snowflake) Snowflake Cloudtech Israel Ltd.
- **U** (Unity) ironSource Ltd., ironSource Mobile Ltd.
- **DKNG** (DraftKings) Gaming Tech Ltd., Blue Ribbon Software Ltd.
- **NYT** (NY Times) The Herald Tribune - Ha'aretz Partnership
Total Israel exposure: **224 companies, 396 subsidiaries, plus 5 companies with physical facilities.**
---
## Iraq: 10 Companies Still Operating
These are the companies with actual legal entities in Iraq right now:
| Ticker | Company | Iraq Subsidiary |
|--------|---------|----------------|
| KBR | KBR Inc. | KBR Abr al Bihar General Services |
| LHX | L3Harris Technologies | Sunshine General Services, LLC |
| AMTM | Amentum Holdings | Worldwide For General Services |
| ABM | ABM Industries | Wassl Al-Iraq Project Services |
| AIR | AAR Corp | Wide Open Sky General Trading |
| AON | Aon plc | Aon Bahrain W.L.L. (Iraq Branch) |
| PTEN | Patterson-UTI Energy | Ulterra Drilling Technologies (Iraq Branch) |
| TT | Trane Technologies | Imteaz Alroaa Company |
| TTI | TETRA Technologies | Well TETRA for Oil Services LLC |
| VSAT | Viasat | Shabakat Rafedain AI Iraq |
Mostly defense contractors and oilfield services. These are the first names that get affected if Iraq gets pulled into a wider conflict.
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## Saudi Arabia & UAE: The Full List Is Massive
**Saudi Arabia: 149 companies, 203 subsidiaries.** Everyone from defense contractors to fast food:
Notable names:
| Sector | Companies |
|--------|-----------|
| Defense/Gov | BAH (Booz Allen), GD (General Dynamics), KBR, LHX (L3Harris), KTOS (Kratos), PSN (Parsons), VVX (V2X) |
| Oil & Gas | XOM (ExxonMobil), NOV, HAL -> Saudi Aramco, NBR -> Saudi Aramco, RIG (Transocean), WFRD (Weatherford), HP (H&P) |
| Tech | DELL, CSCO (Cisco), IBM, NOW (ServiceNow), PANW, SNOW, MSTR (MicroStrategy), SMCI (Super Micro), ZM (Zoom) |
| Pharma | LLY (Eli Lilly), PFE (Pfizer), BMY (Bristol Myers), VRTX (Vertex), MRK (Merck), BIIB (Biogen) |
| EV | LCID (Lucid) "Lucid LLC" in Saudi Arabia. PIF is their largest shareholder. |
| Food | TSN (Tyson) Supreme Foods Processing Co. |
**UAE: 239 companies, 360 subsidiaries the biggest footprint of any ME country.**
Some of the more unexpected ones:
- **WYNN** (Wynn Resorts) 11 UAE subsidiaries including Wynn Resorts FZ-LLC. They're building a casino resort on Al Marjan Island.
- **DNUT** (Krispy Kreme) Krispy Kreme Doughnuts DMCC
- **MGM** (MGM Resorts) 3 UAE entities
- **MARA** (Marathon Digital/Bitcoin miner) 4 UAE entities including ZTM Limited
- **GRPN** (Groupon) Groupon FZE
- **DOCN** (DigitalOcean) Cloudways FZ-LLC
- **WING** (Wingstop) Wingstop (Middle East) Managing Office Ltd.
- **PZZA** (Papa Johns) PJ EMEA DMCC
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## Defense Contractors Operating in the Middle East
These are the companies that show up repeatedly across multiple ME countries with "operations" geographic segments:
| Ticker | Company | ME Countries with Subsidiaries | Geography Segments |
|--------|---------|-------------------------------|-------------------|
| BA | Boeing | | Middle East |
| LMT | Lockheed Martin | | Middle East |
| RTX | RTX Corp | | Middle East and North Africa |
| GD | General Dynamics | Egypt, Israel, Saudi Arabia, UAE | Other Africa Middle East |
| LHX | L3Harris | Iraq, Saudi Arabia, UAE | |
| KBR | KBR Inc. | Iraq, Oman, Saudi Arabia | Middle East |
| BAH | Booz Allen Hamilton | Bahrain, Egypt, Lebanon, Saudi, UAE | |
| PSN | Parsons Corp | Oman, Saudi Arabia, UAE | Middle East |
| VVX | V2X Inc. | Jordan, Oman, Saudi Arabia | Middle East |
| KTOS | Kratos Defense | Israel, Saudi Arabia | Middle East |
| HAL | Halliburton | (supplier to Saudi Aramco) | Middle East Asia |
| AMTM | Amentum Holdings | Egypt, Iraq | |
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## Supply Chain Chokepoints
Companies that are *suppliers to* companies with heavy ME exposure:
| Supplier | Supplies To | ME Exposure Via |
|----------|------------|----------------|
| MSFT | 15+ companies | SNOW, PATH, DELL, BB, FTNT, MSTR, etc. all with Israel/Saudi/UAE subs |
| GOOGL | 12+ companies | Same cluster Snowflake, UiPath, SentinelOne, etc. |
| TSM (TSMC) | NVDA, ADI, FTNT, MBLY, INDI | All with Israel operations |
| AMAT | ADBE, DELL | Saudi and Israel subs |
| HON | 7+ companies | ABM, GT, IFF, CMC across Egypt, UAE, Saudi, Israel |
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## Physical Facilities (Not Just Paper Entities)
These companies have disclosed physical buildings, not just holding companies:
| Ticker | Company | Where | Facility Type |
|--------|---------|-------|--------------|
| MRVL | Marvell | Israel | Significant leased facilities |
| SEDG | SolarEdge | Israel | Leased facilities |
| DXPE | DXP Enterprises | UAE + Saudi Arabia | Service center + fabrication |
| FDP | Fresh Del Monte | Jordan | 6 facilities: poultry farms, hatcheries, feed mill, slaughterhouse, meat processing, 25 acre greenhouse |
| PPIH | Perma Pipe | UAE + Egypt | Manufacturing facilities |
---
For anyone trying to trade around geopolitical risk:
1. **Direct Iran exposure is zero.** Stop worrying about asset seizures. The risk is oil price shock and Strait of Hormuz shipping disruption.
2. **Israel tech exposure is systemic.** If you're long semis or cybersecurity, you have Israel risk. INTC, NVDA (via Mellanox), CRWD, PANW, ZS, TENB all have R&D operations there. This isn't diversifiable within the sector.
3. **Iraq subsidiaries = first movers on escalation.** KBR, LHX, AMTM, VSAT watch these for early signals. If they start disclosing evacuation costs or impairments, things are getting real.
4. **Saudi Aramco is the supply chain hub.** HAL, NBR, INVX, ECVT, SMHI all have direct supplier relationships with Aramco. Aramco disruption cascades.
5. **UAE is the "safe" ME hub** 239 companies set up there specifically because it's stable. If UAE stability gets questioned, that's 360 subsidiaries worth of write-down risk.
6. **LCID is the pure-play Saudi bet.** PIF owns a huge chunk, and they have a subsidiary called "Lucid LLC" in Saudi Arabia. If US-Saudi relations deteriorate, Lucid is caught in the middle.
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## Full Ticker List
Sorted alphabetically. Ctrl+F your holdings:
ABM, ACDC, ACGL, ACN, ADBE, ADEA, ADI, ADM, ADSK, AEIS, AGYS, AIG, AIOT, AIR, AJG, AKAM, ALLE, AMAT, AME, AMTM, AMWL, ANDE, ANF, ANGO, AON, AOS, APD, APG, APH, APPS, APTV, ARES, ARKO, ARQ, ARW, ATKR, ATMU, ATR, AVNT, AVNW, AVPT, AVT, AVTR, AVY, AXP, AYI, BA, BAC, BAH, BALL, BAX, BB, BCO, BDC, BDX, BELFA, BELFB, BEN, BG, BIIB, BIO, BLCO, BMI, BMY, BR, BRC, BRKR, BRO, BSX, BSY, BW, CALX, CARR, CBRE, CBT, CCK, CDNS, CECO, CEVA, CHEF, CHGG, CHRW, CI, CL, CLVT, CLX, CMC, CMCO, CME, CNXC, COHR, COO, COTY, COUR, CPAY, CPRI, CPRT, CRAI, CRM, CRNC, CRON, CRSR, CRWD, CSCO, CSGS, CTVA, CXM, DBD, DBX, DCI, DD, DDD, DE, DELL, DGX, DHR, DK, DKNG, DNA, DNUT, DOCN, DOCU, DOW, DRS, DUK, DV, DVA, DXC, DXPE, EA, EAF, ECL, EE, EEFT, EFX, ELAN, ELV, EMBC, EMN, EMR, ENR, ENS, ENTG, EOG, EPAC, EPC, ERII, ESAB, ESTC, ETN, EVC, EVCM, EVR, EXPD, EXTR, FA, FC, FCN, FDP, FDS, FDX, FFIV, FICO, FLEX, FLS, FLUT, FLYW, FN, FORR, FOUR, FRHC, FTAI, FTNT, FTRE, FTV, FUL, FWONA, FWONK, G, GAP, GBX, GD, GDDY, GEHC, GEV, GGG, GHM, GILD, GIS, GM, GNE, GNRC, GNTX, GPUS, GRPN, GSAT, GT, GTES, GTLB, GTLS, GTM, HAIN, HAL, HELE, HLF, HLIT, HLNE, HLT, HNI, HOG, HON, HP, HPE, HURN, IART, IBEX, IBM, IEX, IFF, IHRT, ILMN, INDI, INTC, INTU, INVX, IONQ, IOSP, IPAR, IQV, IR, ISPR, ISRG, IT, ITGR, ITRI, ITT, J, JBL, JBTM, JEF, JHG, JNJ, KBR, KFY, KHC, KLAC, KLIC, KLTR, KMB, KMT, KODK, KPTI, KTB, KTOS, KVUE, KWR, LAUR, LCID, LEA, LECO, LEVI, LHX, LITE, LIVN, LLY, LMT, LNG, LOGI, LRCX, LW, LYB, MA, MARA, MAS, MBLY, MC, MCHP, MCO, MDLZ, MDT, MEI, MGM, MHK, MIDD, MKC, MKL, MKSI, MLI, MLKN, MMS, MNST, MORN, MRK, MRVL, MSCI, MSI, MSTR, MTCH, MTRX, MTW, MWA, NATR, NBR, NDAQ, NDSN, NE, NEU, NOV, NOW, NSIT, NTAP, NTCT, NTRA, NTRS, NVCR, NVDA, NVRI, NVT, NWS, NWSA, NX, NXPI, NXT, NYT, OC, OGN, OKTA, OMC, OMCL, OPTU, OPY, OSIS, OSK, OTEX, OWL, PAHC, PANW, PATH, PAYO, PCOR, PEN, PEP, PFE, PFG, PG, PGY, PJT, PLTK, PLTR, PLUS, PM, PNR, POST, POWL, PPG, PPIH, PRAA, PRGO, PSN, PSTG, PTC, PTEN, PVH, PZZA, QDEL, QLYS, RBBN, RELL, REZI, RGA, RHI, RIG, RILY, RMNI, ROP, RPD, RPM, RS, RSVR, RTX, RYAN, S, SABR, SANM, SDOT, SDRL, SEDG, SEE, SF, SHW, SKIL, SLGN, SMCI, SMHI, SNA, SNDK, SNEX, SNOW, SOLV, SPGI, SPXC, STE, STEP, STGW, STX, SXC, SXT, SYK, TBCH, TDC, TDW, TDY, TEAD, TEL, TENB, TER, TEX, TFX, THR, TISI, TKO, TKR, TLRY, TMO, TNC, TRMB, TROX, TSN, TT, TTD, TTEC, TTI, TTMI, TTWO, TW, TWST, TXN, U, UCTT, UFPI, ULS, UP, VAL, VCYT, VECO, VEEV, VFC, VNT, VPG, VREX, VRNS, VRT, VRTX, VSAT, VSH, VTOL, VVX, VYX, WAB, WAT, WBD, WCC, WDAY, WDC, WFRD, WHR, WING, WKC, WLFC, WMG, WMS, WST, WTM, WTS, WTW, WU, WYNN, XOM, XPER, XRAY, XRX, XYL, YOU, YUM, ZBH, ZBRA, ZD, ZIP, ZM, ZS, ZTS
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**Methodology:** Data extracted from SEC EDGAR filings (10-K, 10-Q Exhibit 21 subsidiary lists, Item 2 facilities, risk factors) for ~2,600 US-listed companies. Queried by country/jurisdiction fields matching 13 Middle Eastern countries plus variants. This captures legally disclosed entities there may be additional exposure through JVs, distribution agreements, or revenue streams not captured in subsidiary filings.
**Position:** No positions taken based on this analysis. Not financial advice.

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